Homecryptocurrency News

You can now buy NFT without crypto; here's how

You can now buy NFT without crypto; here's how

You can now buy NFT without crypto; here's how
Profile image

By CNBCTV18.com Feb 7, 2022 11:17:49 PM IST (Updated)

MoonPay has introduced an NFT checkout tool that will allow investors to buy digital art and collectibles online using credit cards and other traditional forms of payment.

The non-fungible token (NFT) market has been drawing investors’ attention for a while now. However, given the highly volatile nature of cryptocurrencies, cautious investors have been skeptical in using them to invest in NFTs. But MoonPay, a provider of crypto payments infrastructure, now has a solution. It allows investors to buy NFTs with fiat currency.

Recommended Articles

View All

MoonPay has introduced an NFT checkout tool that will allow investors to buy digital art and collectibles online using credit cards and other traditional forms of payment.
MoonPay has a robust client base that contains various big-brand NFT marketplaces. The new checkout tool will allow users in these marketplaces to purchase NFTs using various traditional payment modes, such as debit cards, credit cards, UPI payments, and even direct bank wire transfers.
In a similar move, Coinbase had recently announced a partnership with the payment service Mastercard to allow its users to buy NFTs using a Mastercard.
Buying an NFT has so far been a bit more complex. Users would have to create a cryptocurrency wallet, link it to the NFT platform and add the necessary amount to their cryptocurrency wallets before they could make a purchase. Besides, many NFT marketplaces use the Ethereum network to power their transactions. This meant prospective buyers had to fill up their wallets with Ether, the native cryptocurrency of Ethereum, to buy NFTs in these marketplaces.
MoonPay’s new tool eliminates the need for wallets to purchase NFTs (though you still need one to store the NFT). It is also expected to make the checkout process faster and reduce the exuberant transaction fees associated with cryptocurrency transfers.
While talking about the launch of the checkout tool, Ivan Soto-Wright, CEO of MoonPay, said, “We’ve already radically simplified cryptocurrency transactions — NFTs were the obvious next step. NFTs are revolutionizing everything from art to intellectual property and how we send, receive, and store value.”
He added, “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 will this NFT checkout tool work?
The checkout tool supports various blockchains, such as Ethereum, Solana, Polygon and Flow. This is important because the link between an NFT and the blockchain it uses allows the holder of the NFT to keep a tab on its ownership. And when you buy an NFT using the checkout tool, the NFT is sent to your wallet.
Also, when you buy an NFT using your wallet, you have to pay a cryptocurrency transaction fee known as ‘gas fees’. But when you use the checkout tool, those fees will be baked into the cost of NFTs.
The checkout tool is already up on the exchange and is currently a payment option for several NFT collections.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng