Financial services titan Mastercard is currently permitting users to directly purchase non-fungible tokens (NFTs) victimization their credit cards.
According to a brand new diary post enclosed by govt vp of digital quality partnerships rule Dhamodharan, Mastercard is teaming up with many outstanding payment platforms and crypto marketplaces to permit NFT purchases while not the necessity to shop for any digital assets.
We’ve been innovating over the past year to form these enhancements happen. As a part of this work, we’re happy to announce we’re operating to modify NFT commerce with changeless X, Candy Digital, The Sandbox, Mintable, Spring, corking entranceway, and Web3 infrastructure supplier MoonPay.
We’re operating with these corporations to permit individuals to use their Mastercard cards for NFTs purchases, whether or not that’s on one in every of these companies’ marketplaces or victimization their crypto services. With 2.9 billion Mastercard cards worldwide, this modification may have a giant impact on the NFT system.
Buy the NFTs you would like on the marketplace of your selection. No got to purchase crypto 1st.”
This isn’t the primary time the payments big has forayed into the globe of NFTs. In January, Mastercard declared a partnership with high US-based crypto exchange platform Coinbase, permitting users to buy digital collectibles victimization their credit cards on Coinbase’s NFT marketplace, that launched in might.
“With the assistance of those corporations, Mastercard’s increasing adoption of Web3 – a brand new version of the web supported blockchain – adds to our existing work conveyance our payment network to Coinbase’s new NFT marketplace, that opened to any or all Coinbase users in might.
Overall, these integrations ar designed to form crypto additional accessible and facilitate the NFT system continue to grow, innovating and conveyance in additional fans.
MasterCard Network Confirms That You Can Now Buy NFTS With Credit Cards
The MasterCard Network just announced that you can now buy Non-Fungible Tokens (NFTs)
directly with your credit card through the MasterCard website and app, just like you would purchase any other product online or in-store.
What are non-fungible tokens?
Non-fungible tokens (NFTs) are a new kind of digital asset that you can use to prove ownership of unique items.
Unlike digital currencies like Bitcoin and Ethereum, which represent a form of currency or value, NFTs represent ownership of things in digital form. Take cryptokitties, for example: each cryptokitty is unique and owned by someone on Ethereum’s blockchain.
What if you wanted to buy a non-fungible token with your credit card? Until now, it was impossible.
But Mastercard has confirmed that they will be adding
support for non-fungible tokens within their payment network—which means you can now buy an NFT with your credit card!
Mastercard doesn’t confirm when or how soon we can expect them to support NFTs but it does mean
that we have one more step closer toward being able to easily spend our cryptocurrency.
Right now, only Cash App from Square allows purchases of Bitcoin with a bank account, credit card and debit card; however,
other apps such as Abra do offer crypto buying using Visa cards - so presumably crypto is not completely banned there.
Non-Fungible Tokens (NFTs) Are Different From Other Tokens
While most tokens can be bought with credit cards, non-fungible tokens (NFTs) like CryptoKitties cannot be purchased using fiat currency.
When NFTs were first introduced, they fell under a different regulatory classification in many jurisdictions—meaning
they couldn’t be easily bought or sold with credit cards. But that’s no longer true:
MasterCard Network has confirmed you can now buy NFTs using your credit card.
Digital Art as Non-Fungible Token (NFT)
Ever since blockchain technology first gained mainstream attention, digital art has been an appealing asset to attach to it.
CryptoKitties is perhaps one of its most successful use cases to date; however, they have only created their own proprietary blockchain and do not utilize Ethereum as a base layer protocol. MasterCard’s confirmation that you can now buy NFT with credit cards represents a significant milestone for NFTs, specifically in relation to digital art.
MasterCard you can buy NFT with Credit Cards
MasterCard recently confirmed that they would soon be introducing a new feature that will allow its cardholders to purchase NFT tokens via credit and debit cards.
This is a huge step for crypto enthusiasts, as it opens up blockchain assets to mainstream investors who previously did not have access. And if you didn’t know what an NFT was, now is a good time to find out.