How do you buy NFTs? You need a crypto wallet, some crypto coins, an NFT marketplace account, and the well, some more steps. Right now, the NFT market is reserved for people who are familiar with the crypto world.
The companies like Mastercard are attempting to change that. Mastercard recently made an announcement of its partnership with the NFT marketplace Coinbase. This means Mastercard users will be able to create and trade in NFTs using the debit or credit card offered by Mastercard. This is a gamechanger in the current space of NFTs.
What is NFT? Do you need Crypto?
NFTs stand for Non-Fungible Tokens. Simply put, NFTs are the digital assets that are stored in the blockchain.
Read What is NFT to understand more about NFTs.
You can pretty much turn anything into NFTs by the looks of it. We’ve all heard of Beeple’s art collection that sold for $69 mil in the NFT world, and that’s not even the most expensive NFT transaction anymore.
According to DappRadar, the third quarter of 2021 saw the trading volume for NFT reach $10.6 billion. This was a 700% increase from the previous quarter.
NFTs and crypto-ownership, in general, have been increasing in popularity with more and more people adopting the idea of web 3.0.
Despite the financial benefits, it can seem quite overwhelming to create your own NFTs or start trading for a first-timer, with the crypto wallet, marketplace account, and everything else in between. The process is not simple, and not intuitive.
Now, what if buying your digital asset was as easy as buying a T-shirt online?
Buying NFTs (Digital Assets) should be easy
With Mastercard’s partnership announcement with Coinbase, they are now leading the pack of companies trying to make NFTs accessible to the general public.
Of course, it’s not just altruistic. By introducing themselves as a partner for Coinbase, Mastercard has a lot to gain, as a normal person is more likely to have a Mastercard as opposed to a crypto-wallet with some Ethereum change.
In the coming months, we can expect to see Coinbase allow users to put in Mastercard details in order to create or purchase NFTs. However, it remains to be seen how the whole thing will work out as NFTs are still the assets in the blockchain. It probably won’t be as straightforward as buying a T-shirt off Amazon, but it should help the NFT market open up to a wider audience.
Creators like artists and musicians, who are not techy will also have an easier time creating their own NFTs if they don’t have to create 5 different accounts and make 15 clicks on every page.
Mastercard promises Crypto-security
Mastercard has also promised to protect customers’ data and keep NFT transactions safe and secure.
They seem to be more than just talk, as they acquired CipherTrace to enhance crypto capabilities.
The Future of NFT transactions
Mastercard rivals like Visa are also equally in the space of crypto. Visa has also been making partnership efforts with multiple companies in the crypto space, including Coinbase.
The NFT space is only getting wider, and efforts from these companies will definitely make it easier for a general audience to get into the NFT world.
We can predict that in the coming years, or even months, we’ll be able to get the digital goods we want and get on with our day.