The global payment technology solution provider will streamline payment access to NFT marketplaces, allowing people to purchase digital artwork directly over its network. Some of these NFT marketplaces include Immutable X, Candy Digital, Nifty Gateway, The Sandbox, and others.
Non-fungible tokens are a virtual representation of tokenized assets in the form of art, images, music, games, and wearables that offer holders unique ownership of the item. The sector has experienced explosive growth over the last two years with a total valuation of more than $37 billion as of May 1, 2022, according to blockchain analysis firm, Chainalysis.
Buy NFTs With Mastercard
As stated in the release, the global payment giant said users can now trade NFTs with their Mastercards by visiting its partners’ marketplaces or accessing their crypto trading services. The partnership with these companies will also help advance Mastercard’s web3 adoption.
Additionally, the release noted that the company’s interest in cryptocurrency kicked off after a survey revealed that 45% of the people surveyed own an NFT or might consider purchasing one in the future.
The New York-based financial service provider stated that the NFT marketplace contains a big portion of the entire digital arts sector which has generated more than $250 billion in sales from different categories of arts back in 2021.
Earlier in January, Mastercard entered into a partnership with Coinbase to unlock a new way to purchase NFTs using its cards. The deal with Coinbase was aimed at “classifying NFTs as digital goods,” allowing more people to join its newly launched NFT marketplace.
Mastercard Expands Crypto Footprint
As a global payments solution provider with billions of users across the globe, Mastercard’s engagement with cryptocurrency has bolstered the adoption of the asset class.
Earlier in 2021, the financial company partnered with intercontinental crypto startup Bakkt to allow banks and e-commerce companies to use its network to add crypto services to their various businesses.
Coinfomania reported in April that the international payment company with an $18.88 billion valuation also secured a deal with American-based exchange Gemini to launch crypto rewards credit cards.