Coinbase and Mastercard announced an option to purchase NFTs with credit cards on the crypto exchange’s marketplace, prepared for launch. 

Buying NFTs With a Credit Card

Coinbase and international payment system Mastercard announced a joint initiative that aims to simplify the purchase of non-fungible tokens. 

Users will be able to pay for NFTs with bank cards. The initiative will be run on the Coinbase NFT platform, the exact launch date of which has not yet been announced. The platform will implement the peer-to-peer trading mechanism of NFT standards ERC-721 and ERC-1155 based on Ethereum. There are also plans to introduce other standards on other blockchains. 

Coinbase envisions that buying NFTs with a bank card should be “as simple as buying a T-shirt or coffee pods on an e-commerce site.” The company intends to simplify the user experience in order to add new members to the NFT community. According to The Block, more than 1 million users have already applied for pre-registration on the Coinbase NFT trading platform. 

Author: Mark Wallerstein