Cryptocurrency company MoonPay is known for helping celebrities buy large NFTs. Now the company wants to help bring new people to the non-fungible token space with a simple three-step method. Here are the details.
What Happened: MoonPay announced the launch of NFT Checkout on Thursday, which it calls “the world’s only solution that allows users to purchase an NFT instantly with a card.”
NFT Checkout is a plug-and-play solution that allows users to buy a NFT with a credit or debit card.
MoonPay said in a blog post that NFT buying and selling process is fragmented and full of friction. Users also have to go through multiple steps including setting up a wallet, funding the wallet with cryptocurrency and connecting to a NFT marketplace.
“While there have been efforts to simplify the NFT buying process, they haven’t gone far enough. It’s our belief that buying an NFT shouldn’t just be simple, it should be as simple as possible,” MoonPay said.
MoonPay said it can help scale NFT adoption and provide new revenue streams for businesses and artists.
Other features for NFT Checkout include secure withdrawals via bank transfer, skipping the ID verification process (on NFTs under $7,500) and daily automated payouts.
NFT Checkout supports major credit and debit cards from Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA). NFT Checkout also supports payment options like Samsung Pay, Google Pay from Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL) and Apple Pay from Apple Inc (NASDAQ:AAPL).
Why It’s Important: MoonPay is offering a three-step process for users with its new NFT Checkout. The steps are visit the NFT site, select the NFT and checkout with a card. This eliminates steps on other platforms that include creating a wallet and funding the wallet with cryptocurrency.
The company highlights that there are 4.6 billion internet users worldwide. Of that total, 2 billion have a credit card versus only 70 million with a cryptocurrency wallet and 4.5 million that own Ethereum, one of the most common NFT blockchains.
MoonPay has built strong brand awareness by helping to facilitate NFT transactions for celebrities. Deals include working with Jimmy Fallon, Paris Hilton and Post Malone, who featured MoonPay in a music video.
The new simplified buying method and plug-and-play offering could lead NFTs to utilize MoonPay over other rival services. MoonPay said it converts 300% more users than standard crytpo checkouts.