Leading cryptocurrency exchange Coinbase and Mastercard have forged a partnership to simplify the purchasing experience of non-fungible tokens for users via the use of Mastercard cards.
The partnership will see the exchange expand on purchasing options for its upcoming NFT marketplace, Coinbase NFT. Currently, to purchase an NFT, users require a Web3 wallet such as Metamask and a cryptocurrency such as Ethereum – the asset in which a majority of NFTs are denominated on OpenSea and other marketplaces.
“Coinbase wants to simplify the user experience to allow more people to join the NFT community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs,” said Prakash Hariramani, Senior Director of Product at Coinbase.
Hariramani added that Coinbase is “working with Mastercard to classify NFTs as ‘digital goods’, allowing a broader group of consumers to purchase NFTs”, with an ‘unlock’ of a new way to pay using Mastercard cards coming soon to the exchange.
The Coinbase NFT marketplace will feature an array of leading NFT projects and features. Image credit – Coinbase
The payments behemoth also maintained a positive outlook on NFTs, saying “we’re working to make NFTs more accessible because we believe tech should be inclusive” before addressing the safety concerns often faced by NFT collectors.
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive,” said Mastercard, adding it “sees even greater potential for NFTs’ underlying tech to go beyond art and collectables into many more areas”.
Coinbase initially announced its NFT marketplace in October 2021, revealing that users can mint, collect and trade NFTs on the platform. After announcing it had reached more than one million sign-ups, the exchange has since provided ‘sneak peeks‘ to drum up further interest in its landmark marketplace offering.