Crypto and fiat financial app hi announced the launch of the world’s first NFT customizable Mastercard debit card that features NFT avatar customization.
Cryptocurrency and fiat financial app hi has announced the launch of the world’s first NFT customizable Mastercard debit card. The card, powered by Mastercard, features NFT customization. That means eligible cardholders can personalize the front of their card with an NFT avatar that they own.
Cardholders can use the NFT customizable Mastercard debit card (as seen in the picture above) at more than 90 million locations worldwide where Mastercard is accepted.
“Not only do the NFT cards look amazing, this is a great way for people to show which online community they belong to, but in the real world,” says Sean Rach, Co-founder of hi. “The flexibility to spend fiat, stablecoins or other crypto[s], combined with attractive financial and lifestyle rewards, makes us confident that our card is a game-changer in the market.”
The Deal with NFT Customizable Mastercard Debit Cards
The hi NFT customizable Mastercard debit cards are available in six variants with a range of benefits attached to each one, depending on a hi user’s membership tier. Customers can become members by staking HI, hi’s native token. Memberships start at a price point of around 10 euros.
Gold-tier members of hi are given priority in customizing their cards with an NFT avatar. Nevertheless, they must be able to verify ownership of the NFT, and it must meet Mastercard’s design standards. To be a gold member, you must stake a minimum of 100,000 HI, roughly around $4,600.
“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. We are proud to be working with hi to continue to drive innovation in the market and enable these customizable cards together with the safety and security you’d expect from Mastercard,” says Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard.
The NFT customizable Mastercard debit cards allow spending in fiat, stablecoins, or any cryptocurrency the user holds. A user may use it wherever Mastercard is accepted. Some other perks and features of the debit card include hotel credits, cash back incentives, and rebates on Netflix and Spotify subscriptions. However, benefits are dependent on a cardholder’s membership level.
If you’re wondering which NFT avatars may be used to customize the debit cards, unfortunately, only a limited range of NFT collections is supported. Bored Ape Yacht Club, CryptoPunk, Moonbirds, Goblintown, and Azuki NFT holders can have their NFT avatars printed on their cards. Still, they will need to become Gold members with hi first and verify their NFT ownership with the platform to receive their custom cards.
Incidentally, the NFT customizable Mastercard debit cards are only available within 25 European Economic Area (EEA) countries and the United Kingdom.
Mastercard has had a previous dalliance with NFT. In January, the company collaborated with Coinbase to allow its platform users to buy NFTs using their Mastercard credit or debit cards minus the hassle of purchasing cryptocurrency first. In July, the company likewise teamed up with the City of Miami in launching a 5,000-piece NFT collection that featured art from over 50 local artists.
And while the NFT customizable Mastercard debit cards are not a game-changer in Mastercard and hi’s long-term Web3 movements, the undertaking can be influential. Visibility matters a lot, and if seeing the NFT avatar of a Bored Ape on a debit card when someone is paying for his purchases will do a lot towards normalizing NFTs, then Mastercard and hi are on the right track.
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