Coinbase Global, Inc., a US-based crypto exchange, has partnered with Mastercard to enable more payment choices for it and make it easier for anyone to buy non-fungible tokens (NFTs) using Mastercard cards.
Non-fungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) exceed $3.5 billion, breaking all previous records with just two weeks left in January. For the uninitiated, an NFT is a digital asset that uses blockchain technology to record who owns a digital object such as an image, video, or in-game item. While anyone can view the asset in question, only the buyer can say they are the “official” owner.
The NFT marketplace surpassed the all-time high of $3.42 billion set in August 2021 to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume, as per data from Dune Analytics.
On Sunday, OpenSea witnessed its trading volume hit an all-time high of $261 million. And in January alone, OpenSea set $169 million in trading volume for each day.
According to an official blog post today, Coinbase is planning to make it easier for newcomers to join the booming NFT market by employing a similar strategy as it did with its cryptocurrency exchange.
Despite the growth of NFTs in recent months, Coinbase said purchasing digital collectibles is still a complex experience for many users.
However, the digital asset platform has collaborated with Mastercard, and both companies will classify NFTs as “digital goods” to allow customers to purchase such collectibles with ease.
Meanwhile, Coinbase recently launched an NFT peer-to-peer marketplace dubbed Coinbase NFT.
The platform allows users to mint, purchase, sell, showcase, and discover digital collectibles.
By partnering with Mastercard, Coinbase hopes to unlock new ways for users to pay for NFTs using their Mastercard card in the future.
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