Coinbase Global Inc. is planning a new NFT marketplace, and you won’t need to own cryptocurrency to make purchases.
Coinbase is currently the largest cryptocurrency exchange in the U.S. They announced last Tuesday that they were partnering with Mastercard to “simplify” the experience of buying non-fungible tokens (NFTs).
NFTs, or unique verifiable digital assets that exist on the blockchain, had a huge 2021 with over $25 billion recorded in sales. In recent weeks, there has been a flurry of major companies and brands entering or preparing to enter the NFT space, including Walmart and Microsoft.
Coinbase announced their plans for an NFT marketplace in October of 2021, and have over 2.5 million people on the waitlist.
Mastercard’s digital asset and blockchain coordinator Raj Dhamodharan wrote in a blog post:
“Today, if you want to buy an NFT — such as a digital art piece — you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace…we think it should be much easier. That will ensure NFTs can be for everyone.”
The partnership will enable users to make purchases of NFTs and “digital goods” using debit and credit cards. The credit card option varies sharply from the norm since most crypto purchases in the U.S. have traditionally required debit cards.
When customers make a purchase of a digital asset on Coinbase, they can store their NFT on Coinbase or another crypto wallet.
This isn’t Mastercard’s first foray into the crypto world, although it’s certainly its biggest move to date. In October of 2021, it partnered with Bakkt cryptocurrencies firm to create a rewards program in crypto. They also began allowing cardholders to transact in cryptocurrencies on their network in the same year.
It is not clear when Coinbase’s NFT marketplace will be open for business, but the company claims it will be a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier.
On a recent blog, Coinbase boasted of their partnership with Mastercard and how the two companies were working together to make the purchasing of “digital goods” more accessible for everyone. The blog optimistically concludes with, “The NFT revolution is just beginning.”
New Coinbase NFT Marketplace to Accept Mastercard
