NFT-enabled debit cards debut
Mastercard will now let cardholders put their non-fungible tokens (NFTs) on their cryptocurrency debit cards, the company said, bringing avatars like Bored Apes and their use as profile pictures (PFPs) beyond Twitter and Instagram.
Crypto financial app hi cardholders in Europe will be able to customize their cards with NFTs that they verify ownership of, provided they meet Mastercard’s approval standards. The number of acceptable NFT collections is limited to Azukis, Moonbirds, Goblins, Bored Ape Yacht Club and CryptoPunks – all of which can be expensive, with the latter two at least six figures and sometimes over $1 million (although it was more frequent before the crypto winter crash) .
The Hi Debit Card allows HI token holders to use their tokens as well as fiat currencies and other cryptocurrencies and stablecoins in their accounts anywhere Mastercard is accepted. As usual, the merchant receives fiat. The Hi Debit Mastercard has features that include 1% to 10% crypto back and can be funded with British Pounds or Euros using a Personal International Bank Account Number (IBAN).
“As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payment choice for the communities that want to use them,” said Christian Rau, senior vice president of crypto and FinTech enablement at Mastercard in a statement. “We are proud to work with hi to continue to drive innovation in the market and enable these customizable cards along with the safety and security you expect from Mastercard.”
The NFT customization requires hi gold membership, which requires you to hold 100,000 HI tokens – currently around $5,000 – and is available to members in the European Economic Area (EEA) and the UK
“Not only do the NFT cards look amazing, this is a great way for people to show what community they belong to online, but in the real world,” hi co-founder Sean Rach said in a statement.
NFTs are coming to the iPhone… or not
Apple’s decision to allow the sale of NFTs on the App Store raises familiar criticism that the tech giant is effectively acting as a gatekeeper to innovation by taking a 30% cut. The guidelines have led to the European Commission accusing Apple of violating antitrust law due to music streaming.
And it is drawing criticism from other parts of the industry, especially since it even applies to startups that facilitate trade, according to The Information. The price rules are also difficult to apply to volatile digital assets.
To quote Epic Games CEO Tim Sweeney: “Now Apple is killing any NFT app business they can’t tax, crushing another new technology that could compete with the grotesquely overpriced in-app payment service. Apple must be stopped.”
Now Apple is killing all NFT app businesses they can’t tax, squashing another new technology that could compete with the grotesquely overpriced in-app payment service. Apple must be stopped.
— Tim Sweeney (@TimSweeneyEpic) 23 September 2022
Epic sued Apple for this after the Fortnite game was booted from the App Store to allow such purchases. On September 19, the court allowed the US Department of Justice to intervene in the case, TechCrunch reported.
Disney Planning NFT, Metaverse, DeFi push
In a job posting posted on Friday (September 23), The Walt Disney Company revealed that it is looking for a senior attorney “to work on transactions involving emerging technologies, including NFTs, blockchain, metaverse and decentralized finance” , or DeFi.
The listing comes after the company tapped veteran Disney executive Mike White in February to coordinate the company’s new metaverse efforts.
Disney is pursuing a major push into the “so-called metaverse,” CEO Bob Chapek wrote at the time in an employee memo, Variety reported. Calling it “the next great storytelling frontier and the perfect place to pursue our strategic pillars of storytelling, innovation and audience focus,” Chapek said he had been “blown away” by experiments the company had been working on.
The lawyer’s role will cut across many of the company’s divisions, including Disney Media and Entertainment Distribution and Disney Parks, Experiences and Products, suggesting widespread use of NFTs is coming.
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