Coinbase announced plans to launch an NFT marketplace last year. The product’s waiting list currently has millions of users, suggesting that it will be one of the largest NFT platforms in the industry after its launch.

Coinbase and MasterCard Partnership to Simplify NFT purchases

According to an announcement on January 18, Coinbase noted that the partnership with Mastercard will simplify the process of buying NFTs.The Mastercard’s credit and debit cards are used to purchase various products and services on the NFT marketplace. 

The Coinbase NFT platform will allow minting and purchasing of non-fungible tokens. NFTs have become very popular over the past year. However, the current process of buying NFTs is lengthy and can be overly complicated for those unfamiliar with the crypto industry.

To buy NFTs, you need to create a crypto wallet, buy cryptocurrencies and spend them on NFTs listed on the NFT marketplace. However, with Mastercard, those looking to buy NFTs have an easier process.

Commenting on the partnership, Mastercard’s Raj Dhamodharan stated that securing the involvement of more people is perhaps the best way to help the NFT market thrive. In fact, Mastercard believes the underlying technology of NFTs has greater potential to go beyond art and collectibles into more fields.

MasterCard Aims for Crypto Partnership

The popularity of cryptocurrencies over the past year has created an ideal opportunity for payment service providers looking to offer crypto-related services to their customers.

Mastercard has been a leader in deals with various players in the cryptocurrency industry. Partners it has won include Gemini, BitPay, and Mintable. In October, Mastercard announced a partnership with Bakkt to allow banks and merchants to offer crypto-related services.

Mastercard’s biggest competitor, Visa, has also been active in the crypto space. Visa has partnered with around 60 companies in the cryptocurrency space. Like Mastercard, Visa has partnered with Coinbase to advance its crypto agenda.