Mastercard is working with a number of companies to enable their cards to be used for purchasing Non-Fungible Tokens (NFTs).

Following the integration of their payment network into Coinbase’s NFT marketplace in May, Mastercard, in partnership with NFT marketplaces including Nifty Gateway, Spring, Mintable, and The Sandbox, is expanding its use of Web3 – a new version of the internet based on blockchain – to make crypto more accessible and help grow the NFT ecosystem, the company said.

The company also stated that it will be applying a full suite of capabilities which reinforce customer safety and provide customers with similar protections to those available when making in-store or online transactions with a Mastercard card.

The move follows a Mastercard survey of more than 35,000 people in 40 countries which found that 45 per cent had purchased an NFT or would consider doing so, while around half of respondents were looking for more flexibility -- including being to pay with crypto for everyday purchases or use a credit or debit card to buy an NFT.

NFT marketplaces generated $25 billion in sales in 2021, and with 2.9 billion Mastercard cards in use worldwide, the company believe the adaptions they are making could have a vast effect on the NFT ecosystem moving forward.

Share Story: