Coinbase, Mastercard join hands for NFT marketplace purchase

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 Coinbase, Mastercard join hands for NFT marketplace purchase
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Highlights

  • In a major announcement, Mastercard has announced that it will be partnering with Coinbase for the latter’s upcoming nonfungible token (NFT) marketplace.
  • It will allow the users to make payments through its credit card.
  • According to a report from DappRadar, while the NFT trades in Q3 of 2021 stood at US$10.7 billion, this figure went up to US$11.9 billion by the end of Q4 of 2021.

In a major announcement, Mastercard has said that it will be partnering with Coinbase for the latter’s upcoming nonfungible token (NFT) marketplace and will allow the users to make payments through its credit card.

Last year, Coinbase revealed that it would launch an NFT marketplace, Coinbase NFT, in a bid to cash in on the wave. Ever since its announcement, more than 1 million have signed up and will be opening its first NFT marketplace in the US first, followed by other countries.

Coinbase NFT is expected to be a peer-to-peer marketplace, which with its intuitive design will empower the art and artist’s experience at the forefront. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards.

Also read: Why does UK Treasury want to remove blockchain from crypto definition?

Revealing the information, Mastercard executive vice president of digital asset and blockchain products Raj Dhamodharan said the partnership is aimed to make NFT more accessible to crypto enthusiasts.

Dhamodharan believes that as people are concerned with safety and security during crypto payments through credit cards, Mastercard can offer a unique solution. He added that there is a greater potential for NFTs’ underlying tech to go beyond art and collectibles, but it should look into the security aspect as well.

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Higher demand and bigger opportunity

The NFT boom has seen significant highs in 2021. Many market experts believe that 2021 was indeed a breakthrough year and 2022 could see more such feats. According to a report from DappRadar, the NFT total sales in Q3 2021 was US$10.7 billion, this figure went up to US$11.9 billion by the end of Q4 of 2021.

Experts believe that given the fertile NFT environment, it won’t be a surprise if the Q1 2022 result surpasses these figures easily.

More players

Other leading exchanges such as FTX and Binance have showcased their interest to launch their own NFT marketplace. In June 2021, Binance had launched an NFT platform that aimed to provide liquidity at cheaper fees for the users. FTX followed soon by launching its own exclusive platform only for the US-based customers.

The new tie-up between Coinbase and Mastercard may open up an array of transaction options for the NFT enthusiasts and participants and this could further open the marker for the exchange to increase its reach in the space.

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