Mastercard collaborated with the European crypto exchange platform HI Dollar (HI) in the successful launch of a non-fungible token (NFT) debit card.
The NFT debit card allows cardholders to add artwork to their payment card through a select NFT collection only.
It is understood that HI created a special membership called Gold membership on the NFT debit card, but customers need to stake in the HI platform at least 100,000 HI tokens worth around $4,600 to enter the membership.
The card also allows spending in fiat currencies, stablecoins or cryptocurrencies including benefits such as hotel credits, cashback incentives and rebates on Netflix and Spotify subscriptions depending on the membership level.
According to Mastercard's Vice President of Crypto and Fintech Enablement Christian Rau, his company is enabling multiple payment options for customers as consumer interest grows in NFTs as well as the rapidly growing crypto market.
Meanwhile, a limited range of NFT collections will be supported by CryptoPunk, Moonbirds, Goblintown, Bored Ape and Azuki which will allow those NFT owners to become Gold members.
As such, HI needs to approve their NFT with its platform to accept the card, however it is only available in the 25 European Economic Area (EEA) and the United Kingdom.
