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Mastercard expands the facility to buy NFT with card payments

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HIGHLIGHTS :

  • There are approximately 2.9 billion MasterCards worldwide
  • Mastercard has partnered with a few firms in this segment
  • Cases of scams related to NFT are also increasing

NFTs use blockchain technology to authenticate tokens of unique items that are linked to reproducible digital assets

There are approximately 2.9 billion MasterCards worldwide

Mastercard, one of the largest financial services providers, has expanded the range of non-fungible tokens (NFT) purchases through card payments. For this, Mastercard has partnered with metaverse firms Sandbox, Immutable X, Spring, and Nifty Gateway, and a few other firms.

Along with the Web3 community, the interest of the metaverse industry in NFTs is also increasing. Raj Dhamodharan, Executive Vice President, Mastercard, said in a blog post, “We are working with these firms to give people the option to buy NFTs using Mastercard cards. There are approximately 2.9 billion Mastercard cards around the world. And it could have a big impact on the NFT-connected ecosystem.” Mastercard aims to eliminate the need for NFT purchasers to use cryptocurrencies.

Mastercard has partnered with a few firms in this segment

A recent survey by Mastercard of over 35,000 people in 40 countries revealed that about 45 percent of these people have bought or would consider buying NFTs. Along with this, these people are interested in buying NFT using credit or debit cards. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.

Cases of scams related to NFT are also increasing

With the growth of business in this segment, there has also been a rise in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested. These cases have raised apprehensions about trading in this segment. The popularity of NFTs is also increasing. Sports clubs, automobile companies, and pop stars are also getting into this business. Recently the Financial and Security Organizations in China warned against the financial risks associated with NFTs. Regulators in many countries have insisted on increasing scrutiny of this segment. Mastercard, one of the largest financial services providers, has expanded the range of non-fungible tokens (NFT) purchases through card payments. For this, Mastercard has partnered with metaverse firms Sandbox, Immutable X, Spring, and Nifty Gateway, and a few other firms.

Along with the Web3 community, the interest of the metaverse industry in NFTs is also increasing. Mastercard Executive Vice President Raj Dhamodharan’s blog post “We are working with these firms to give people the option to buy NFT using MasterCard cards. There are approximately 2.9 billion MasterCard cards around the world and this could have a major impact on the NFT ecosystem. Is.” Mastercard aims to eliminate the need for NFT purchasers to use cryptocurrencies.

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