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Mastercard to support Non-Fungible Token purchases

Mastercard
TL;DR Breakdown
  • MasterCard is collaborating with central NFT marketplaces to make NFT payments easier.
  • The “Simple” NFT purchase scheme will be available through Immutable X, Candy Digital, Nifty Gateway, The Sandbox, and more are among the NFT markets.

Mastercard is prepared to collaborate with important NFT marketplaces so that customers in all industries can easily make NFT payments. The company is working with centralized NFT marketplaces to expand its survey into NFTs and web3 technologies. Candy Digital and Immutable X are two notable names in the NFT business Mastercard is looking to work with.

NFT markets are partnering with the company as part of the strategy to increase its web3 presence. The ability to buy NFTs directly through a credit card rather than first acquiring crypto should also be made available to more people.

The company aims to streamline the NFT commerce process by allowing customers to make direct NFT purchases. According to a MasterCard NFT survey, consumers are looking for a more flexible way to buy NFTs in the future.

The decision came after a survey of 35,000 participants from 40 countries revealed that 45% of consumers had either bought or are contemplating purchasing an NFT. In addition, approximately half of those polled said they would like to pay with crypto for everyday purchases or use a credit card to purchase an NFT.

It’s not the first time MasterCard has experimented with NFTs. The company’s initial NFT partnership with Coinbase was in January 2022. Using the Coinbase NFT marketplace, consumers were able to buy NFTs.

Coinbase supports Mastercard for NFT purchases

Non-crypto customers should be able to access NFTs without having to buy Ethereum or any altcoin. In January, MasterCard offered non-fungible token (NFT) marketplaces to Coinbase clients. They said that customers would be able to pay with their credit cards as part of their new arrangement.

According to Mastercard’s VP of digital assets and blockchain technology, NFTs will be traded as digital goods.

Mastercard files 15 metaverses and NFT patents

To boost revenue and stay relevant in the digital marketplace, Mastercard followed Visa and American Express in moving into the Metaverse in April. Users in Metaverse can engage with digital currency and accept bank cards in an online community. It’s a place where you may purchase and sell digital things and participate in virtual world events.

The priceless tagline trademark application includes these NFT-verified multimedia assets. Payments in virtual worlds like the Metaverse could be processed using the red and yellow circles logo.

A patent-pending would allow the Mastercard brand to appear at cultural events such as concerts, sporting events, and award shows in the Metaverse.

American Express Visa enters NFT and crypto

In February, Mastercard employed 500 new employees to help banks and merchants implement crypto-enabled technologies and NFTs. 

However, it’s not the only large financial company looking for trademarks of NFT or Metaverse. American Express and Visa, the two major credit card companies, had submitted USPTO applications regarding crypto.

Visa filed a digital currency patent in 2020, and the company is currently working on a digital currency for its cardholders. There are seven applications with American Express connected to the company’s branding. 

They include virtual payment cards, concierge services in the Metaverse, and using their cards at an NFT marketplace. These credit card issuers have also taken several steps to stay competitive in the digital marketplace. MasterCard introduced a three-month program, Start Path Crypto, to help blockchain and crypto firms expand their businesses. 

Visa’s Creator Program educates entrepreneurs about NFTs in order to help them expand their small businesses. DeFi banking app Scallop recently joined the PCI SSC to provide insights and recommendations from the DeFi industry to the Council.

Mastercard’s infrastructure will support CBDCs

Last year, the CEO of Mastercard, Michael Miebach, highlighted his bullish stance on the cryptocurrency business during a financial report with investors and stakeholders. Companies have grown significantly over the past year because of the volume of customers using MasterCard to buy bitcoin and the number of collaborations with cryptocurrency. Miebach’s most ambitious stance developed during a CBDC debate.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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