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Yesterday's COINBASE announcement was something that I did not see coming. Coinbase announced that they were partnering with Mastercard to make purchasing NFTs an easier experience for individuals. While I personally have never run into this issue I have heard of people having issues using credit or debit cards to purchase NFTs due to their newness of them and the unclear regulations. The reason this partnership caught me off guard was that Coinbase already offers a debit card however their partner for that is with Visa. Visa and Mastercard are two of the biggest names in the credit/debit card issuing game so it surprised me to see Visa allow this to happen with a rival.
One thing that makes a ton of sense with this partnership though is that Coinbase is working on launching it own NFT marketplace. It makes a ton of sense then to get the big credit/debit card issuers to hash out a solution so that these cards can be used to purchase NFTs! Since the government has taken the view that NFTs are property and taxed as such it is good to see that Coinbase and Mastercard have come together to treat NFT purchases as digital goods! A mysterious thing that was offered was when they added in their announcement that "coming soon we'll unlock a new way to pay with Mastercards". The comment is so vague that it lets your mind run wild with what could possibly be done!
Overall this was great news to hear from Coinbase to help alleviate some of these issues and also stands to improve the viability of their NFT marketplace. Coinbase is often used by people new to the crypto/blockchain sector and as such easier ways to purchase NFTs will be key in furthering their adoption by the general public. I hope that others like American Express follow in Mastercards foot steps to allow for this ease to take place. It is my opinion that an NFT should be able to be purchased for whatever the buyer wants so long as its on the given NFTs blockchain. If a seller is willing to accept credit cards it should be that he or she is just paid in USDC or another stablecoin.
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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