Mastercard has announced that it is transferring its payment network to Web3 and unchangeable tokens (NFT).
At a potentially important moment for cryptocurrency and blockchain, Mastercard will enable NFT transactions with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Gift Gateway and the Web3 infrastructure provider MooPay.
This is a big game from the credit card giants, which means that all their cardholders will be able to buy NFT without buying cryptography or encrypting a wallet.
The purpose of Mastercard comes after they surveyed more than 35,000 people in 40 countries and found that 45% had bought NFT or would consider doing so.
Interestingly, this news follows Visa’s recent announcement of the introduction of the NFT Creator Program.
Mastercard has 2.9 billion customers worldwide and they are doubling the Web3 technology.
Raj Dhamodharan, Director of Digital Assets and Blockchain Products and Partnerships said: “These NFT marketplaces represent the vast breadth of growing NFT space – which generated more than $ 25 billion in sales in 2021 – from art to sports to video games to collectibles to metaverse platforms.”
He continued: “These marketplaces also host sales for some of the biggest names in NFT. With the help of these companies, the growing adoption of Mastercard on Web3 – a new version of the blockchain-based Internet – adds to our current work of moving our payment system to Coinbase’s new NFT marketplace, which opened to all Coinbase users in May.
“Overall, these integrations are designed to make cryptocurrencies more accessible and help the NFT ecosystem continue to grow, innovate and gain more fans.”
It is important that Mastercard also ensured that those who purchased NFT devices could expect similar security and safety as with all Mastercard purchases.
This type of discourse is guaranteed to soothe concerns about NFT security. In addition, this could be a trigger moment in the bell curve for cryptographic recording.
In the history of multi-tech adoption, it always starts with pioneers and early adopters, and to get through the adoption stages, motivational moments need to take place. This could be a key moment.
Mastercard is bringing its 2.9 billion customers into the world of NFT and, consequently, blockchain and cryptocurrencies. In fact, all encryption security concerns are overcome because the average user feels more comfortable using Mastercard to buy products instead of new technology.
This could be one of those levers where the worlds of Web2 and Web3 begin to merge and it certainly brings us closer to seamless, cohesive interactions.
The NFT by-product
NFTs have such a universal appeal and they are just getting started. As we begin to see the next layer of adoption with NFT, as they are integrated into systems such as education and healthcare, adoption rates will start to rise.
NFT is the sideline for non-native cryptocurrency investors who do not know the technology and need to change. The huge demographic that has considered using cryptocurrencies, done some research on it, but may not have fired it yet, could be close to breaking through. The smoother the depth, the more likely it is that this demographic will take the leap. Mastercard is removing a major headache and providing a “safe” way to blockchain.
When the average user approves and approves NFT, we might be looking at the momentary bell ringing times for cryptocurrencies and blockchains. Adoption will inevitably increase as more users are enrolled in blockchain and the world of distributed finance (DeFi).
As the number of use cases increases steadily, NFT is growing in attractiveness around the world. Mastercard, on the other hand, has acknowledged this and pledged its claim. Does this measure mean some kind of departure from the traditional banking system? Time will tell, but it certainly feels like a prime time for Web3.
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