Mastercard Enables NFT Purchases Without Using Cryptocurrency
Mastercard has partnered with Immutable X and seven other entities to enable simplified and safe NFT purchases using fiat currency instead of crypto.
Global payment giant Mastercard has joined forces with with Immutable X, a layer-2 network for Ethereum. The company will also be working with NFT-based online game The Sandbox, fintech firm MoonPay, and the NFT platforms Nifty Gateway, Candy Digital, Spring, and Mintable.
Through the new initiative, NFT investors can purchase them without needing to acquire crypto first. In this way, buyers are relieved of the “stress and uncertainty” that could be part of obtaining an NFT, especially for the less tech-savvy folks.
At the same time, NFT creators have access to wider potential audience, which is expected to lead to growth in their customer base.
Rgearding safety, Mastercard promises to “reinforce customer safety” and “protect user data” for people purchasing NFTs with its card. The project will likely discourage bad actors looking to con people out of their digital artworks. The hype in NFTs following million-dollar sales and celebrity endorsement has attracted scammers.
Few weeks ago, a Moonbird NFT holder lost his 29 NFTs worth $1.5 million to fraud. The malicious buyer asked that they complete the transaction on a private platform, only to evade their side of the deal.
Mastercard’s latest development is also driven by a survey it published this month. Out of the 35,000 people polled from 40 countries, 45% said they had bought an NFT or would consider doing so. Approximately 50% of surveyed suggested flexible payment options, i.e., paying with a credit or debit card, other than crypto.
“These latest efforts are intended to build on the enormous potential of the NFT market, growing payment choices for consumers and expanding NFT communities. We’re looking forward to continuing our work with all these companies to make sure this market can become even more welcoming, accessible and easy.”
