Coinbase, the leading crypto exchange, announced today that Mastercard, a multi-national financial services firm, is its partner to provide NFT platform users with financial services.
Coinbase claims that the partnership will simplify user experience on Coinbase NFT (its upcoming NFT platform). Coinbase NFT, which was launched in October 2013, is a peer to peer marketplace for buying, selling, showcasing and discovering NFTs. It is expected that the platform will offer social features that “open up new avenues of conversation and discovery,” particularly for those who are new to crypto or NFTs.
Prakash Hariramani is the Coinbase senior product director for commerce and payments. He stated that “Thanks to Mastercard’s work, we’ll have a better customer experience with Coinbase NFT”
To allow a wider consumer group to buy NFTs via Mastercard’s payment portal, the partnership will work to classify NFTs “digital goods”. This will “unlock” a larger market for NFTs that were previously only accessible through NFT marketplaces that required prior crypto knowledge and access to crypto wallets.
Hariramani shares, “Just like we helped millions of people to access Bitcoin for their first time in an easy-to-trust way, so we want the same for NFTs.”
The NFTs have had a wide impact on digital consumer culture, and the creator economies that have resulted. The rapid growth of the market for its products to a global level is testament to their rapid adoption.
“We are working to make NFTs easier because we believe that tech should be accessible. Mastercard stated in a statement that more people can participate in new technologies. This encourages innovation, allows economies to grow, and opens up choices for consumers.”
Coinbase did not announce a date for Coinbase NFT’s launch, but said that it is expected to launch shortly. Mastercard stated that it will bring its cybersecurity capabilities to the partnership to protect Mastercard customers’ data and ensure that NFTs purchased through Coinbase NFT remain secure.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.