There are some things you can’t buy – Like, for example, seeing an employee of the payment giant Mastercard give a presentation of a product on the Polygon (MATIC) testnet. The scene was filmed during the Singapore Fintech Festival, one of the largest fairs dedicated to Fintech. We see a representative from the Mastercard stand showing an NFT transaction using his bank card. One step closer to adoption? In a way yes… but it’s more complicated than that.
Cryptos and NFT: a market not to be neglected for Mastercard
The most daring (sometimes being the most pragmatic) have understood this well: a global market made of even sharper niches and segments is currently taking shape. Nobody knows where we are going. But here we go. This is all the more true for the NFT sector which remained strong several months after the crypto “pico top” of November 2021. buyer fever and volumes have deflated from but the subject he is not about to do the same.
The arrival of behemoths like MasterCard will also help to make non-fungible tokens no longer present in public space. Everyone who has interacted with different blockchains or various protocols knows how not “accessible”, “ready to consume”. Great strides are being made steadily side crypto walletsbut hard to compete with UX (user experience) of web applications 2.
In this video you can see a purchase of NFTs made from a wallet metamask and paid by Mastercard, linked to the crypto wallet. It’s a kind of fiat ramp, although here the payment provider does the debit and the whole operation for you.
The transaction was completed without a hitch on the Polygon Mumbai testnet. In a few seconds and for only a few tens of cents in fees, the NFT appears in the wallet.
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Cryptos vs fiat: run away from me I follow you, follow me I run away from you
It is not uncommon to read or hear that mass adoption will when the Dapps will have ” cleared the UI blockchain “. So that he has the least possible contact with it, because of its rigidities that we all know. And we can broadly agree on that, though… are we embracing blockchain that way?
Adoption needs fiat ramps towards cryptos, it is to push an open door to say it. But by erasing any interaction with the blockchain for its client, the payment provider does not participate in the rise of the blockchain (aka adoption). He’s just selling one more product with his credit card.
This probably explains the rapidity with which Visa and MasterCard have reacted in recent months to the crypto and NFT boom. This is a formidable challenge for payment service providers, ready to bridge fiat-crypto for the widow and the orphan, provided they have a blue card.
The happy medium will not be easy to find and “the web 3 ethos” is a term that is still trying to find its meaning today. We don’t necessarily know which way it’s going, but it’s going. And the best way to get closer to adoption is to buy cryptocurrency directly. For the rest there is Mastercard.
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