Buy NFTs With Fiat As Mastercard Dives Into NFT Industry

Raj Dhamodharan, a top executive at MasterCard, reportedly revealed that MasterCard is set to dive deep into NFT. According to the report, he said the payment platform would be available on several Metaverse and NFT marketplaces.

Mastercard Sets To Dive Deep Into NFTs

According to a report, MasterCard has been striving to get more established in the NFT industry for many months. The payment platform has moved a step forward as it reportedly applied for multiple NFT patents and Metaverse trademarks.

The report showed that the payment platform applied to USPTO (United States Patents and Trademark Office). Furthermore,  speculators deduced that the firm is ready to dive deep into Metaverse from its application on USPTO. 

The application was said to include permission to create a virtual credit card and virtual prepaid card. This suggested that MasterCard is planning to leverage its brand on Metaverse.

MasterCard Partners With Multiple Marketplaces

Earlier this year, MasterCard and Coinbase collaborated to enable users to buy NFTs with debit and credit cards.  However, after Coinbase launched its marketplace, only a few people knew the MasterCard option was available. 

Nonetheless, the event marked the starting point of MasterCard in the NFT Industry. Recent reports showed that the payment platform is ready to collaborate with multiple crypto firms for NFT commerce. 

Since the first attempt, statistics showed that the demand for MasterCard options on different NFT Marketplaces has increased significantly. Furthermore, many NFT marketplaces are working around the clock to meet these demands. 

A while ago, OpenSea adopted a debit card payment option on its marketplace through Moonpay. This allowed users to purchase NFTs using their cards. 

Additionally, it makes payment easier for users as they are no longer redirected to external sites. Generally, by allowing the MasterCard payment option, NFTs marketplaces would become a more interactive platform. 

Furthermore, MasterCard reportedly revealed that it has a record of about 2.9 billion users around the world. If a small fraction of the number purchases NFT with their cards, the NFT industry will be overflowing with traffic.

Speculators Worry Over Its Security

Crypto speculators are always concerned with the security level of any new features integrated to ease Crypto investment. In line with this, many have questioned the safety of MasterCard usage on marketplaces.

While addressing the issue, MasterCard’s spokesman said the firm prioritizes investors’ security and hence has full safety measures in place. He added that users would have the same security on marketplaces as they do while making online or store transactions. 

Furthermore, they added that quality cybersecurity measures are in place to protect users while transacting on NFT with MasterCards.

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