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Coinbase Teams with Mastercard to Democratize NFT access -Breaking

by Mike Robinson

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Mastercard teams up with Coinbase to help democratize NFT Access

Coinbase announced Tuesday that it has entered into a strategic partnership with Mastercard (NYSE:) on Tuesday. In its announcement, the crypto trading platform stated as part of its mission to “increase economic freedom in the world” it wants to expand access to the creator economy and enable more people to profit from their work.

Mastercard and Coinbase both agree that the promotion of access and trading non-fungible tokens (NFTs), is one step in achieving this objective. The current NFT purchasing process is complicated and confusing, according to both Mastercard and Coinbase.

Coinbase will simplify NFT acquisition and make it easier for users to use the platform to increase their participation in the NFT community.

“Just as we helped millions of people access for the first time in an easy and trusted way, we want to do the same for NFTs. That’s why 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,” Coinbase said in its statement.
Coinbase launched the Coinbase NFT Project, which is a peer to-peer marketplace for NFTs. This project was announced in preparation of Mastercard’s joint venture. Coinbase NFT currently has a waitlist of more than 2 million people to access its platform, which will initially launch on , supporting the gold standard in NFT transfer protocols – ERC-721; as well as the best protocol for batch NFT transfers using the ERC-1155 standard.

As background, ERC stands for “Ethereum request for comment” and is the shorthand prefix assigned to various technical standards for smart contracts that are compatible with the Ethereum blockchain. Coinbase’s blog states that they plan to eventually support NFTs on multiple blockchains.

Coinbase also stated that it will work with Mastercard to improve the customer experience through the Coinbase NFT Platform. The tandem also pledged to find ways to broaden access to the NFT ecosystem through Mastercard’s scale and global network.

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