Friday, October 7, 2022

Mastercard Introduces Payment Cards for NFTs and Web3 Technology

Global financial services company Mastercard has introduced payment enablement that will ease the stress associated with the purchase of Non-Fungible Tokens (NFT). According to an announcement by the executive vice president at the firm, Raj Dhamodharan, a user of the would not need to purchase cryptocurrency to be able to use the card when buying digital collectibles from its partners.

The NFT market has witnessed tremendous growth in recent times. The digital asset has been very profitable to both the artists that craft them and the platforms that market them.

According to the announcement, Mastercard carried out a survey that had a population of over 35,000 individuals in 40 countries. It was inferred after the completion of the survey that, 45% of the respondents had either purchased an NFT before or are considering buying one.

In 2021 alone, the virtual asset marketplace amassed a whooping sum of $25 billion. The above-confirmed facts have now spurred Mastercard to hop in on this recent move.

The financial services firm will be collaborating with the following blockchain technology firms in achieving this new feat; MoonPay, The Sandbox, Immutable X, Candy Digital, amongst others. The payment model will also be available to users patronizing the Coinbase NFT marketplace, the virtual asset platform launched in May which seeks to bridge the gap between creators of NFTs and their buyers.   

Furthermore, in ensuring the safety of users adopting the payment card, Raj Dhamodharan noted in the announcement that the firm is using its “cybersecurity tools to boost safety and protect user data for purchases people make using a Mastercard card.”

Mastercard and Blockchain Tech Innovations

Mastercard has often pioneered innovations in the blockchain industry. The firm continues to evolve in crafting ways for users to better interact with digital assets.

Earlier this year, Mastercard announced that it will expand the extent of its services from serving traditional financial services firms. The firm hinted that it will facilitate the patronage of cryptocurrencies by introducing innovations in this light.

In April, the online payment infrastructure company filed 15 trademarks relating to the Metaverse and non-fungible tokens with the United States Patent and Trademark Office (USPTO). 

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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