MoonPay is changing the NFT buying experience.
The one-step cryptocurrency-buying platform is bringing this to the NFT market. In a tweet made yesterday, MoonPay announced that users will be able to instantly buy an NFT with a credit or debit card.
Annnnd we’re live 🔴
Introducing NFT Checkout: the world’s only solution that allows users to purchase an NFT instantly with a card 🛒 💳
— MoonPay (@moonpay) January 27, 2022
A first in the space, MoonPay is completely removing the need to buy cryptocurrency in order to buy an NFT. Calling it ‘NFT Checkout’ this new plug-and-play solution enables any NFT collection to accept card payments.
According to the news release from MoonPay:
“NFT Checkout offers 3x user conversions compared to standard crypto on-ramping”
How Does NFT Checkout Work?
Let’s look at the typical NFT buying process. First, the user needs to sign up for a non-custodial wallet. They then need to sign up for a centralized exchange (CEX). Users then buy cryptocurrency on this CEX. They transfer their new cryptocurrency to their wallet. After paying all the fees associated with these transactions, they are ready to buy their first NFT.
To those on the outside looking in, that’s a lot of steps to buy a picture on the internet. MoonPay is looking to slash the number of steps involved. With NFT Checkout, users go to the marketplace, select the NFT they want to buy, and buy it with their credit card.
This is dramatically easier than the process that users were stuck with before. Lowering the barrier to entry into the space is only going to be beneficial in the long term. Eventually, some users may not even realize they’re interacting with the blockchain.
Is This Really an Industry First?
MoonPay is framing this as “the world’s only solution that allows users to purchase an NFT instantly with a card”.
But is that true? Not entirely. Nifty Gateway was quick to respond to the above tweet to remind people they’re still around.
You're not gonna believe this
— Nifty Gateway (@niftygateway) January 27, 2022
But what MoonPay is actually providing is industry-changing infrastructure. This is a solution that can be imported into any marketplace to change the way we buy NFTs. Sure Nifty has offered this forever, but on their specific marketplace and only on their offerings. This is essentially a Layer-2 solution that will allow users to buy any NFT, on any platform, anyway they want. Imagine buying an NFT on OpenSea with your credit card. That’s very well possible. Look at what SolSea and MoonPay announced this morning:
Buy your favorite NFT with a credit card using our new @moonpay integration! ✨
— SolSea | TOP 10 NFT Marketplace in the World (@SolSeaNFT) January 28, 2022
Keep an eye on this. The easier it is to buy NFTs, the more people there will be that buy them!
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