Crypto exchange Coinbase to soon allow buying NFTs via Mastercard

livemint.com:

NEW DELHI: Coinbase Global, Inc., a US-based crypto exchange, has partnered with Mastercard to enable more payment choices for itand make it easier for anyone to buy non-fungible tokens (NFTs) using Mastercard cards.

Coinbase recently announced Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier. Coinbase’s NFT marketplace is expected to launch soon.

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network," Coinbase wrote in a blog on Medium.

As per Mastercard, the collaboration is part of its broader work to support the crypto ecosystem with new tools for crypto wallets and cybersecurity protections.

“There are already several NFT marketplaces, but Coinbase could enable millions more people to become NFT owners, just like it did with cryptocurrencies. That change could allow the NFT market to support more artists and musicians, while giving more consumers new ways to collect digital goods and play online games," Mastercard in a separate blog post.

A non-fungible token (NFT) is a cryptographic token that represents something unique and has an individual characteristic that set them apart. Owning an NFT is like owning a one-of-a-kind work of art or a collectible antique. NFTs are unique tokens or digital assets that generate value because of their uniqueness.

The market for NFTs has grown tremendously in 2021. According to a report from blockchain data provider Chainalysis, $40.9 billion was spent on these non-fungible tokens last year.

The record sale for an NFT was set in