NFT Accessibility | Ingram Yuzek Gainen Carroll & Bertolotti, LLP
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 purchase process. While crypto enthusiasts always have the option to open an exchange account, create a crypto wallet, buy currencies, transfer the currency to the crypto wallet, connect the crypto wallet to the NFT market and bidding and buying NFTs, this process has been streamlined. and users can now purchase NFTs directly using debit and credit cards. The move comes as many companies look to drive widespread adoption of NFTs as they transition to the Metaverse and Web3.
Here is a non-exhaustive list of companies that allow users to buy NFTs without using cryptocurrency.
Known as “The NFT Wallet for Everyone”, San Francisco-based NFT marketplace Bitski has introduced credit card integration into its platform. “The ability for anyone to sell and buy 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 blockchain to jump-start economic activity in the metaverse.”
Coinbase x Mastercard
Coinbase recently partnered with Mastercard to allow customers to use Mastercard credit and debit cards to purchase NFTs. “We are doing an industry first and taking the lead in the crypto economy for this growing new class of NFTs,” said Prakash Hariramani, Coinbase Senior Product Manager for Payments and Commerce. Mastercard strives to make NFTs more accessible because it believes technology should be inclusive. “When more people are included in new technologies, it drives innovation, helps economies grow and expands choices for consumers,” said Mastercard’s Raj Dhamodharan.
Another company that aims to make NFTs more accessible is eBay. “NFTs provide greater access to a wider audience of collectors and creators. In the same way that digital publishing has brought more exposure to writers, digital collectibles provide greater opportunities for artists and creators We plan to double down on this idea – by 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 market,” said Jordan Sweetnam, senior vice president and general manager, eBay. NFTs are currently available for purchase on the eBay platform and can be purchased by credit card, debit card and PayPal.
MoonPay, the world’s leading provider of crypto-payments infrastructure, recently launched MoonPay’s NFT Checkout, a tool that enables brands, creators and marketplaces to provide customers with a simplified way to buy and sell NFTs. using a credit card. MoonPay’s customer base (including Solflare and OpenSea) allows users of these marketplaces to directly purchase NFTs using payment methods such as Visa, MasterCard, American Express, Apple Pay and Google Pay. Ivan Soto-Wright, CEO of MoonPay, said: “We have already radically simplified cryptocurrency transactions – NFTs were the obvious next step. NFTs are revolutionizing everything from art to intellectual property to 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 just opened the door for billions more credit card owners by making ownership both quick and easy.
NBA best shot
The NBA Top Shot marketplace lets you buy NFTs from great moments in basketball history. According to industry experts, credit card integration is one of the reasons why NBA Top Shot is such a hit. The company uses “Dapper on Flow”, a custodial wallet with the ability to allow purchases in fiat currency via credit cards and cryptocurrencies. 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, has opened the world’s first NFT vending machine that accepts debit and credit cards as payment. “While only 2% of Americans have digital wallets, 80% have a credit or debit card. Our goal is to support artists and creators by enabling them to sell digital art to everyone, and to help anyone who wants to become a collector. Giving people the choice to use ATMs and a simple online platform that decouples cryptocurrency from NFT participation means we can engage the widest possible audience,” Neon co-founder said. , Jordan Birnholtz. Neon’s NFT ATM is located in New York’s Financial District. Check out this video where my fellow Ingram NFT Newsroom contributor bought a Party Pigeon from the NFT vending machine and commented on his experience.
Nifty Gateway, owned by Gemini, has simplified the NFT purchasing process by allowing customers to purchase NFTs instantly, using just a credit card. “Go to our marketplace. Choose a clever one. Enter your credit card information and click buy. You have finished!”
Creator-centric NFT marketplace Rarible has successfully integrated credit card payments into its platform. According to the announcement, the funds are automatically converted to Ethereum (ETH) at the current rate, which means that the seller is always paid in crypto. Rarible seeks to target new users who want NFTs without going through the hassle of buying and holding cryptocurrency, as this integration allows you to buy any NFT with just a few clicks.
The examples above show that many large companies take NFTs seriously and offer ways to help NFTs reach a wider audience. What are your thoughts on buying NFT without crypto?