Coinbase And Mastercard Partner To Revolutionize NFT Purchase Experience

Talk about big news. The NFT ecosystem continues to grow as major brands and platforms continue to enter the space.

Coinbase And Mastercard Partner To Revolutionize NFT Purchase Experience
Coinbase And Mastercard Partner To Revolutionize NFT Purchase Experience

Today, Coinbase, one of the world’s leading crypto asset trading platforms, and Mastercard, the world’s second largest payment network with over 4 billion cardholders and over 50 million merchants worldwide, have announced that they are teaming up to improve the purchasing experience for all NFT enthusiasts around the globe.

The partnership between Coinbase and Mastercard

Coinbase recently announced that they would be partnering with Mastercard to make trading of non-fungible tokens (NFTs) easier.

The new service will allow users to purchase collectibles or unique digital goods without leaving their wallets. The partnership is expected to revolutionize an industry that has seen huge growth over the past couple of years.

As previously reported by Epic, individuals and groups have raised more than $1 billion via token sales in 2017 alone and have been granted access to a large amount of capital through these ICOs.

What does this mean for NFT?

What does this mean for NFT

In a press release sent out today, Coinbase announced that it had partnered with Mastercard to offer a new way for users to purchase non-fungible tokens (NFTs).

  • The release contains little information about what is actually changing on Coinbase, only saying that all of its users will be able to buy non-fungible (unique) collectibles.
  • But based on my knowledge of both companies and how they do business, I think we can draw some reasonable conclusions about what's coming.
  • Here are some predictions I predict that when you log into your account, you'll see an updated version of MyCrypto Card with a switch at the top that reads tokens.

By clicking on this option, you'll be taken to another page where you can choose which NFT or NFTs you want to buy from Coinbase. Buying will work just like buying any other coin through their interface: 

Simply enter in your credit card info or your Paypal account, click pay and confirm transaction - similarly as how PayPal works.

How will fans purchase items in the future?

One of the biggest hurdles that currently exists with blockchain technology is actually interacting with it.

  1. While we’ve seen tons of in-game purchases, virtual asset sales, and cross-border payments conducted on cryptocurrency, there are still a ton of barriers to entry for new users.
  2. Enter Coinbase and Mastercard. In an effort to help new fans transact seamlessly, both companies have joined forces to create a seamless process for purchasing non-fungible tokens (NFTs).
  3. If you aren’t familiar with how that works, let me catch you up: Each digital asset in a game like CryptoKitties or Gods Unchained is entirely unique.

Changes coming in 2022

In just a few short years, there will be no shortage of non-fungible tokens (NFTs) on the market.

  • Beyond specific ERC-721 (non-fungible token standard), and they’ll have their own set of rules around how to best navigate them. In light of that inevitability, Coinbase and Mastercard have announced a partnership which will allow for seamless in-game purchases using fiat currency and cryptocurrency.
  • Today’s announcement is not only a sign of progress for both companies; it also represents an important step toward making blockchain technology more accessible and better integrating into traditional systems.
For those unfamiliar with NFTs, they are unique digital assets created through smart contracts.

SOURCE : Yasoquiz

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