Having recently introduced a waitlist for a NFTs marketplace, Coinbase has now announced a partnership with payments giant, MasterCard, that will see users buy NFTs with their debit/credit cards.
The deal is also calculated to make NFTs more available to people across the world and is seen as a way to unlock even greater potential for NFTs to go beyond art and collectibles into many more areas.
With NFTs emerging as a potential game changer for creatives such as musicians, artists, and video game designers, by expanding their audience, the 2 organizations are also pointing to the partnership as a chance to support more creators which could spark the next evolution of digital commerce.
Besides payments, MasterCard will secure its customers data during NFT transactions and make sure the NFTs they purchase are safe.
The deal is targeting users who could benefit from NFTs yet they are not knowledgeable enough about crypto to go through the current payment experience.
As it is, users need to purchase crypto to acquire NFTs.
For the upcoming marketplace, Coinbase is introducing a Coinbase wallet where users can purchase ETH from the original Coinbase crypto market and use it to interact with Coinbase NFTs.
In October 2021, Coinbase announced Coinbase NFT, the peer-to-peer marketplace that it said will make minting, purchasing, showcasing, and discovering NFTs easier.
While the NFT industry exploded in 2021, adoption and interest across emerging markets has not picked up, mainly due to the high barrier to entry. Besides the difficult user experiences, artists and users alike are put off by the high gas fees and unhinged valuation.