Mastercard customizable debit cards will only support Nonfungible Token (NFT) avatars enabling some cardholders who have avatars from particular NFT collections to customize their card’s design.
The Mastercard debit cards are made available thanks to cooperation on September 26 with a European cryptocurrency exchange platform called “hi,” which enables its “Gold” customers to customize their debit cards with an NFT they can prove they actually hold.
By staking a minimum of 100,000 hi Dollars (HI), the site’s native token, which, according to statistics from CoinGecko, is now worth about $4,600, one can become a Gold member of the network.
The cards will let the user make purchases using fiat money, stablecoins, or any other cryptocurrency they own that is accepted anywhere Mastercard is accepted. Certain membership tiers also advertise additional perks like hotel credits, cash-back incentives, and rebates on Netflix and Spotify subscriptions.
As consumer interest in NFTs and cryptocurrencies grows, Mastercard’s VP of Crypto and Fintech Enablement, Christian Rau, stated that the company was “dedicated to make them an accessible payments solution for the communities that choose to utilize them.”
Owners of a select group of NFT collections, such as CryptoPunk, Moonbirds, Goblintown, Bored Ape, and Azuki, will need to join hi as Gold members and confirm their NFT ownership with the platform in order to obtain their customized cards. Additionally, only 25 member states of the European Economic Area (EEA) and the UK provide the cards.
Most “blue chip” NFT collections had their prices fall as a result of the recent general decline in crypto markets, but data from NFTGo reveals that performance has been progressively improving since September 12, which could be reviving interest in the largest collections.
With its backing of assets, Mastercard has aided in the mainstreaming of crypto payments. In June, it even made it possible for Mastercard holders to buy NFTs through partnerships with several NFT marketplaces.
