#116 | Mastercard Launching NFT Credit Cards??

Estimated Read Time: 6 minutes

Hey friends,

Wonderful to have you joining us today! In today’s quick edition we have some great news shaking up the world of Apple and online payments. Let’s just jump into it!

There has been some unease in the air for this week of crypto with both Bitcoin and Ethereum falling backward down to the $29k and $1.8k lines respectively. These drops of a couple percentage points are likely from the highest Federal Reserve interest hike in 22 years which shows the fight against inflation is far from over, which has probably spoiled the mood for crypto investors around the world, but let’s see how they feel next week.

Congress Questions Apple On Blockchain Approach

Apple is a great example for the definition of a “household name”, but unfortunately in the world of Web3, their reputation for all blockchain activities has not been in the best light after trying to enforce a 30% tax on all crypto transactions. Those familiar with crypto know that an Apple tax just for being on an Apple device is not a strategy that has Web3 front of mind, and it seems Congress agrees after the leaders of a Congressional Subcommittee sent a letter to Apple on the issue.

For context, back in October Apple updated its app store terms to support NFTs and emerging Web3 however with restrictions that continue to ensure payments go via Apple with an Apple tax. This aforementioned congress letter was from Representatives Gus Bilirakis (Republican Chair) and Jan Schakowsky (Democrat Ranking Member), who heads the Innovation, Data, and Commerce Subcommittee. Together, they questioned Apple on whether its guidelines might “restrict emerging technologies like blockchains, nonfungible tokens (NFTs), and other distributed ledger technologies.”

Popular crypto exchange Coinbase shares a similar sentiment saying “Apple’s proprietary In-App Purchase system does not support crypto” after their IOS mobile app update was rejected. Although there is not much to report on so far, any progressive action made to help blockchain adoption from the world’s most valuable company is a step in the right direction for mainstream adoption, and it coming from Congress is an even bigger step forward.

NFT Debit Cards For The Future?

The world of payments is changing rapidly, especially with the rising popularity of crypto, and now after some big news from Animoca brands who invested $30 million into neo-banking app “Hi”, it seems NFT debit cards could be at the forefront of this change. Hi’s global debit card service lets users make payments with fiat or cryptocurrencies at over 90 million merchants through Mastercard services. But, the prospect of connecting NFTs to these cards not only for ultimate personalization but for added everyday utility, is definitely an idea sure to shake things up.

Animoca Brands is a top-tier company that has already invested in multiple popular NFT and Web3 projects such as The Sandbox or Axie Infinity, so their recent push on NFT debit cards through Hi’s platform holds significant value for the future of Web3 Defi. In a nutshell, Hi is bridging the gap between cryptocurrency exchange, digital banking, and a customizable NFT debit card offering. The key aspect of this collaboration is to enhance the utility of various Web3 tokens and NFTs. Currently, the only announced “NFT” utility will be personalized cards with the grail NFT of your choice, but it’s a step in the right direction and opens the door for NFT loyalty programs like Starbucks Oddesey to be even easier integrated into our everyday lives.

The importance here is best summarised by Christian Rau the SVP of Crypto and Fintech Enablement at Mastercard, he said “As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payments choice for the communities who wish to use them”. Coming from a company with over 1.544 billion Mastercards in circulation, any incorporation of NFTs is a huge step for Web3 and we can’t wait for the technology to be adopted even more in everyday applications.

Pictures of the Yuga Labs founders have gone viral online as they showed up to the courthouse to hear the verdict in their case against Ryder Ripps and Pauly0x.

While of course, Pauly responded with some pompous empty threats trying to antagonize the BAYC crowd (to great effect).

Yuga Labs, on the other hand, is hard at work with new acqui-hires from a music & metaverse startup led by veterans of the entertainment industry.

Elsewhere, project ETHER has had some personnel changes — founder CV has been removed from the project less than a month after the mint. Of course, Twitter (now named X) had a field day…

Last but not least — while NFTs seem to be taking a break, attention has gone back to memecoins where there are ridiculous profits (and losses) to be made.

And to wrap things up, two tweets back-to-back:

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.