The big picture: Buying an NFT today is often a multi-step process that includes opening a crypto wallet, buying crypto, then using it to purchase an NFT from an online marketplace. It's the norm for crypto enthusiasts but those new to the community might find it a bit complicated, which is why Mastercard will allow customers to make purchases on Coinbase's upcoming NFT marketplace using their Mastercard cards.
The exchange announced plans to open a peer-to-peer NFT marketplace back in October. Like it did with crypto, Coinbase wants to help make NFTs easier to mint, purchase, showcase and discover. The company said the initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned shortly after.
Reducing friction in the marketplace is a surefire way to attract more interest from consumers. There are no doubt millions of people interested in the budding NFT space that haven't yet hopped on the bandwagon simply because the process hasn't been streamlined enough yet. Being able to purchase digital goods with a Mastercard will certainly lower the barrier.
Mastercard's Raj Dhamodharan echoed those sentiments, noting that they're working to make NFTs more accessible because they believe tech should be inclusive. "When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers," Dhamodharan added.
NFTs had a stellar year in 2021 as consumers spent nearly $27 billion on digital goods prior to the holidays. That figure no doubt increased as some gifted NFTs to friends and family.
Interested parties can sign up for early access to the marketplace over on Coinbase.