Mastercard now in NFT business
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Mastercard Joins Hand With NFT Marketplaces

June 10, 2022

Mastercard has joined hands with different NFT marketplaces to make payments for NFTs easier.

It means now one will not have to collect digital currencies to buy NFTs but can use the card issued by Mastercard. inc.

The companies with which Mastercard has collaborated include Inmutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay.

Talking about the decision, Raj Dhamodran the head of digital assets and blockchain products of Mastercard said "For NFT creators, these changes grow their potential customer base to millions more people all over the world."

"With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem," he further added.

NFTs or Non Fungible Tokens are digital copies of already existing arts or art forms made digitally.

They are even sold digitally with the help of digital currency.

The sale and purchase system of NFTs will now change with Mastercard entering the business.

NFT has seen an exceptional boom last year in the digital market ever since its launch.

The markets are as compassionate about creating NFTs as the users are for buying them.

These markets include Fashion, Tech, Travel and Art. And companies that have made use of the innovation include some giant businesses like Levis, Adidas, Sandbox, Make My Trip and more.

Apart from business NFT has been in highlight for other reasons which are both good and bad. Bad as usually include online fraud.

On the other hand, the Looty project started by an African man to reinstate the artefacts robbed by the British invaders come up as a good reason for being in highlight.

Recently, the market of NFTs has seen a drop of 92%.

But, this doesn't seem to discourage the digital market from investing in innovation. And, Mastercard's announcement is one such move. The outcome of this move will be something to look forward for the tech enthusiasts.

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