Cryptocurrency News

Coinbase and Mastercard Are Joining Forces to Make Buying NFTs More Accessible

By January 19, 2022 No Comments

Publicly traded cryptocurrency exchange Coinbase and global payment processor Mastercard are partnering to make non-fungible token (NFT) purchase experience more accessible and less complex.

Key takeaways:

  • “Coinbase wants to simplify the user experience to allow more people to join the NFTs community,” noted Coinbase in a Tuesday’s blog post. Leading cryptocurrency exchange is reportedly trying to follow the same formula that made Bitcoin accessible to millions of users around the world and use it to make NFTs more widely available.
  • One of the hurdles standing in the way of making NFTs as readily available as other digital currencies is the lack of a closer relationship between NFT platforms and global payment service processors.
  • To this end, Coinbase is working with Mastercard “to classify NFTs as “digital goods,” allowing a broader group of consumers to purchase NFTs.” Coinbase also hinted at “a new way” of paying with Mastercard’s credit cards, saying that the feature is “coming soon,” but didn’t reveal any additional information about the upcoming service.
  • Coinbase seems to be mounting a considerable push into the NFT space, having announced its own NFT marketplace in October 2021. The sector is currently dominated by OpeanSea, which is presently having the best month of its five-year existence in terms of transaction volume and the number of active traders.