On Tuesday, Coinbase Global announced a partnership with Mastercard to "revolutionize" the NFT buying experience.

File:Mastercard-logo.svg - Wikimedia Commons

The cryptocurrency exchange said it is collaborating with Mastercard to designate NFTs as "digital commodities" so that more people can buy them. In addition, the companies are working on a mechanism for Mastercard cards to be used to purchase NFTs.

Coinbase just unveiled "Coinbase NFT," a new NFT marketplace that would allow users to manufacture, buy, and sell NFTs.

"Through Mastercard's scale and worldwide network, we'll be able to provide a better user experience on Coinbase NFT," Coinbase said in a blog post. "We plan on trying to develop methods to bring this opportunity to the broader ecosystem through Mastercard's scale and global network." Coinbase's stock is down 3.5 % on Tuesday, while Mastercard's stock is down 1%.