Mastercard will allow NFT Transactions using its Cards in Several Marketplaces

Mastercard will allow NFT Transactions using its Cards in Several Marketplaces
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BUSINESS

Mastercard will allow NFT Transactions using its Cards in Several Marketplaces

Mastercard has announced a new partnership with a number of well-known non-fungible token marketplaces to enable fiat money purchases using its cards.

06/10/2022

The company intends to make this feature available on a variety of platforms, including Immutable X, Mintable, the Nifty Gateway, MoonPay, and others.

This advancement will allow Mastercard holders to acquire NFTs on these platforms using fiat currency rather than having to first trade for crypto to pay with.

Mastercard’s NFT payment system

With this new payment option, Mastercard holders will be able to enjoy NFTs more easily than ever before. With over 3 billion Mastercard holders already in place, the metaverse is being opened up to a slew of new users who may not be prepared to invest in cryptocurrency only to buy an NFT.

Some people who are hesitant to invest in cryptocurrency are barred from purchasing NFTs since you must first exchange your fiat currency for cryptocurrency. By removing one of the most significant barriers to NFT acquisition, the community will be able to acquire them via normal payment mechanisms, increasing the adoption of NFTs.

As these sought-after digital collectibles become more widely available, the metaverse becomes more mainstream.

Effects on the crypto market

Previously, cryptocurrency and NFTs were inextricably linked, as crypto was often necessary to purchase NFTs on prominent markets such as Mintable or Immutable X. With Mastercard’s new initiative, customers can purchase NFTs without requiring cryptocurrency.

This may have a significant impact on the popularity of certain digital currencies, since users who sought them out particularly to use for NFT purchases may no longer be interested. If this occurs, the value of several major cryptocurrencies used to purchase NFTs may decline.

Mastercard may reduce the value of certain cryptocurrencies by going all-in on NFTs, but because only a few NFT marketplaces are involved in this agreement, crypto and NFTs will not be fully separated for the time being.

By Elah Mae Ariate Wozinga Staff

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