MoonPay, a financial company that provides an on-and-off-ramp suite of products for crypto payments infrastructure has unveiled a credit card checkout tool to allow its users to purchase NFTs using fiat money. The checkout tool will offer NFT enthusiasts the freedom of purchasing digital art and collectables without necessarily having to have cryptocurrencies.
This development comes right on the heels of Coinbase’s signing a partnership with MasterCard to enable its upcoming NFT marketplace to support card purchases.
Ordinarily, people using NFT marketplaces like OpenSea must load a crypto wallet like MetaMask with cryptocurrencies to buy NFTs. MoonPay’s card checkout tool brings a new dawn and is expected to triple NFT sales on the platform.
MoonPay clients will not only be able to check out purchases using credit cards using the new checkout tool but also be able to use debit cards, Apple Pay, SEPA, Wire Transfers, Google Pay, ACH transfers, Samsung Pay, and open banking payments.
MoonPay CEO Ivan Soto-Wright said in a statement:
“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.”
How the new MoonPay checkout tool works
Firstly, it is important to note that the checkout tool supports the purchase of NFTs across any blockchain including Solana, Polygon, Flow, and Ethereum.
Once a person buys an NFT using a card or any other payment method allowed by the checkout tool, the NFT is directly sent to the person’s crypto wallet.
Normally, when people buy NFTs, they incur charges referred to as ‘gas fees,’ which is a common term, especially in Ethereum. These fees will be added to the cost of any NFT being purchased using the checkout tool; meaning that the buyer is still the one that incurs the fees. The only exception is for the more efficient blockchains like Polygon, where MoonPay pays the gas fees instead of the buyer; meaning in such cases the gas fee is not included in the cost of the NFT.
The checkout tool can be used for primary or secondary NFT sales where primary sales refer to minting from a new collection.
MoonPay shall charge a processing fee of $3.99 or 3.5%; whichever of the two is larger to the NFT buyer using the checkout tool.