Why Coinbase and Mastercard’s Collaboration Will Begin to Address Legal Concerns in the NFT Market

On Wednesday, Coinbase announced a partnership with Mastercard, one of the world’s major credit card processors, to help simplify the user experience and allow more people to into the NFT ecosystem. Payment processors such as Mastercard provide extra credibility to the field by giving a more inclusive, accessible digital collectibles arena at a time when the market is seeing a spike in financial institutions dipping their toes into the active NFT waters. The digital collectibles field is still in its early stages, leaving the business with significant difficulties to address, namely accessibility and authenticity. The digital collectibles industry has (quickly) attracted the interest of millennials and Gen-Zers who are thrilled and re-thinking how and what they choose to invest their money into, with over $2.5 billion in sales volume in the first half of 2021. For those who are new to the world of blockchain technology, cryptocurrency, and, of course, non-fungible tokens, determining where to begin when it comes to investing money isn’t always easy – especially when it comes to finding trusted resources that can provide a comprehensible breakdown of how to safely enter the space. When Coinbase unveiled its peer-to-peer (P2P) marketplace, Coinbase NFT, last year, it provided extra support for the exchange’s recent Mastercard relationship. “That’s why we’re collaborating with Mastercard to designate NFTs as “digital commodities,” allowing a broader group of users to buy NFTs, according to Prakash Hariramani, Senior Director of Product at Coinbase. “We’ll also “unlock” a new option to pay using Mastercard cards in the near future.” Another barrier to entry that necessitates such thorough investigation is confirming the legitimacy and authenticity of the (claimed) NFT being given or marketed – as well as the (supposed) artist behind the digital artwork. Currently, the market provides limited instruments to assist consumers in determining the…

Read more

ultcoin365 is your secure sourse of the latest financial news in the country and around the world! Learn more about cryptocurrencies and marketing tendencies that rule the economy.