MoonPay, a financial technology company that builds payments infrastructure for crypto, has launched a service that will allow NFT traders to buy digital art and collectibles with cash.
Clients of the crypto unicorn, which include top NFT marketplaces, now have access to the new checkout tool that would allow customers to purchase NFTs using debit and credit cards, as well as make payments through Google Pay, Apple Pay, Samsung Pay, SEPA, wire transfers, Faster Payments, open banking payments, and ACH transfers.
The announcement was made in the early hours of Thursday. The launch comes days after leading crypto exchange Coinbase struck a deal with MasterCard that will allow users of its planned NFT marketplace to pay using cards.
For some context, customers of platforms like OpenSea must first fund their wallets with cryptocurrency before they can buy NFTs. However, MoonPay foresees that its new product could triple sales for NFT sellers while facilitating a much quicker checkout process. MoonPay CEO Ivan Soto-Wright said:
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.
The software supports NFT purchases across any blockchain, including Ethereum, Flow, Solana, and Polygon. Buyers and sellers can keep track of their ownership via the link between NFTs and their corresponding blockchain. Once bought with a card using MoonPay, NFTs will be sent directly to a customer’s crypto wallet.
Interestingly, gas fees incurred when purchasing an NFT will be added to the total cost at checkout, with the exception of items linked to more efficient blockchains like Polygon, for which MoonPay will pay the gas fees itself.
The checkout tool can also be used for primary or secondary NFT sales. In the case of primary sales, which involve minting a new piece from a new collection, MoonPay will take care of that on behalf of the customer.
MoonPay will also levy a processing fee of 3.5% or $3.99 to the NFT buyer.
The checkout option has already been implemented by an NFT collection created by the World Wildlife Fund. Meanwhile, other partners like NFL quarterback Tom Brady’s NFT platform Autograph are running pilot versions of the product.