“Since their dawning in Y 2015, NFTs have developed rapidly, disrupting the art world and other industries, while raking in a significant amounts of money…” –Paul Ebeling
NFTs allow you to buy and sell ownership of unique digital items such as drawings, GIFs, memes, songs, collectibles +, while keeping track of who owns them using blockchain.
So far, Ether has been the most often utilized cryptocurrency for transacting NFTs, owing to its dual role as the native asset for the Ethereum blockchain platform that hosts the vast majority of decentralized applications and NFTs.
Investors and professionals within the crypto and NFT spaces have thrown their support behind the inclusion of fiat currency, such as USDs, as an alternative payment method in NFT marketplaces.
This means more mainstream adoption, given that such an industry move is capable of steering interest mostly from the traditional market, the majority of whose participants prefer to use fiat (paper) over any cryptocurrency.
Global payments company Mastercard recently sealed a deal with Coinbase, which will see customers use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace. Coinbase understands that introducing fiat into the system will reduce friction in the NFT buying process.
Now, the use of fiat currency within the NFT marketplaces will break away the segmentation between those who are crypto inclined and those who are not.
Prior, users who were not crypto-inclined were not much involved in NFT marketplaces, but with the latest development, things will begin to take a new turn, and bridge the gap for traditional investors.
Have a healthy, prosperous weekend, Keep the Faith!