A credit card processor called Mastercard is working with Coinbase to make it easier for more people to join the NFT community. Coinbase said this on Wednesday, and Mastercard will help make it easier for people to join.
Payment processors like Mastercard help make the digital collectibles space more inclusive and accessible. As more and more financial institutions start to dip their toes into the active NFT waters, Mastercard lends more credibility to the space.
A lot of things need to be done to make digital collectibles more accessible and more trustworthy, like making sure that the items are real and that they aren’t fake.
As of the first half of 2021, there were more than $2.5 billion in sales in the digital collectibles space. Millennials and Gen-Zers are excited and changing how they spend their money, so this is a big deal.
For people who are not very familiar with blockchain technology, cryptocurrency, or non-fungible tokens, it can be hard to figure out where to start when it comes to investing money. Especially when it comes to finding trustworthy resources. Where it can explain how to do so in a way that makes sense to people.
It makes sense that the world’s biggest cryptocurrency exchange, which has been relatively easy to use, would also look into ways to make minting, buying, displaying, and finding NFTs easier. This is even more evidence that the exchange’s recent partnership with Mastercard is a good move.
Prakash Hariramani, a senior product manager at Coinbase, said that they were working with Mastercard to make NFTs digital goods. Soon, they will be able to use Mastercard cards in a new way.
Making sure the putative NFT and the alleged artist behind the digital art are both real and legitimate is also difficult.
Currently, few tools exist to help users determine a project’s legitimacy. Even with strong and clear communication, investing in an artist and/or their NFTs is dangerous.
Finally, if you fall victim to a scam or deception, it’s tough to track down the perpetrator. This is another issue for the legal system.
Mastercard employees say they are aiming to make NFTs more accessible because they believe everyone should have access to technology. Also, more people using technology helps businesses flourish and gives buyers more options.
Consumers must learn how to enter the non-traditional art market in a safe and secure manner. If they are to contribute to the growth of the fine art economy.
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