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Why Mastercard Launched First NFT Card With This Crypto App

Mastercard NFT NFTs ETHUSDT

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According to an official announcement, payments giant Mastercard partnered with crypto-finance app Hi to launch “the world’s first non-fungible token (NFT) card. This new payment product allows people to customize their avatars with an item from a collection of these digital assets.”

According to the announcement, Mastercard and Hi will allow customers to edit their profiles after verifying them as NFT owners. This allows the customer to use their card to spend funds at one of the millions of merchants that accept the company’s bank card.

Getting a Mastercard NFT card

In a separate Hi message, the company said that those interested in getting the card can join the waiting list. All people need to do is download or update their app and complete the registration process.

As shown below, joining Mastercard and Hi NFT can be done in a few minutes. A special section has been updated in the application to complete the process. In it, users have to choose a tier of cards, each of which offers them different benefits.

Krypto clarified that people need to buy and stake the native token HI to access any of the tiers and benefits of the NFT card. To use the benefits, users must stake at least 100 HI tokens or 10 euros and meet the platform’s Know Your Customer (KYC) requirements.

These include the ability to use funds from their IBAN accounts in various fiat currencies and various cryptocurrencies while being able to receive crypto rewards when purchasing products online. In addition, users get access to a number of digital subscriptions and travel rewards, such as hotel discounts and more.

Members with Gold level and subscriptions and above have access to a wide selection of NFT avatars supporting CryptoPunks, Moonbirds, Bored Apes Yacht Club and other popular collections in the industry.

When will the Mastercard NFT card be available?

NFT card Mastercard and Hi clarified that the card will initially be available to customers in the European Economic Area (EEA) and Great Britain. The partners have not yet announced the release date of the product.

However, users can “jump the queue” and gain additional benefits by staking more HI tokens. The more a user contributes, the higher their membership level, benefits and priority in the waiting list. Christian Ray, Director, Crypto and FinTech Enablement at payments company said:

As consumer interest in crypto and NFT payments continues to grow, we are committed to making them an easy-to-use payment option for communities that want to use them. We’re proud to work with hii to continue to drive innovation in the market and enable these customizable cards along with the safety and security you’ve come to expect from Mastercard.

The price of ETH is moving sideways on the 4-hour chart. Source: ETHUDT trading view

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