Crypto Exchange Coinbase Will Soon Allow NFT Buying Through Mastercard

Coinbase recently announced Coinbase NFTs, a peer-to-peer marketplace that will simplify the casting, buying, display and discovery of NFTs. Coinbase’s NFT marketplace is expected to launch soon.

“Thanks to our work with Mastercard, we will be able to provide a superior customer experience on Coinbase NFT, and look to work to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network.” are planning,” Coinbase wrote in a blog on Medium.

According to Mastercard, the collaboration is part of its wider work to support the crypto ecosystem with new tools for crypto wallet and cybersecurity protection.

“There are already many NFT marketplaces, but Coinbase could enable millions more people to own NFTs, just as it did with cryptocurrencies. This change would allow the NFT market to support more artists and musicians. while providing more consumers with new ways to collect digital goods and play online games,” Mastercard said in a separate blog post.

A non-fungible token (NFT) is a cryptographic token that represents something unique and has an individual characteristic that sets them apart. Owning an NFT is like owning a unique work of art or a collectible antique. NFTs are unique tokens or digital assets that generate value due to their uniqueness.

The market for NFTs has grown significantly in 2021. According to a report from blockchain data provider Chainalysis, $40.9 billion was spent on these non-fungible tokens last year.

Record sales for NFTs were set last March at a Christie’s auction, where a digital collection by artist Beeple was sold for $69.3 million.

Coinbase is the first crypto exchange to be listed in the US. According to the company’s website, it has more than 73 million verified customers on its platform, with a quarterly trading volume of $327 billion and $255 billion in assets.