MoonPay Launches a Credit Card Checkout Option for NFT Purchases

The top worldwide crypto payments provider, MoonPay, has released information regarding new advancements to purchase non-fungible tokens (NFTs). The new tool enables clients to buy NFTs and digital art collectibles directly using credit cards.

MoonPay’s clients, which range from large corporations, can now take advantage of a new checkout tool that allows customers to purchase NFTs using debit/credit cards. In addition, they can make payments through Apple Pay, Samsung Pay, Google Pay, SEPA, automated clearing house (ACH) transfers, etc.

The inspiration of MoonPay’s launch, which was announced today, seems to be Coinbase after it made a deal with Mastercard. The new partnership of the world’s largest cryptocurrency exchange enables users of its planned NFT marketplace to make payments using credit and debit cards. Furthermore, to purchase NFTs, users of platforms such as OpenSea have to deposit funds on a blockchain wallet like MetaMask. Because their solution makes this process easier, MoonPay believes it can treble revenues for NFT retailers. Also, this new innovation will dramatically speed up the checkout process.

The CEO of MoonPay, Ivan Soto-Wright, claims that their solution offers new opportunities to billions of people who do not own cryptocurrency. He also noted that purchasing NFTs through credit cards makes the ownership transfer much simpler and faster. 

How does it function?

The new checkout option supporting NFT transactions is compatible with any blockchain, including Ethereum, Flow, Solana, and Polygon. The connection between NFTs and their respective blockchain is how buyers and sellers maintain track of who owns what. NFTs will be transferred immediately to a customer’s crypto wallet once the purchase has been made with a card via MoonPay.

NFT enthusiasts are already familiar with the infamous gas fees that they have to pay for each NFT. They will incorporate such fees into the cost of NFTs for customers who utilize the checkout option. There is some exception when MoonPay will pay the gas costs. These exceptions refer to commodities connected to more efficient blockchains such as Polygon. In-depth analysis, they may utilize the checkout tool for either primary or secondary NFT sales, depending on the situation. When it comes to the creator, MoonPay takes care of the process for consumers by minting a piece from a new collection on their behalf. Regarding fees, MoonPay will charge a processing fee of 3.5% or $3.99 depending on the value of the transaction.

As per the record, the payment option for an NFT collection is already out and running. Several additional partners, like NFL quarterback Tom Brady’s NFT platform Autograph, are also experimenting with the product in trial versions at this time.