Mastercard Integrates Its Payment Network With NFT Platforms Like The Sandbox, And More

Mastercard has just further cemented its position in Web3 by bringing its payment network to premier NFT platforms such as The Sandbox. Let's dive into the details!

Jun 10, 2022
by Akira Ming
Mastercard Integrates Its Payment Network With NFT Platforms Like The Sandbox, And More
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What is Mastercard's latest venture into Web3? 

On June 9th, Mastercard announced that it is integrating its payment network into top-tier NFT platforms, making it easy for anyone to buy NFTs using their Mastercards. Accordingly, the payments giant is teaming up with NFT marketplaces such as Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay. Given that there are more than 2.9 billion Mastercard cards around the globe, the ambitious move will certainly help push NFTs to the mainstream. 

Even though the integration process is still underway, there's only one simple goal behind this innovative move. That is, to make it easier for retailers like you and me to buy NFTs with Mastercards on NFT marketplaces of our choice. What's more, there's no need to purchase any crypto beforehand. So, non-crypto natives don't have to go through the hassle to swap fiat for crypto, before getting their hands on their prized NFTs. 

Nonetheless, Mastercard also assures that customers' safety is a top priority when it comes to buying digital art using its debit/credit cards. Cybersecurity tools and user data protection measures are already in place, so you can safely "swipe" the card and buy that precious NFT. 

Is Web3 the next stop for traditional financial institutions? 

Notably speaking, traditional financial firms like Mastercard has been making aggressive moves in Web3 since the start of the year. Back in January, the financial giant partnered with Coinbase to launch its payment network on Coinbase's latest NFT marketplace. Then to seal its position in Web3, Mastercard filed 15 metaverse-related trademarks back in April, including "Mastercard" and the company's flagship circles logo. 

But what's the motivation behind the company's relentless push into Web3? Turns out that the answer lies in one of Mastercard's latest surveys. According to the survey, almost half of the population (45%) had either bought NFTs or were planning to do so. And roughly half of them seek more flexibility in payment options, including using a credit/debit card to buy NFTs. Given the latest red-hot collab with top Web3 platforms as mentioned above, it's safe to say that Mastercard is heading in the right direction. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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