Mastercard partners with Coinbase on NFT marketplace

Mastercard has partnered with cryptocurrency exchange Coinbase on a Non-Fungible Token (NFT) marketplace.

An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.

Coinbase customers will be able to use Mastercard credit and debit cards to buy NFTs on its upcoming NFT marketplace.

The crypto exchange first announced plans for its NFT marketplace in October and has said that it has over 1 million people on the waiting list.

Coinbase said that it plans to make the NFT platform available to US users before offering it to customers in other countries.

Sales of NFTs hit $24.9 billion in 2021, according to data from market tracker Dapp Radar.

The news comes as digital assets face increasing regulatory scrutiny in the UK.

The government yesterday published plans to strengthen the rules on cryptoasset advertisements and protect consumers from misleading claims.

"We’re working to make NFTs more accessible because we believe tech should be inclusive,” said Raj Dhamodharan, executive vice president, digital asset and blockchain products and partnerships, Mastercard. "When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers."

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