There is a growing trend to make NFTs more accessible. Many NFT marketplaces have introduced credit card integration on their platforms to simplify the NFT-buying process. While crypto-enthusiasts still have the option to open an exchange account, create a crypto wallet, purchase currency, transfer the currency into the crypto wallet, connect the crypto wallet to the NFT marketplace, and bid and purchase NFTs, this process has been streamlined and users can now purchase NFTs directly using debit and credit cards. This move comes as many companies seek to drive mainstream adoption of NFTs as they transition into the metaverse and Web3.
The following is a non-exhaustive list of companies that permit users to purchase NFTs without using cryptocurrency.
Known as “The NFT Wallet for Everyone,” the San Francisco-based NFT marketplace Bitski has introduced credit card integration to its platform. “The ability for anyone to sell and purchase NFTs using a credit card is a major milestone for commerce in the metaverse,” said Bitski CEO Donnie Dinch. “We’re abstracting the complexities of the blockchain to kickstart economic activity in the metaverse.”
Coinbase recently partnered with Mastercard to allow its customers to use Mastercard credit and debit cards to purchase NFTs. “We’re doing an industry first and taking the lead in the crypto economy for this new and growing class of NFTs,” said Prakash Hariramani, Coinbase senior product director for payments and commerce. Mastercard is working to make NFTs more accessible because it believes tech should be inclusive. “When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers,” stated Mastercard’s Raj Dhamodharan.
eBay is another company aiming to make NFTs more accessible. “NFTs offer greater access to a broader audience of collectors and creators. In the same way digital publishing brought more exposure for writers, digital collectibles bring greater opportunity for artists and creators. We plan to double down on this idea – combining eBay’s global reach with the principle that anyone can find almost anything on our platform. This premise is what makes NFTs on eBay so exciting, and why we want to partner with creators, sellers and brands who share our commitment to maintaining an open marketplace,” remarked Jordan Sweetnam, eBay’s Senior Vice President and General Manager. NFTs are currently available for purchase on eBay’s platform and can be bought using credit cards, debit cards, and PayPal.
MoonPay, the leading global crypto payments infrastructure provider, recently launched MoonPay’s NFT Checkout, a tool that enables brands, creators, and marketplaces to provide customers with a streamlined way to buy and sell NFTs using a credit card. MoonPay’s client base (including Solflare and OpenSea) allows users in these marketplaces to purchase NFTs directly using payment methods including Visa, MasterCard, American Express, Apple Pay, and Google Pay. Ivan Soto-Wright, CEO of MoonPay, said, “We’ve already radically simplified cryptocurrency transactions — NFTs were the obvious next step. NFTs are revolutionizing everything from art to intellectual property and how we send, receive, and store value.” He added, “Right now, the NFT market is limited to the hundreds of millions of people who own cryptocurrency. MoonPay’s NFT Checkout has just opened the door to billions more who own credit cards by making ownership both simple and fast.”
The NBA Top Shot marketplace lets you buy NFTs of great moments in basketball history. According to industry experts, credit card integration is one of the reasons NBA Top Shot is such a huge success. The company utilizes “Dapper on Flow” a custodial wallet with the ability to allow purchases with fiat currency via credit cards and cryptocurrency. Customers can purchase NFTs with credit/debit cards or select cryptocurrencies, such as Bitcoin and Ethereum, and all fees are added to the purchase price.
Neon, an NFT gallery and marketplace, opened the world’s first NFT vending machine that accepts both debit and credit cards as a method of payment. “While only 2% of Americans have digital wallets, 80% have a credit card or debit card. Our goal is to support artists and creators by letting them sell digital art to everyone, and to help anyone who wants to become a collector. Giving people the choice to use vending machines and an easy online platform that decouples cryptocurrency from NFT participation means we can engage the widest possible audience,” said Neon co-founder, Jordan Birnholtz. Neon’s NFT vending machine is located in New York City’s Financial District. Check out this video where my fellow Ingram NFT Newsroom contributor purchased a Party Pigeon from the NFT vending machine and vlogged about his experience.
Gemini-owned Nifty Gateway has simplified the NFT-buying process by allowing customers to buy NFTs instantly, using just a credit card. “Go to our marketplace. Pick a nifty. Enter your credit card info and hit purchase. You’re done!”
The creator-centric NFT marketplace, Rarible, has successfully integrated credit card payments on its platform. According to the announcement, the funds are automatically converted to Ethereum (ETH) at the current rate, meaning that the seller still gets paid in crypto. Rarible seeks to target new users who want NFTs without going through the hassle associated with buying and holding cryptocurrency, as this integration enables you to buy any NFT in just a few clicks.
The examples above demonstrate that many major companies are taking NFTs seriously and are facilitating ways to help NFTs attract a broader mainstream audience. What are your thoughts on buying NFTs without crypto?
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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