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Mastercard has introduced customizable nonfungible token (NFT) debit cards that let cardholders with avatars from specific NFT collections add the artwork to the payment card.
Through a Monday partnership with the European cryptocurrency exchange platform hi, the debit cards are made available to Gold members, allowing them to personalize them with an NFT they can prove they own.
According to information provided by CoinGecko, in order to obtain a gold membership on the platform, one must stake at least 100,000 hi Dollars (HI), the native token of the platform. This amount represents approximately $4,600.
The cards are accepted everywhere Mastercard is accepted, and they can be used to spend in fiat, stablecoins, or any cryptocurrency the user owns. Additionally, certain membership levels are touted as offering benefits such as rebates on Netflix and Spotify subscriptions, cash back incentives, and hotel credits.
Christian Rau, the vice president of crypto and fintech enablement at Mastercard, stated that the payments company was committed to making them an accessible payment choice for the communities who wish to use them as consumer interest in NFTs and cryptocurrency increased.
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A limited number of NFT collections, including CryptoPunk, Moonbirds, Goblintown, Bored Ape, and Azuki, will be supported. In order to receive their custom cards, owners of these NFTs will need to become Gold members of hi and verify their ownership of NFTs with the platform.
Additionally, only 25 countries in the European Economic Area (EEA) and the United Kingdom can use the cards.
The majority of blue chip NFT collections saw their prices drop as a result of the overall downturn in crypto markets over the past few months.
However, data provided by NFTGo demonstrates that the performance of blue-chip NFTs has been steadily increasing since September 12, which may have rekindled interest in the largest collections.
With its support for the assets, Mastercard has helped crypto payments become mainstream. In June, it even made it possible for Mastercard holders to purchase NFTs by partnering with multiple NFT marketplaces.
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