Mastercard said in a press release on Thursday that it has set up a number of partnerships with crypto-asset services to make it easier to buy and sell NFTs.
The global provider of payment technology solutions will make it easier for people to pay to access NFT markets, so anyone can buy digital art directly through its network. Immutable X, Candy Digital, Nifty Gateway, and The Sandbox are all examples of NFT markets.
Non-fungible tokens are digital items of tokenized assets like art, photos, music, games, and wearable technologies that can only be owned by the people who have them. Chainalysis, a blockchain research company, thinks that by May 1, 2022, the industry will be worth more than $37 billion. This means that in the last two years, the rate of growth has been more than 2,000%.
You can use Mastercard to buy NFTs
Customers can now use their Mastercards to buy and sell NFTs by going to the marketplaces of its partners or using their crypto trading services. The way Mastercard works with these companies will also help it use web3 technology.
The press release also said that the company’s interest in cryptocurrencies was sparked by a poll that showed 45 percent of respondents own an NFT or are thinking about getting one in the future.
The New York-based financial services company says that the NFT marketplace is a big part of the digital arts industry, which is expected to bring in more than $250 billion in sales from different types of art in 2021.
Early in January, Mastercard teamed up with Coinbase to give its cardholders a new way to buy NFTs. The agreement with Coinbase was meant to “classify NFTs as digital products,” so that more people could join its newly announced NFT marketplace.
Mastercard is getting more involved in crypto
Mastercard’s involvement with cryptocurrencies has made the asset class more popular because it is used by billions of people around the world.
Early in 2021, the financial institution teamed up with the global crypto startup Bakkt to let banks and e-commerce businesses use its network to offer crypto services to their own businesses.
In April, Coinfomania reported that a multinational payment company worth $18.88 billion had teamed up with the American cryptocurrency exchange Gemini to make cryptocurrency rewards credit cards.