Coinbase Partners With Payments Giant Mastercard in NFT Initiative

Top US crypto exchange Coinbase is striking a partnership deal with payments giant Mastercard in preparations for a new non-fungible token (NFT) marketplace.

The partnership comes following the exchange’s announcement in October that it is launching Coinbase NFT,  a peer-to-peer marketplace where users can mint, showcase and buy NFTs.

NFTs are one-of-a-kind digital goods such as images, in-game items and collectibles that are minted on a blockchain. Coinbase says that its partnership with Mastercard will help simplify the process of buying and selling these crypto assets.

“We’re working with Mastercard to classify NFTs as ‘digital goods’, allowing a broader group of consumers to purchase NFTs. And, coming soon we’ll ‘unlock’ a new way to pay using Mastercard cards.

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.”

During Coinbase’s Q3 earnings call in November, the firm’s CEO, Brian Armstrong, said that the exchange wants an NFT marketplace with an Instagram-style interface so users can easily use the platform.

In December, Coinbase announced that a new upgrade of its browser wallet will allow users to access NFT marketplaces.

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