Mastercard, a global payment provider, has expanded its non-fungible token (NFT) offerings through its card payments. Through its partnership with various metaverse companies, such as Spring, Immutable X, and Sandbox, it can now accept payments through these platforms.
Due to the increasing interest in the NFTs community, Mastercard is working with various companies to allow people to buy them using their cards. In a blog post, Raj Dhamodharan, the company's executive vice president, said that this could have a huge impact on the ecosystem. Mastercard is currently working with over two billion cardholders globally, and it aims to eliminate the need for individuals to use cryptocurrencies.
A survey conducted by Mastercard revealed that around 45% of the people in 40 countries who are currently interested in buying non-fungible assets (NFTs) have already bought or are planning on buying them. These people are also likely to use their debit or credit cards to purchase these assets. In NFTs, unique items such as music and art can be authenticated using blockchain technology. These assets can then be traded online without the need for additional verification.
Due to the increasing number of people buying NFTs, there has been a rise in the number of scam cases. In some cases, the buyers have lost a huge amount of money due to fraudulent activities. In the US, several cases related to this industry have been uncovered.
There has been a rise in the number of apprehensions about trading in this space. Some of the prominent companies that are entering this business include sports clubs and automobile companies. In China, the country's financial and security organizations have also warned about the risks associated with the NFTs industry.
In addition to the concerns about trading in this space, the interest in the metaverse industry is also increasing. In a blog post, Raj Dhamodharan, the executive vice president of Mastercard, said that the company is working with various companies to allow people to buy NFTs using their cards. He noted that this could have a huge impact on the ecosystem. There are around two billion Mastercard cards in the world, and this could have a significant impact on the NFT ecosystem.
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John Carter has been a content and ‘ghostwriter' for many popular online publications over the years. John is now our chief editor at NewsGrab.
