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Cheer for Mastercard cardholders! Now buy NFTs on several platforms

The NFT marketplaces teaming up with Mastercard include Immutable X, Candy Digital, The Sandbox, Mintable, Spring and Nifty Gateway, as well as Web3 infrastructure provider MoonPay. Meanwhile, the financial services company had earlier this year rolled out the NFT card-purchase service in association with cryptocurrency exchange Coinbase.

ET Now Digital

Updated Jun 12, 2022, 19:29 IST

New Delhi: Non-fungible tokens or NFTs are the new trend in the digital assets markets and apparently nobody wants to stay behind. The latest to hop on the bandwagon is multinational payment processing giant Mastercard. The company announced on Friday that its cardholders can now buy NFTs on several platforms without having to first purchase cryptocurrencies.

The announcement is in line with the financial services company’s efforts on expanding its payment networks to accommodate NFTs over the last year. MasterCard has teamed up with several top NFT marketplaces so as to enable its cardholders to make direct NFT transactions.

The financial services company’s announcement holds even more relevance as users are currently required to buy cryptocurrencies to bid on and purchase NFTs.

"We're working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay," Raj Dhamodharan, Mastercard's Executive Vice President, Digital Asset and Blockchain Products and Partnerships, said in a press release.

He added that this could influence the NFT ecosystem significantly with 2.9 billion Mastercard cards in circulation all around the globe.

What inspired the company’s decision to further expand their payment network to the NFT ecosystem was the result of a survey poll. It showed that out of 35,000 respondents from 40 countries polled, 45 per cent of consumers have purchased or are considering purchasing an NFT. 50 per cent said they'd like more purchasing options.

Customers can expect world-class security from the company's latest payment option, similar to the protection people "enjoy when making transactions in a store or online with a Mastercard card". Dhamodharan underscored that they were leveraging its cybersecurity capabilities to improve security and secure user data for purchases made with a Mastercard card.

The NFT marketplaces teaming up with Mastercard include Immutable X, Candy Digital, The Sandbox, Mintable, Spring and Nifty Gateway, as well as Web3 infrastructure provider MoonPay.

Meanwhile, the financial services company had earlier this year rolled out the NFT card-purchase service in association with cryptocurrency exchange Coinbase.

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