The multinational credit card company Mastercard just partnered with European crypto exchange “hi” to launch customizable non-fungible token (NFT) debit cards. Now users who hold NFTs from select blue chip collections will be able to add the avatar artwork to their cards.
The NFT debit cards will be available only to Gold members of the platform. To obtain Gold membership, users must stake at least 100,000 hi dollars (HI) — the platform’s native token — worth around $4,600 at the time of writing. Gold members must also go through a verification process to prove they own the NFTs before their debit cards are customized.
Initially, only NFTs from select collections will be permitted. The collections include CryptoPunks, Goblintown, Bored Ape Yacht Club, Moonbirds, and Azuki.
Besides the artwork on the card, users can use the debit cards to make purchases in fiat, stablecoins, or crypto wherever Mastercard is accepted. There will also be perks for cardholders such as cashback incentives, hotel credits, and rebates on Spotify and Netflix subscriptions.
Christian Rau, Mastercard’s crypto and fintech enablement VP, said that consumer interest in NFTs and crypto is climbing, and the company is committed to making crypto an easy payment option for people who wish to use it. Currently, the cards are only available in the UK and 25 European Economic Area (EEA) countries.
Mastercard Continues its Web3 Push
The latest move from Mastercard should come as no surprise to people who follow NFT news. At Rarity Sniper, we’ve written several articles about the credit card company this year. Here are the top three stories about Mastercard in Web3 in 2022.
In February, Mastercard revealed that it was bolstering its Data & Services division to include cryptocurrency consulting. The new consulting team will focus on delivering quality insights to banks, merchants, and fintech companies. It also mentioned the implementation of crypto cards and loyalty programs.
In April, Mastercard sent 15 metaverse-related patent requests to the US Patent and Trademark Office. The patents were to protect the Mastercard name and logo in Web3 and showed that the company intended to integrate its payment platform with NFT markets and metaverses.
Following up on the trademarks, four months ago Mastercard announced partnerships with seven of the leading NFT and metaverse platforms, including The Sandbox, Mintable, MoonPay, Immutable X, Nifty Gateway, and more. Now customers who visit these sites can purchase NFTs or other products using their Mastercard credit or debit card.
From Mastercard’s activity this year, it’s clear the company is bullish on Web3, NFTs, and the metaverse — and its latest partnership with hi crypto exchange is more evidence of this. We’ll have to wait to see if the NFT debit cards from Mastercard are popular among hi users. If so, it seems likely Mastercard could roll out more NFT and crypto cards in the future.