The partnership will see Coinbase expand on purchasing options for Coinbase NFT — its upcoming NFT marketplace. At present, to purchase an NFT, users require a Web3 wallet and a cryptocurrency such as Ethereum, and must then spend those on NFTs in an online marketplace. By teaming up with Mastercard, the exchange hopes to reduce friction in the NFT buying process.
“Coinbase wants to simplify the user experience to allow more people to join the NFT community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs,” said Senior Director of Product at Coinbase, Prakash Hariramani.
Meanwhile, Mastercard said its aim is to expand consumer choice on how to pay for NFT.
“Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas,” commented Mastercard’s Raj Dhamodharan.
Coinbase first announced its NFT marketplace last October, revealing that its platform could be used to mint, collect, and trade NFTs.