Behind the Viewfinder
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Behind the Viewfinder *
Mastercard simplifies the purchase of NFTs
To simplify this process and ensure access to NFTs for everyone, Mastercard has announced a partnership with cryptocurrency exchange Coinbase that will allow Mastercard cards to be used to purchase NFTs on Coinbase's upcoming marketplace. Coinbase is an investor in OpenSea.
Globally, work is feverishly underway to make NFTs more accessible. For years, the trend across the digital economy has been to make all technologies inclusive. Blockchain technology in particular is still a big mystery to many. And every single cryptocurrency is its own blockchain. And economies of scale apply again in this technology: including more people in new technologies drives innovation, supports economic growth, and expands opportunities for users and consumers.
Mastercard's entry into the NFT market is intended to increase security in addition to facilitating purchases. Here, it is important to note that it is not the blockchain itself that poses the risk, but mostly intermediate trading platforms between the end customer and the crypo-wallet.
And it is at this point that Mastercard will provide its full expertise in the field of cybersecurity capabilities to ensure that customer data is protected and purchased NFTs are secure.
NFTs are crashing and liquidity is dwindling!
The average price of an NFT has fallen more than 50% since its peak in November 2021 and has been around US$2,500 for the past two weeks. That may also be somewhat understandable. After all, the world currently has other things to do than worry about digital graphics and images.
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Also, curated digital photo projects are regularly turned into NFT and marketed on open digital commerce platforms.
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