Global crypto exchange Coinbase Global Inc. (COIN) and payments giant Mastercard, Inc. (MA) have partnered to simplify purchases of non-fungible tokens (NFT) for every individual. Shares of COIN closed down 3.5% at $222 and MA closed down 1.6% at $366.30 on January 18.
Simplify NFT Purchases
The traditional process of buying an NFT involves several steps. First, the buyer needs to open a digital/crypto wallet, followed by the purchase of cryptocurrencies, and finally, the buyer can purchase NFT using that crypto on an NFT marketplace.
Coinbase and Mastercard are on a mission to “revolutionize” this purchase process by allowing Mastercard customers to buy NFTs on Coinbase’s upcoming marketplace named Coinbase NFT. A Mastercard debit or credit card user can simply use their card to buy NFTs online.
Coinbase NFT is a secure marketplace that allows easy access to minting, purchasing, showcasing, and discovering NFTs.
NFTs are usually created by artists, musicians, and game developers. By engaging the common man to easily buy these digital goods, COIN and MA hope to broaden the spectrum of the market.
Through its high-tech cybersecurity capabilities, Mastercard will also ensure that NFT purchases made with its cards are fully secure, including the customer data.
Company Comments
Senior Director of Product at Coinbase, Prakash Hariramani, said, “Coinbase wants to simplify the user experience to allow more people to join the NFTs community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs.”
Executive VP of Digital Assets & Blockchain Products & Partnerships at Mastercard, Raj Dhamodharan, said, “Getting more people involved safely and securely is perhaps the best way to help the NFT market thrive. As it does, Mastercard sees even greater potential for NFTs’ underlying tech to go beyond art and collectibles into many more areas.”
Consensus View
The Wall Street community has awarded the COIN stock with a Strong Buy consensus rating based on 13 Buys, 1 Hold, and 1 Sell. The average Coinbase price target of $419.64 implies 89% upside potential to current levels. Shares have lost 32.14% since its listing in April 2021.
Stock Investors
TipRanks’ Stock Investors tool shows that investor sentiment is currently Very Positive on Coinbase, which is one of the best cryptocurrency stocks.
Around 4.6% of portfolios tracked by TipRanks have increased their exposure to the COIN stock over the past 30 days.
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