Coinbase has teamed up with Mastercard to allow users to make purchases using NFTs on their platform

The partnership is aimed at allowing non-crypto natives to get into NFTs without using a wallet and purchasing Ether or other tokens first. Users of Coinbase’s forthcoming nonfungible token (NFT) marketplace will be able to use their MasterCards to make transactions, the firm said Monday.

Under the agreement, NFTs would be regarded as “digital goods” and could be bought using a credit card, according to a Tuesday blog post from Mastercard exec vice president of digital asset and blockchain products Raj Dhamodharan. The initiative is designed to enable non-crypto immigrants to get into NFTs without using a wallet.

“Cryptocurrency enthusiasts are used to this process,” said Dhamodharan. “But for most people, it’s not simple, it’s not intuitive. We think it should be much easier. That will ensure NFTs can be for everyone […] Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive.”

More than 1 million people have joined the waiting list for Coinbase’s planned NFT marketplace, called “Coinbase NFT,” which it announced in October. Before opening it up to users in other countries, the crypto exchange intends to make the NFT platform available to U.S. customers first.

Following the development and interest in the NFT sector in 2021, major crypto exchanges FTX and Binance launched their own NFT markets prior to Coinbase’s October announcement. In June, Binance unveiled an NFT platform that “aims to provide the best liquidity and lowest costs for users.”

According to a recent DappRadar study, there may be more demand for NFTs in 2022 as a result of the growth witnessed in 2021. According to the platform, NFT transactions generated $10.7 billion in the third quarter of 2021 and $11.9 billion in Q4 2021, with the first ten days of 2022 “.

“Despite the volatile cryptocurrencies cycles, NFTs maintain a stagnant positive trend,” said DappRadar analyst Pedro Herrera. 

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