Cryptocurrency house Coinbase is partnering with Mastercard to transform NFTs into consumer goods that can be purchased through debit or credit cards. The North American exchange says that just as they helped millions of people to access bitcoin for the first time easily and reliably, they now want to do the same with NFTs. Both companies are classifying NFTs as digital goods, to unlock a new way of payments with Mastercard cards.
In a release, Coinbase underlines its intention to bring NFTs to the masses, facilitating their purchase and sale through the financial multinational’s cards. The technological innovation that NFTs represent, says Coinbase, must be equally accessible to all. Both for those who are knowledgeable about blockchain technology, and for those who are not familiar with it. The intention of the exchange is to transform the experience of buying NFTs from the non-fungible token market that it is developing and will do so by implementing a product used by billions of people around the world.
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Coinbase, Mastercard y NFTs
Until now, NFTs are digital assets that require cryptocurrency for trading. Platforms like Opensea, Rarible, SolanaArt, which are among the most popular, require ethers, MATIC and SOL tokens to operate with NFTs. What for many is a barrier to entry. For this reason, Coinbase wants to implement card payments in its new NFT marketplace. In this sense, its alliance with Mastercard will eliminate the barrier to entry that currently exists and help reduce friction in the process of negotiating these digital assets.
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Raj Dhamodharan, head of digital assets and digital partnerships products at Mastercard, noted that access to NFTs should not be conditional on owning cryptocurrencies. This philosophy will ensure that NFTs can be made accessible to all and that the market truly thrives. “We think it should be much easier”, he indicated.
Owning NFT shouldn’t be predicated on owning crypto. That is why we are partnering with Coinbase to make it easy for everyone to buy NFTs with Mastercard. @coinbase @MastercardNews [1/2] https://t.co/CMt3uBjat0
– raj dhamodharan (@raj_dhamodharan) January 18, 2022
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Coinbase wants to expand the value opportunities offered by the NFT market by simplifying the user experience. In this way, artists, content creators, merchants and the general public will be able to make the purchase and sale of their products available to everyone with a Mastercard.
Coinbase and its NFT market
Coinbase unveiled its plans to launch its own NFT marketplace in October last year. At that time, the cryptocurrency exchange reported that it would diversify its sources of income, entering a market that is gaining popularity and adoption every day. With this initiative, Coinbase is following in the footsteps of other exchanges such as Binance, Gemini, and FTX. They have also created their own NFT marketplaces to compete in this emerging industry, dominated by companies like Opensea.
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Coinbase’s non-fungible token marketplace, called Coinbase NFT, will be a peer-to-peer (P2P) platform. Which will allow exchange users to easily create, buy, sell, trade, display and store NFTs.