By Evan Spicer
Director of Cryptocurrency Investigations
Although some crypto skeptics view digital assets as valueless – Mastercard declares its choice NFTs are “Priceless,” bringing its legendary slogan from 1997 into the Metaverse. The credit card giant is not only making the move into NFTs, but aims to make these digital items accessible to everyone, even those who know little about the blockchain.
NFTs, or non-fungible tokens, represent the next phase of crypto assets, which began with cryptocurrencies. Even though NFTs have been on the scene since 2014, the buzz around them has developed only recently. Although slogans, music, images and other items can be widely shared online, NFTs provide official ownership of intellectual property for those who are willing to pay for the privilege.
A New Way to Pay for NFTs
Up until recently, it’s unsurprising that the only way to pay for NFTs has been through cryptocurrencies. However, Mastercard is giving consumers another way to pay for NFTs – through their credit card services.
“We’re working to make NFTs more accessible because we believe that tech should be inclusive,” states Raj Dhamodharan, Executive Vice President of the Digital Asset and Blockchain Products and Partnerships division of Mastercard, explains in describing the plan. “When more people are involved in new technologies, it spurs innovation, helps technology grow and expands choices for customers.”
If consumers want to buy NFTs, thanks to Mastercard’s deal with Coinbase, they no longer have to open a crypto wallet and purchase cryptocurrency as a first step, but can now use Mastercard directly on Coinbase’s NFT marketplace.
The agreement inked between Mastercard and Coinbase represents a sea change in financial innovation. Now, instead of viewing cryptocurrencies as a threat, Mastercard has taken the step of joining the digital assets revolution instead of attempting to compete against it.
Are Crypto Assets Going Mainstream?
Investment experts, governments, consumers and now financial institutions are changing their tune about crypto assets. Initial criticisms that bitcoin represented the “wild, wild west” and were merely a fad have now been displaced by partnerships like the one between Mastercard and Coinbase and a desire to work together.
As governments consider creating digital versions of their own currencies and regulators take a more conciliatory tone about cryptocurrency, unease over the blockchain is likely to subside. Just as many consumers were concerned about security online and the actual value of web-based companies in the 1990s, crypto-skepticism seems to be fading and crypto assets are headed to the mainstream.
The perception that the blockchain is primarily a place for scam brokers to hide out may subside, but there may be a new danger – a false sense of security. Although crypto platforms and Mastercard are promising increased security and oversight, financial frauds are likely to continue flourishing at an increased rate. The multiplicity of crypto-related cyber crime outpaces the capability of financial institutions and crypto platforms to track them down.
With Mastercard involved in cryptocurrency, that raises some hopes that credit card chargebacks could be a resource for those who fall victim to crypto frauds. However, the blockchain remains a maze that only experts can crack, and that is why the Crypto Trace services offered by MyChargeBack are more essential than ever.
We take the guesswork out of locating your funds if you have been the target of bitcoin wallet theft or have invested money in an unregulated crypto broker. Our advanced technology and bitcoin forensics methods have shown substantial success in pinpointing crypto frauds and unmasking anonymous suspicious bitcoin transactions.
MyChargeBack Will Help You Find Your Funds on the Blockchain
If you have lost money to a cryptocurrency scheme, seek fund recovery assistance right away. Consult with MyChargeBack experts and get started with your fund recovery claim. We have extensive knowledge and working relationships with regulators and more than 450 law enforcement agencies around the world, as well as the solutions that can improve your prospects of getting your cryptocurrency back.