Mastercard embraces Web3 by introducing NFT payment service

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Mastercard believes that buying NFTs should be easier and safer, and so the company is bringing its payment network to Web3. The payment giant is expanding in Web3 to make the NFT industry grow and attract more people into the ecosystem. 

The financial services company begins its NFT journey by collaborating with well-known Web3 companies Immutable X, Moonpay, Candy Digital, The Sandbox, Nifty Gateway, Mintable, and Spring. Mastercard will allow card purchases for NFTs and other blockchain services on these companies’ marketplaces. 

“With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem,” Mastercard stated. This way, you won’t need cryptocurrency to purchase digital collectibles. Instead, users will be able to pay with their Mastercard. 

According to a survey by Mastercard, “more than 35,000 people in 40 countries found that 45% had purchased an NFT or would consider doing so, and roughly half sought more flexibility—being able to pay with crypto for everyday purchases or using a credit or debit card to buy an NFT.”

After Coinbase launched its NFT marketplace in May, Mastercard enabled credit card payments on the platform. In April, the company partnered with Nexo crypto bank, and around a year ago, it collaborated with fintech company Wirex to issue crypto payment cards on Mastercard’s network.

NFT collectors often suffer from hackers. Digital collectibles, worth hundreds of thousands, are frequently stolen. Mastercard claims that it will use powerful cybersecurity tools for user protection and security. It will provide similar protection methods as when users pay with Mastercard online or in-store.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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