(R)evolution of the Global Financial Market: Hi Launches World’s First NFT Card

In late September 2022, Mastercard and “hi,” a crypto and fiat exchange app, announced the world’s first debit card featuring customized NFT avatars. The card will be available to users of the "hi" app, namely, premium users who subscribe to Gold, Platinum, or Diamond memberships, Mastercard stated.

Sean Rach, Co-founder of hi, states, “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.”

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Mastercard NFT Card

Illustration: Milica Mijajlovic

With the launch of its new NFT customizable debit card, “hi” hopes to encourage the widespread adoption of NFTs on a global scale. The Mastercard NFT customizable card is the first of its kind and combines crypto and fiat payment services. 

Where to Find Mastercard NFT Cards? 

Mastercard NFT cards will be available exclusively on the “hi” application. With around 3 million active users, “hi” is an excellent exchange platform for fiat and cryptocurrency. Of course, you can use it for payments, investments, or savings.  

hi app

Source: Hi

A post on Mastercard’s official website states that “the hi Debit Card will initially be available to hi members in 25+ EEA countries as well as the UK.” Still, neither Mastercard nor hi have confirmed the release date of the customized NFT cards. 

The Mastercard NFT card connects with the “hi” wallet and is available in several currencies. Depending on the user’s membership tier, they can personalize the face of the card by creating their NFT avatar. However, the avatar must meet hi’s card design standards.  

Mastercard NFT card will allow customers to spend in fiat, stablecoins, or any cryptocurrency with a Mastercard acceptance. Premium card tiers offer additional benefits, including rebates on Spotify and Netflix subscriptions. 

How Much for the Mastercard NFT Card: 100,000+ “hi” Tokens? 

Another notable detail is that you must stake 100,000+ hi’s native tokens to join the Gold tier. Platinum and Diamond memberships require one and ten million staked HI coins, respectively. 

“Card customizations are only available for the top 10,000 members in the queue.”- hi confirms.  

Mastercard NFT card

Source: Carre D’info

Skipping the queue is possible by investing directly in the application and obtaining a higher membership level. The position on the waiting list can be moved backward if other members on the list invest more.  

Hi’s blog confirms that “You may refer to the dynamic update on the Card Waitlist page to view your latest position.” 

Mastercard NFT Card Collection Supports a Limited Range of NFTs  

 Unfortunately, users will not be able to personalize their debit cards with any NFTs on the market. If someone wants a custom card with an NFT, the requirement is that they own the same NFT.  

More importantly, Mastercard declared that the new Mastercard NFT card collection would support only a limited range of NFTs. Some of those NFTs belong to collections such as CryptoPunks, Bored Apes, Moonbirds, Goblins, and Azuki. 

Why Is Mastercard Slowly Moving Payment Methods to the Web 3.0? 

Mastercard’s experimentation with NFTs is significant as it draws more attention to this technology. By normalizing NFTs, we are one step closer to fully embracing Web 3.0 and switching to crypto.  

Web 3.0 technology

Photo illustration: Freepik

However, it is important to note that this is not Mastercard’s first attempt to infiltrate the Web 3.0 world. The company wants to support users when entering the crypto world. As a result, Mastercard invests in projects that will allow users to make payments in digital currencies with their master cards.  

Mastercard’s interest in blockchain technology will help normalize the use of cryptocurrencies. Also, their projects will lead to the expansion of certain markets and pave the way for customers who want to enter a particular market by exchanging digital coins. 

 With that in mind, some of the most popular Mastercard projects in the Web 3.0 world are: 

  • Crypto Secure: “Crypto Secure” is a Mastercard project based on their new strategy for employing cryptocurrencies. It helps users bridge the gap between traditional and digital financial assets by allowing them to easily spend their digital currencies when conducting daily transactions. 
  • Central bank digital currencies: Mastercard launched a testing platform in September 2020 that allows central banks to assess use cases of digital coins. Central banks can use this platform to test digital currency deployment strategies by simulating their ecosystem.  
  • Start Path Crypto: “Start Path Crypto” is a free online program that gives digital startups access to weekly workshops, events, and the ecosystem of some Mastercard products.  

Another important fact is that Mastercard has invested in partnerships with many NFT platforms to allow users to pay for NFTs without converting their fiat money into cryptocurrencies. Some of these partners are Coinbase, a cryptocurrency exchange platform, and MoonPay, a company that encourages the exchange of NFTs and cryptocurrencies with debit cards.   

Jelena is a content writer dedicated to learning about all things crypto. Her hobbies are playing chess, drawing, baking, and going on long walks. During winter, she usually spends her leisure time reading books.