Coinbase (COIN) and Mastercard (MA) announced their partnership to revolutionize the NFT purchase experience and allow more people to join the NFT community. The crypto exchange platform, Coinbase, and payments giant Mastercard have now teamed up to simply the NFT purchase experience by enabling users to buy NFTs via cards.
As of now, people use cryptocurrency for buying non-fungible tokens on platforms like OpenSea. But, currently, Coinbase and Mastercard are working to allow users to buy NFTs via the Mastercard cards on Coinbase’s NFT platform.
“As an important step in this mission, we’re excited to announce today that we’re partnering with Coinbase to let people use their Mastercard cards to make purchases on Coinbase’s upcoming NFT marketplace,”
Mastercard issued a statement explaining why buying NFTs should be made as simple as buying a t-shirt online. The payment giant said that users need to open a crypto wallet, buy crypto, and then use it to purchase non-fungible tokens online.
Coinbase had announced its NFT marketplace in October, and it is still upcoming. The crypto exchange platform will let people mint and buy NFTs. Now, it has opened a waitlist for users to join the marketplace.
“Coinbase was basically an on-ramp for crypto for many, many users. Millions of people were able to access bitcoin for the first time by using Coinbase. So we want to do the same thing for NFTs with Mastercard by solving the pain points — to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience,”
said Prakash Hariramani, senior director of product at Coinbase.
Coinbase’s NFT marketplace has witnessed a massive user response, and more than one million people have already signed up.
Despite the positive news, the stock prices of both companies traded negatively. Coinbase was down 3.36% while Mastercard was down 1.42% at 9:59 am GMT-5.