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Mastercard brings its payments network to Web3 and NFTs
Mastercard has announced it will 'bring its payments network to Web3' and make buying NFTs possible with its debit and credit cards.

Mastercard NFT Buy to watch

Credits: https://thenewscrypto.com/

Mastercard has developed a new protocol for non-fungible currencies in collaboration with several well-established exchanges. Fidelity transactions will be enabled for Mastercard consumers owing to this cooperation. This service will be made available on a variety of platforms, including the Nifty Gateway, Immutable X, Mintable, MoonPay, and the Nifty Gateway, to name just a few of them. In the future, owners of Mastercards will not be required to convert their fiat money into cryptocurrency to use their cards on the aforementioned websites to make payments for non-fungible tokens.

Consumers who use Mastercard will have easier access to non-financial transfers as a result of the launch of this new payment option. Since there are over 3 billion Mastercard holders throughout the world, it is now possible for a rising number of people who do not want to spend bitcoin on an NFT to get access to the metaverse. Non-fungible tokens (NFTs), also known as utility tokens, cannot be purchased by investors who have not yet converted their fiat money into cryptocurrency. NFTs may be thought of as a kind of cryptocurrency. After the removal of one of the most important impediments to their acquisition, the community will soon be able to purchase NFTs using regular payment methods. This development is quite exciting. As a direct consequence of this, the use of NFTs will increase in popularity. The more easy availability of these highly sought-after digital riches is contributing to the rise in popularity of the metaverse.

Because cryptocurrencies like bitcoin are required to acquire non-fungible tokens (NFTs) on important markets like Mintable and Immutable X, cryptocurrencies and NFTs have always been intimately related to one another. The new program being rolled out by MasterCard does not stipulate that any particular cryptocurrency be used when purchasing NFTs. The attraction of digital currencies based on the capacity to execute NFT transactions may fade if something like this happens. The value of significant cryptocurrencies that are used to buy NFTs may decrease as a consequence of this. The two markets will not be completely split up so long as certain non-fiat token (NFT) marketplaces participate in the Mastercard-NFT partnership.

Customers are now able to make purchases of NFTs using credit cards rather than cryptocurrencies as a result of Mastercard’s collaboration with several exchanges that deal in NFTs. It is possible that as a result of this arrangement, NFT will gain in popularity, thereby making it more accessible to a wider variety of individuals. It is likely that the popularity of some cryptocurrencies might decline as a result of Mastercard’s decision to prohibit the use of cryptocurrencies in NFT transactions. The new NFT marketplace partnership that Mastercard has formed may put the corporation ahead of its rivals in this new digital era. Because Mastercard is now a part of the metaverse, a far wider variety of individuals can access this innovative new world.



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