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Mastercard launches its first NFT debit card

Mastercard has introduced personalised nonfungible token (NFT) debit cards, which allow those cardholders who own avatars from specific NFT collections to add the artwork to the payment’s card.

The debit cards are made available through a partnership with European cryptocurrency trading platform “hi” that was announced on September 26. This connection enables “Gold” users to customise their debit cards with an NFT they can prove they actually hold.

 

 NFT debit cards Features 

With the new debit card from the Hi company, customers will be able to easily spend both fiat money and digital assets like the Hi token, BTC, ETH, and USDT at more than 90 million businesses that accept Mastercard.

The new NFT customised debit card will also allow its users in the UK and Europe to split fiat currency into their preferred cryptocurrency and deposit their paychecks straight into their NFT personalised cards through their banks.

As consumer interest in NFTs and cryptocurrencies grows, Mastercard’s VP of Crypto and Fintech Enablement, Christian Rau, stated that the company was “dedicated to make them an accessible payments solution for the communities that choose to utilise them.”

Owners of a select group of NFT collections, such as CryptoPunk, Moonbirds, Goblintown, Bored Ape, and Azuki, will need to join hi as Gold members and confirm their NFT ownership with the platform in order to obtain their customised cards.

Additionally, only 25 member states of the European Economic Area (EEA) and the UK provide the cards.

In June, Mastercard partnered with many NFT marketplaces to enable Mastercard holders to buy NFTs, further demonstrating how the company’s support for the assets has helped cryptocurrency payments become more widely accepted.

The industry leader in payments collaborated with companies including web3 infrastructure provider MoonPay, NFT marketplace Mintable, and gaming platform The Sandbox, among others.

Mastercard believes that NFTs have enormous development potential and that they generated more than $25 billion in sales last year. And according to Chainalysis’ data, the size of the market for traditional art in 2021 wasn’t much behind NFTs. The Big Tech company Meta, the financial bank Nomura, Nike, and competitor Visa are just a few of the corporations embracing or investigating NFTs.

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