Mastercard International Inc has entered the rapidly expanding market of non-fungible tokens (NFTs) and the Metaverse. To expand its services, the payment behemoth has teamed up with many top NFT markets.
Mastercard’s Metaverse offerings have been expanded.
Mastercard expressed interest in entering the area of NFTs and the Metaverse by filing multiple trademark applications. They’ve been working on it for a year, according to the payment giant. Immutable X, The Sandbox, Mintable, Candy Digital, and others will use Mastercard to enable NFT commerce. It will also be MoonPay’s Web3 infrastructure service provider.
The company stated in a press release that this will allow consumers to purchase NFTs using their Mastercard cards. It also stated that over 2.9 billion of its cardholders may now participate in the NFT ecosystem, resulting in a greater industrial effect. Meanwhile, Mastercard’s new service will allow customers to purchase NFTs without having to deal with cryptocurrencies.
Mastercard had previously submitted roughly 15 trademark applications for its Circles Logo and the tagline “Priceless.” The payment giant is trying to build marketplaces for digital assets and NFT-backed services, according to Coingape.
Payments behemoth adds technologies to ensure secure NFT purchases
According to the blog, Mastercard conducted a poll of over 35,000 people in over 40 countries. According to the findings, 45 percent of respondents have purchased or are contemplating purchasing an NFT. It goes on to say that the digital assets market represents a significant portion of the developing NFT business. Last year, they alone made almost $25 billion in sales.
According to Mastercard, this partnership will increase Web3 usage. With the Coinbase NFT marketplace, it will also expand its existing payment network. All of these integrations, on the other hand, will make crypto more accessible to users and help the NFT ecosystem develop. Meanwhile, the company will use cybersecurity technologies to preserve and safeguard consumer data.