Non fungible token NFT : Non fungible tokens have been attracting the attention of investors for some time now. However, given the volatile nature of cryptocurrencies, investors are cautious about investing in NFTs. But MoonPay, which provides crypto payments infrastructure, now has a solution. It now gives investors an opportunity to buy NFTs with fiat currency.
Moonpay introduces NFT checkout tool
MoonPay has introduced an NFT checkout tool that allows investors to buy digital art and collectibles online using credit cards and traditional payment options.
Moonpay has a strong client base, which includes several big brand NFT marketplaces. The new checkout tool allows users to buy NFTs on these marketplaces using various traditional payment modes like debit card, credit card, UPI payment and even direct bank transfer.
Similarly, Coinbase recently announced a partnership with payment service MasterCard to allow users to purchase NFTs using MasterCard.
So far buying NFT has been a difficult task
So far buying NFTs has been a very complicated task. Users have to create a cryptocurrency wallet, connect it to the NFT platform and add the required amount of money to their cryptocurrency wallet before making any purchases. In addition, many NFT marketplaces use the Ethereum network to carry out their transactions. As a result, potential buyers were required to enter Ether, Ethereum’s native cryptocurrency, into their wallets to purchase NFTs on these marketplaces.
Moonpay eliminates wallet requirement
Moonpay’s new tool eliminates the need for a wallet to buy NFTs. It is also expected to speed up the checkout process and reduce the transfer fees associated with cryptocurrency transfers.
Speaking about the launch of the checkout tool, Ivan Soto-Wright, CEO of Moonpay, said, “We have already simplified cryptocurrency transactions, now NFTs are the next step in this direction. NFTs are revolutionizing every form from art to intellectual property and the way they are sent, received and stored in value.”
How will this NFT checkout tool work?
The checkout tool supports various blockchains such as Ethereum, Solana, Polygon, and Flow. This is significant, as it is the link between the NFT and the blockchain, using which it is possible for the holder of the NFT to keep track of their ownership. When you buy an NFT using the checkout tool, the NFT is sent to your wallet.
When you buy NFTs using a wallet, you are required to pay a cryptocurrency transaction fee known as a “gas fee”.
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