Cryptocurrency payments platform MoonPay has released a plug-and-play service for purchasing and selling nonfungible tokens (NFTs) with a credit card. MoonPay’s NFT Checkout will be available to creators, brands, and marketplaces.
The new service classifies tokens as ‘digital goods’ leading to card approval rates that are considerably higher than the standard crypto on-ramps. Earlier in January, MasterCard confirmed that it would be joining forces with Coinbase to enable the people to acquire NFTs using their debit and credit cards.
Ivan Soto-Wright, the MoonPay CEO, said:
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“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.”
NFT Checkout is compatible with most blockchains, including Solana, Ethereum, Solana, Flow, and Polygon, and delivers NFTs directly to an on-chain wallet address. MoonPay will assume responsibility for regulatory and chargeback issues that are related to the card approval process.
Launched around three years ago, MoonPay’s fiat-to-crypto on-ramp powers over 250 wallets, websites, and applications in at least 160 nations and has processed $2 billion in transactions to date. In November 2021, the company reached a $3.4 billion valuation off the back of a $555 million Series A funding round that was led by Tiger Global Management and Coatue.