Coinbase Partners Mastercard to Facilitate Non-Fungible Tokens (NFTs) Trading
Cryptocurrency exchange Coinbase has partnered with popular payment provider Mastercard to simplify the process of purchasing non-fungible tokens (NFTs) and to enable more people to join the NFT space.
According to a blog post published by the San Francisco-based exchange, through the partnership, NFTs will be classified as digital goods, and customers will be allowed to pay for these digital collectibles using their Mastercard cards in the future.
“We applaud Mastercard’s leadership on this issue to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience. The NFT revolution is just beginning,” excerpts of the announcement read.
The move comes months after the cryptocurrency exchange announced that it will be launching an NFT marketplace, dubbed Coinbase NFT, a platform that will allow people to mint, trade, and collect various NFTs.
Following its partnership with Mastercard, the third-largest cryptocurrency exchange noted that it will provide a better customer experience on Coinbase NFT.
Coinbase added that it is working on ways to bring NFT opportunities to the broader crypto ecosystem through Mastercard’s scale and global network.
Rising Interests in NFTs
The non-fungible token space is currently one of the biggest aspects of the cryptocurrency industry. Several reports have emerged about how investors have recorded major returns a few weeks after investing in the asset class.
The sector gained traction last year, with several people flooding various marketplaces, including OpenSea, in a bid to get a piece of the action.
Monthly, billions of dollars worth of ETH have been traded across various NFT marketplaces. According to data on Dune Analytics, a popular NFT marketplace, OpenSea monthly trade volume in ETH surpassed $3.7 billion for the first time.
Despite the groundbreaking volumes, only a fraction of cryptocurrency investors is still able to trade digital collectibles, as the process seems complex to several others.
Interestingly, Coinbase believes its partnership with Mastercard will help streamline the process of getting started with NFT trading.