MoonPay Adds Credit Card Support to Make NFT Purchases Easier

MoonPay, the crypto unicorn driving NFT mania to a new high, is adding support for credit card payments to simplify purchasing non-fungible tokens (NFTs). The move follows a recent announcement from Coinbase that its upcoming NFT platform will soon add support for credit cards. Clients of MoonPay which includes a slew of celebrities from Snoop Dogg to Paris Hilton can now use the new checkout tool for buying NFTs using debit and credit cards including additional payment services via Apple Pay, Samsung Pay, Google Pay, SEPA, Faster Payments, wire transfers, open banking payments and ACH transfers. The new checkout tool supports NFT purchases across any blockchain, networks including Ethereum, Flow, Solana and Polygon. When purchasing an NFT, the gas fees will be added into the total cost of NFTs except for items linked to blockchain platforms like Polygon, for which MoonPay pays the gas fees itself. After purchasing the NFT through credit card, the token will be sent directly to a customer’s crypto wallet. For this, MoonPay charges a processing fee of 3.5% or $3.99, whichever is larger. Commenting on the development, 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.” “NFTs represent the future, not just of our company, but of the entire crypto community. NFTs enable digital ownership of collectibles in the form of art, fashion, music and beyond. The addressable market segment expands dramatically beyond cryptocurrencies as a new form of money,” he added. The latest credit card checkout option is already live for an NFT collection by the World Wildlife Fund. Several other partners are running trials of the product including NFL quarterback Tom Brady’s NFT platform Autograph. MoonPay, a relative newcomer has grown to include over 250 clients and is active across more than 160 countries. In October 2021, the NFT unicorn closed a $555 million fundraise, raising its valuation to $3.4 billion.

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