Mastercard Integrates Its Payment Infrastructure Into Web3 And NFTs

Mastercard enables the direct purchase of NFTs

While he increases the announcements in favor of the adoption of cryptocurrenciesespecially since last year, the giant Mastercard takes a major step today, announcing that it is working to make the purchase of non-fungible tokens (NFTs) accessible to its 2.9 billion customers worldwide

Through an official statement, the payment company indicated that it wanted to be the payment process for buying an NFT” easier and safer “, and that she wanted implement bank card payment solutions for purchases of this type of asset

To achieve this, Mastercard has announced key partnerships with the industry’s largest companies, such as:immutable XCandy Digital, Mintable, Spring, Nifty Gateway or The Sandbox (SAND).

A arrival in Web 3.0 is also plannedand Mastercard announces it is partnering to this end with the Moonpay payment platform specialized in cryptocurrency transactions.

The executive vice president of Mastercard’s department dedicated to cryptocurrencies, Raj Dhamodharanclearly mentioned the company’s focus on making a place of choice in Web 3.0:

“With the help of these companies, Mastercard’s growing adoption of Web 3.0 adds to our existing work to bring our payment network to Coinbase’s new NFT marketplace, which opened to all of its users in May. […] These integrations are designed to make crypto more accessible and help the NFT ecosystem continue to grow, innovate and attract new fans. †

Where so far, buying an NFT on a platform likeopen sea needed to top up its digital wallet, Mastercard wants its customers to do so can pay for their transactions directly with a credit cardwithout the need to buy cryptocurrency in advance

👉 Deepening: NFT market grew by 21,350% in 2021 – What to remember from this year of all records?

NFTs on the rise

Mastercard had already shown interest in NFTs and the metaverse last April. Indeed, the internationally renowned company had then over a dozen trademark applications filed related to the ecosystem metaverse, cryptocurrencies and NFTs with the United States Patent and Trademark Office.

A strategy that makes perfect sense: In July 2021, the volume traded in NFTs timidly approached a billion dollars. Today, this volume exceeds $60 billion

Total volume of NFTs traded over 12 months (in dollars)

According to a survey of more than 35,000 people in 40 countries around the world by the Mastercard company itself, 45% of respondents indicated that they had already purchased or planned to purchase an NFTand that half of them wanted that the purchasing process is simplified

Finally, let’s add that buying an NFT through Mastercard’s payment infrastructure allows you to: take advantage of the security usually caused for everyday transactions, an additional guarantee of adoption.

👉 Related: Mastercard CEO Thinks SWIFT Payment System Probably Won’t Exist in 5 Years

Sources: Mastercard, intotheblock

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About the author : Maximilien Prue

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Passionate about the world of decentralized finance and the novelties of Web 3.0, I write articles for Cryptoast to make the blockchain more accessible to everyone. Confident that cryptocurrencies will change the future very soon.
All articles by Maximilien Prué.

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