Web 3.0 neo-banking app ‘hi’ has launched a new platform on the Polygon blockchain network, that enables anyone to generate an NFT using their favorite image and then use it to customize the face of a Web 3.0 debit card. This feature will be rolled out later this month and will initially be available to users in more than 25 European countries as well as the UK.
It is the world’s first debit card featuring NFT avatar customization, where eligible cardholders of the crypto and fiat financial app will be able to personalize the face of the card with an NFT avatar they verifiably own, and spend at more than 90 million locations across the globe where Mastercard is accepted.The card is launched in association with Mastercard and, hence, the cards must meet Mastercard’s design standards.
The collaboration between Polygon Studios and hi’s creator platform simplifies the NFT generation process, thereby making it easy and fast to mint NFT using one’s favorite image. Moreover, the minting experience comes without any gas fees.
In order to make the feature more alluring, hi has lowered the Membership Tier for NFT customization and has made all hi Silver members and above as eligible for the NFT minting exercise. Participants need to sign up and stake their native token in order to achieve Silver Tier status. Memberships start at less than the equivalent of 10 Euros.
The card allows members to earn crypto rewards, while spending. In addition, there are a number of pick-and-mix digital subscriptions and travel perks, based on the membership tiers of each member or cardholder. The offers on digital subscriptions include rebates on one to 20 digital subscriptions.
The card is also packed with innovative functionalities such as Buy-Now-Convert-Later technology and convenient EUR and GBP top-ups via a personal IBAN. Cardholders can also fund their cards instantaneously via SEPA or FPS with Euros and GBP using a hi personal IBAN.
The hi NFT debit card enables users to spend in fiat currencies, stable coins and other crypto currencies at any Mastercard outlets across the world and gives back anywhere between 1 per cent to 10 per cent to the users on their spending. Besides, users are also assured of best rates and other perks at partner 5-star hotels all over the world.
The hi Gold card members and above will be eligible for NFT avatar customization, which will support a limited range of NFT collections including CryptoPunks, Moonbirds, Goblins, Bored Apes and Azukis. The NFT owners will be asked to verify that they own the NFT in order to apply for card customization. The hi debit card will be issued by Moorwand.
Mastercard has been innovating in the field of NFT and has been working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and Web 3.0 infrastructure provider MoonPay. With 2.9 billion Mastercard cards worldwide, allowing people to use their Mastercard cards for NFT purchases could have a significant impact on the NFT ecosystem, as it will bypass the need to buy crypto currencies before purchasing NFT.
These integrations are designed to make crypto and NFT more accessible and help the NFT ecosystem to keep growing, innovating and bringing in more users. Incidentally, a survey by Mastercard of more than 35,000 people in 40 countries found that 45 per cent had purchased an NFT or would consider doing so.