Mastercard Onboards 2.9 billion into Web3 and NFTs

Major corporations are on board with the decentralized future of web3 and blockchain. Mastercard is one example, as it announced that 2.9 billion people have been onboarded into its network this year through card payments via Web3 enabled applications for so-called non-fungible tokens (NFTs).

The “web3 nft marketplace” is an exchange platform where users can buy and sell NFTs. Mastercard has recently announced that they have 2.9 billion in reserves to invest into this emerging technology.

Mastercard has announced that its payments network would be available on Web3 and non-fungible tokens (NFTs). 

Mastercard will allow NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Gift Gateway, and Web3 infrastructure provider MooPay at a potentially vital time for bitcoin and the blockchain. 

This is a significant move by the credit card companies, since it implies that all of their cardholders will be able to buy NFTs without having to acquire cryptocurrency or deal with cryptocurrency wallets. 

Mastercard’s approach comes after a poll of over 35,000 consumers in 40 countries revealed that 45 percent had acquired or were considering purchasing an NFT. 

This development comes on the heels of Visa’s recent announcement of the beginning of their NFT Creator Program. 

Mastercard has 2.9 billion consumers throughout the globe and is investing heavily in Web3 technologies. 

Raj Dhamodharan, Executive Vice President of Digital Asset & Blockchain Products and Partnerships said: “These NFT marketplaces represent a huge breadth of the burgeoning NFT space — which generated more than $25 billion in sales in 2021 — from art to sports to video games to collectibles to metaverse platforms.” 

“These marketplaces also host sales for some of the largest companies in NFTs,” he concluded. Mastercard’s increasing acceptance of Web3 – a future version of the internet based on blockchain — with the support of these firms complements our ongoing efforts to introduce our payment network to Coinbase’s new NFT marketplace, which opened to all Coinbase customers in May.” 

“Overall, these connections are intended to make crypto more accessible and to assist the NFT ecosystem in continuing to expand, innovate, and attract new followers.”

Mastercard also said that individuals purchasing NFTs may anticipate the same degree of safety and security as all other Mastercard transactions. 

This kind of speech is certain to assuage fears about NFT security. Furthermore, this might be a tipping point in the cryptocurrency acceptance curve. 

A critical juncture

In the history of widespread technology adoption, it has always started with innovators and early adopters, and catalytic events are required to move through the adoption tiers. This might be a critical turning point. 

Mastercard is introducing its 2.9 billion clients to NFTs and, as a result, the blockchain and cryptocurrencies. Indeed, all security worries about crypto are dispelled since the typical user feels safer purchasing things with Mastercard than with developing technology. 

This might be one of those leverage moments when the Web2 and Web3 worlds begin to collide, bringing us closer to a seamless, interoperable metaverse. 

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The medication that acts as an NFT gateway

NFTs are very popular, yet they’re just getting started. When NFTs are incorporated into systems such as education and healthcare, we’ll see the next level of acceptance. 

Non-native crypto investors who are unfamiliar with the technology and require a point of transition should use NFTs. The massive population that has considered utilizing cryptocurrency, done some study on it, but hasn’t taken the leap yet, may be on the verge of doing so. The more gradual the transition, the more likely this population will make the transition. Mastercard is taking care of a lot of difficulties by providing a’secure’ path to the blockchain. 

We might be looking at a bell curve moment for cryptocurrencies and the blockchain once the typical user embraces and uses NFTs. As more people get acquainted with the blockchain and the realm of decentralized finance, adoption will definitely grow (DeFi). 

NFTs are gaining in popularity throughout the globe as the number of application cases grows. As a result, Mastercard has taken notice and asserted their claim. Is this an attempt to break away from the established banking system? Time will tell, but it seems to be a watershed moment for Web3. 

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  • web 3
  • what are nft tokens
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