This month, Mastercard made an exciting and important announcement at the same time. Throughout the last year, the company has been dedicated to enlarging its payment network to incorporate both tokens, that are not fungible, and the Web3 economy.
In the coming weeks, Cardano will partner with many prominent NFT exchanges to allow 2.9 billion of its cardholders to trade in NFTs through the app.
Previously, users had to purchase crypto to bid and purchase NFTs. However, with the Mastercard partnership, millions of cardholders can now transfer crypto directly to NFT marketplaces, bypassing the process of buying and transferring crypto.
According to the company, it has partnered with multiple NFT marketplaces, including Immutable X,Mintable, Candy Digital, and others. The financial services provider also has partnered with a Web3 infrastructure provider MoonPay.
NFT, the cryptocurrency services platform, partnered with Coinbase and began offering the ability to purchase cryptocurrencies through their NFT Card in the first month of 2022.
When MasterCard included non-fungible tokens (NFTs) in its payment network, the decision was based on a recent survey with 35,000 respondents in 40 countries. The survey showed that 45% of respondents had either purchased or were considering an NFT. More than half of the respondents preferred the option of making purchases at a time that was more convenient for them.
Mastercard has claimed it will offer state-of-the-artistry for their newest payment option.
Mastercard and NFT-related trademarks
This spring, the financial services provider filed 15 trademark applications with the U.S. Patent and Trademark Office.
This is to say, they want to provide a virtual platform for interacting with digital assets, an online market for purchasers and sellers of downloadable digital goods, and a venue for hosting virtual events.
In one trademark filing for Mastercard’s slogan Priceless, one can find files of the phrase authenticated by NFTs, consisting of art, text, audio, and video.
An additional patent filed by Mastercard intends to add the Mastercard’s name to cultural events, concerts, sporting events, etc.
As you can see, NFTs have their benefits. So, if you want to read about the implications of an NFT on coin pricing, check out the NFT Art coin price.
The patent application for Visa’s digital currency was filed in 2020. The company is currently developing a proprietary digital currency for use with its card networks.
As part of its Creator Program, Visa has launched a mentorship program to help aspiring entrepreneurs learn about NFTs. In its Creator Program, it aims to bring together a global cohort of digital creators and educate them about blockchain technology and non-fungible tokens (NFTs) through a series of guides..
Micah Johnson is the creator of the program and is also responsible for the AKU World NFT community. After multiple injuries, he became a visual artist several years ago after retiring as a professional baseball player.
MasterCard and Visa are members of the PCI Security Standards Council. The council consists of the major global credit card companies, including JCB, American Express, and Discover. Last spring, Scallop, a regulated decentralized finance banking app, joined the Payment Card Industry.