Mastercard making NFTs easier and safer to buy

A big barrier for consumers wanting to own NFTs is the inability to purchase the digital assets with fiat currency. Users must first purchase cryptocurrencies to then use on the NFT marketplace. Not only is this a timely exercise for consumers without an existing crypto portfolio, but also increases the risk of exposure to NFT scams.

Mastercard has identified this issue in the booming NFT marketplace which generated more than $25 billion in sales in 2021 stating it “believes the process of buying an NFT needs to be easier and safer.”

Mastercard recently announced it will be working with multiple NFT platforms to allow their cardholders to purchase NFTs, in the same way that consumers can purchase cryptocurrency.

This could be a significant boost for the NFT market given the sheer amount of Mastercard users across the globe.

“With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem,” Raj Dhamodharan, Mastercard’s executive vice president of digital asset and blockchain products and partnerships, said.

Mastercard recently surveyed a group of over 35,000 people in 40 countries and found that 45 per cent had purchased an NFT or would consider buying one, the company said. In addition, Mastercard found that about half of those surveyed sought more flexibility and wanted to be able to pay with crypto for everyday purchases or use a credit or debit card to buy an NFT.

Mastercard has insisted customer safety will be a major focus, stating on its press release that it will be “giving people similar protections to the ones they enjoy when making transactions in a store or online with a Mastercard card”.