Mastercard is reportedly running a new collaboration with several applications and projects in the crypto world to start exploring Non-Fungible Tokens or NFT.
This collaboration is related to creating cards like Mastercard’s credit and debit cards, specifically for NFT payments.
Mastercard has invited Sandbox Game (SAND) and Moonpay to collaborate.
Mastercard Create NFT Payment Card
News of this collaboration spread in a blog post on 9 June 2022 by Raj Dhamodharan, deputy director of Mastercard.
In the publication of the blog article, it is written that Mastercard will cooperate with Immutable X, Candy Digital, The Sandbox Game, Mintable, Spring, Nifty Gateway, and MoonPay.
This collaboration is reportedly for NFT trading transactions, more precisely for NFT.
“We are working with these companies to make it easier for Mastercard users to use their cards for NFT purchases on the platforms provided by these companies or other crypto platforms. With Mastercard users reaching 2.9 Billion individuals, this will have a huge impact on NFT.” Dhamodaran said.
The initial objective of this collaboration was to facilitate NFT transactions so that their volume could again increase.
To perform NFT transactions, an individual must have a crypto wallet such as Metamask that contains crypto.
This process requires knowledge that is generally difficult to digest if you are unfamiliar with crypto technology.
So with this Mastercard collaboration, seeing that Mastercard debit and credit cards are often used for ordinary shopping, it will be easier for individuals to make NFT transactions like shopping.
It is still unknown how the transaction mechanism will be carried out. But there will most likely be integration with MoonPay, one of the largest NFT payment platforms in the world.
In addition, considering that the majority of its partners are NFT trading platforms, it is likely that there will be a new path incorporating Mastercard.
Finally, this collaboration will form a hybrid payment system between centralized and decentralized.
The Sandbox Game is one partner that looks to be the main highlight besides MoonPay. An assumption is that Mastercard user can use their card for NFT transactions in the form of characters and land for the game.
The ease of payment can make the game’s adoption easier, which can be a positive sentiment again for SAND. But so far, there are no details about the collaboration, so everything is still an assumption.
Getting Deeper into NFT
This move is not Mastercard’s first step into the NFT world, as the company has previously created its own NFT trading platform.
Although still in progress, Mastercard has collaborated with Coinbase to create the NFT exchange payment system. This step was carried out together with its rival, Visa, which also began to enter the NFT world.
Visa has previously purchased NFT, CryptoPunk, as part of its investment portfolio.
Mastercard has the upper hand as Visa still has no plans to enter the NFT world or create its trading platform.
So this move puts Mastercard ahead in terms of NFT over other centralized payment systems.
In a written publication, Dhamodharan wrote the results of a recent survey on Mastercard, which contained 35,000 individuals in 40 countries.
From the survey, 45% of respondents said they had considered buying NFT or even bought it.
In addition, some of these individuals also stated that they needed a payment system that was easier than the current use of crypto wallets.
“Overall, this integration was done to make crypto easier to use and help to drive the growth of the NFT ecosystem,” Dhamodaran said. If successful, this cooperation has the potential to become a partnership that will encourage NFT transactions to rise again in the long term.
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