MoonPay, a financial technology firm that develops crypto market payment infrastructure, has developed a service that allows NFT traders to purchase digital art and collectibles with cash.
Customers who are investing in cryptocurrency unicorn, which includes prominent NFT markets, may now use the new checkout tool to buy NFTs using debit and credit cards, as well as make payments via Google Pay, Apple Pay, Samsung Pay, SEPA, wire transfers, Faster Payments, open banking payments and ACH transfers.
The news broke in the early hours of Thursday morning. The debut comes only days after Coinbase announced a partnership with MasterCard that would allow customers of its upcoming NFT marketplace to purchase with their cards. Customers of platforms like OpenSea, for example, must first buy Bitcoin and load their wallets with the coin before purchasing NFTs. MoonPay, on the other hand, believes that its new solution will treble revenues for NFT vendors while also allowing for a considerably faster checkout procedure. Ivan Soto-Wright, CEO of MoonPay, said:
“Currently, the NFT market is confined to the hundreds of millions of bitcoin owners [...] by making credit card ownership both simple and rapid, MoonPay's NFT Checkout has just opened the door to billions more people.”
NFT purchases may be made on any blockchain, including Ethereum, Flow, Solana, and Polygon. The link between NFTs and their related blockchain allows buyers and sellers to maintain track of their ownership. Once you've paid with a card through MoonPay, NFTs will be sent to a customer's crypto wallet immediately.
Gas fees will be applied to the entire cost at checkout, with the exception of products connected to more effective blockchains like Polygon, for which MoonPay will cover the gas expenses.
The checkout tool may be used to sell primary and secondary NFTs. MoonPay will take care of primary sales, which include minting a new piece from a new collection, on behalf of the consumer. The NFT buyer will additionally be charged a processing fee of 3.5 percent, or $3.99, by MoonPay.
An NFT collection developed by the World Wildlife Fund has already integrated the checkout option. Meanwhile, pilot versions of the product are being tested by other partners, such as NFL quarterback Tom Brady's NFT platform Autograph.