Mainstream Payment for NFTs Catching On

NFT


The latest example came two weeks ago, when a very sad non-fungible token (NFT) seller going by the name @DinoDealer revealed that instead of listing his extremely valuable Ether Rock on top of the NFT Marketplace OpenSea for 444 ether , about $1.2 million at the time: he accidentally wrote 444 WEI, which is worth twelve thousandths of a penny.

A bot captured it almost instantly, and thanks to the permanent nature of blockchains, the sad answer to your question: “In one click, my entire net worth of ~$1 million dollars is gone. Is there any hope? was not.

While this isn’t the only such bug in the history of NFTs, it’s probably the costliest of its kind yet, and it points to a problem that’s been holding back NFTS as they dip into the mainstream. principal. In general, he has had to buy them with cryptocurrencies, usually ether.

That means that in addition to obtaining a digital wallet needed to hold the NFT, the buyer must start an exchange account, load funds from a bank account or credit card, and as described in the link below, it’s a process.

See also: PYMNTS DeFi Series: How to Buy an NFT in 19 Easy Steps

And since Ether is currently writing $3,460.57, buying or selling one requires a lot of percentages: a $100 NFT would sell for 0.0289 ETH. Which isn’t exactly a consumer-friendly sticker price.

That’s why it’s worth noting that on Thursday (March 31), OpenSea partnered with credit card-to-cryptocurrency payment processor MoonPay, to make it possible to purchase an NFT directly with a credit card, Apple Pay or Google Pay, avoiding the process. to buy ether entirely.

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The market for NFTs, a type of cryptocurrency that can contain media such as an image, a video, a song, or even writing and other documents, is simply expanding into the mainstream too quickly to remain so crypto-centric.

While there is still a lot of hype around the million-dollar CryptoPunk and Bored Ape Yacht Club collectibles, the growing hype around the metaverses, where everything from “earth” to avatars to fashion accessories like Nike sneakers are NFTs, it is making a more recognizable currency necessary.

Read more: PYMNTS Metaverse Series: Warner Music Group Brings Venue, Theme Park to The Sandbox

Both Warner Music and Universal Music are buying land from the metaverse and partnering with developers who can make NFT songs and albums a reality, especially since the format could make piracy that much harder. And at Decentraland’s recent Metaverse Fashion Week, designer Tommy Hilfiger was selling NFTs that came with an actual product, arriving two to four weeks later.

See also: With Decentraland’s Metaverse Fashion Week, the Metaverse Spotlights Its Designer and Retail Brand

On Thursday, OpenSea competitor Nifty Gateway, which already allows credit card purchases, Announced a partnership with Samsung, which integrates an NFT marketplace into its smart TVs.

Saying that its mission is to simplify “the way customers buy, sell, create and hold NFTs while making… buying NFTs more seamless than ever,” Nifty Gateway founder Duncan Foster said in a announced that the Samsung market would accept debit and credit cards. , as well as cryptocurrencies.

In a recent interview about the Visa Creators Program, a mentorship initiative for artists, musicians, and other creatives, the credit card giant’s head of cryptocurrency, Cuy Sheffield, told PYMNTS’s Karen Webster that one goal of the program, albeit secondary, is to make sure that “any of the experiences these NFT creators want to build” can be purchased “with a Visa card: which markets accept cards, how do we improve that experience.”

Mastercard is getting in on the action, announcing in January that it would classify NFTs as “digital goods” rather than cryptocurrencies, which can usually only be purchased with debit cards.

Also read: Mastercard and Coinbase make it easy to buy NFTs

Raj Dhamodharan, executive vice president of blockchain and digital asset products and partnerships at Mastercard, praised the new ease of purchasing NFTs in his company’s blog post announcing the partnership.

“Today, if you want to buy an NFT, like a piece of digital art, you first need to open a crypto wallet, buy crypto, and then use it to buy an NFT on an online marketplace,” he said. “Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple, it’s not intuitive. We think it should be much easier. That will ensure that NFTs can be for everyone.”

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