Just when you think that the days of NFTs being adopted by mainstream institutions are over, another major institution makes into the spotlight. This time, it is a highly reputed, world renowned, and huge financial service provider that has announced its acceptance of NFTs.
Mastercard Joins the League
Mastercard, one of the largest and most adopted electronic payments service provider has made a huge announcement for the NFT news sector. The announcement by Mastercard is very promising for the entire Mastercard and the cryptocurrency community.
Mastercrd has announced that it will enable trade for non-fungible tokens through its platform. The payments service provider has revealed that the users will be able to access many platforms within the crypto-ecosystem where they’ll be able to perform trades using Mastercard.
These platforms also include multiple marketplaces that are known for being gas-free. These platforms include MoonPay, the Nifty Gateway, Spring, Mintable, The Sandbox, Candy Digital, and Immutable X.
MoonPay is an infrastructure provider that is based on Web 3 and then there is The Sandbox, which is a major gaming title offering metaverse experience. As per one of the skilled and well reputed NFT experts, Ido Fishman, NFTs are the most adopted technologies by all major and minor payment service providers.
Announcement was made by Raj Dhamodharan
Raj Dhamodharan was the one who made the announcement through their official website. Raj Dhamodharan is the Blockchain Digital Asset Products and Partnerships’ Executive Vice President at Mastercard.
He announced that Mastercard has been working closely with the mentioned companies in order to introduce new services for their users. These services will also include the ability of the users being able to buy NFTs.
The users will be able to make purchases for NFTs using their Mastercards. It is yet to be decided whether they will be introducing a variety of platforms to make purchases from or from a single platform.
This will be a huge achievement and move made by Mastercard for the convenience of common people. They will not have to go through the trouble of signing up for cryptocurrency projects and even crypto financial solutions.
Huge Convenience for the Users
The users will no longer have to go through the trouble looking for people a cryptocurrency payment service provider. They will have the access to perform such transactions through Mastercard directly. With the amount of reputation Mastercard has built all these years, may finally get paid off as it’ll have a huge following to boost its transactions and sales.
The users won’t even have to convert their fiat to crypto to make transactions. Their fiat will be exchanged into the respective cryptocurrency just when the transaction is triggered.
At present, more than 2.9 billion cards have been introduced by Mastercard. Such high number can give an idea that the adoption rate for cryptocurrency by the Mastercard users will be more than a billion. Once the company makes the move, the entire NFT sector will feel the shift.
Other Adoptions by Mastercard
This would be a huge change and upgrade to the entire ecosystem of non-fungible tokens that is backed by Mastercard. Mastercard has no intentions of just sticking to the basics when offering users with cryptocurrency related services.
Mastercard is also aiming to increase its user base and gain more adoption with the adoption of Web 3. Mastercard may start making investments in order to generate more profits and gain more knowledge of the Web 3 protocol.
Dhamodharan revealed that the NFT marketplace they had rolled out last month is already integrated with their payment network. They will continue making integrations and continue adding new links between the users and services, which would help the NFT ecosystem grow significantly.
Dhamodharan revealed that they recently carried out a survey among their clients from 40 different countries. According to the survey, more than 45% of their users from these countries are involved in buying NFTs or thinking about buying them.
However, people have now confirmed that no matter what happens, cryptocurrencies will be used by them and their usage will increase to serve day-to-day needs.