Top global digital finance giant, Mastercard, has struck a deal with Coinbase that would make the process of trading NFTs simple and fast. The alliance of both industry giants is targeted at helping Coinbase NFT users make direct purchases of NFTs with a Mastercard credit card.
Raj Dhamodharan, the Mastercard Executive VP, made this disclosure on Tuesday, adding that even though “cryptocurrency enthusiasts are used to this process, it is not simple, it is not intuitive” and it should be much easier.”
Coinbase, which first made the announcement of a proposed Coinbase NFT platform four months ago, is looking to offer irresistible value to customers by simplifying the NFT process. This means there would be no need to set up a Web3 account or purchase the native digital currency of the blockchain hosting the NFT. Coinbase NFT will be tested exclusively in America and has already garnered over one million pre-launch subscribers.
The rush for a slice of crypto gains
This would not be Mastercard’s first foray into the world of crypto. Back in April, it began issuing crypto credit cards after entering into a partnership with Bitkub, Amber, and Coinjar — three Asian crypto exchange companies — as it looked to conquer a then crypto-friendly region. Afterward, it also struck a deal with Gemini to bring similar payment solutions to the US. Crypto pundits believe its move came as a reaction to the Visa & Crypto.com payment partnership.
Coinbase, on the other hand, ventured into the development of a native NFT marketplace on the hill of similar inventions by its closest rival, Binance, and FTX. The company is also upping the ante in alternative crypto ecosystems like digital derivative trading and the metaverse. Recently, it acquired top derivative exchange company, FairX, following in the footsteps of Crypto.com and FTX. While it may lag behind in innovative steps, the company continues to offer growing satisfaction to its customers and workers alike and has been touted to be a reckoning force in the latest Metaverse trend currently saturating the world of blockchain and Artificial Intelligence.
Investors believe its NFT move is significant as the industry already recorded over $22billion in revenue in the third and fourth quarter of 2021 and is looking to improve on the trajectory with more awareness and access to the market now available.