How to Buy NFTs With a Debit / Credit Card
For the first time, the entire market capitalization of all crypto exceeded 2.9 trillion dollars in 2021. This was a major milestone, but still, a drop in the ocean when compared to the entire global currency supply. Fiat currencies hold a considerable amount of the world’s assets, with estimations of approximately $215 trillion by some sources. Since fiat is so prevalent, especially amongst new users, digital assets like NFTs must be available to a larger portion of the population to gain widespread adoption.
There are still huge technical barriers stopping the average Joe from getting on board the NFT and crypto train. The inability to purchase NFTs directly with fiat through a debit card is one of these barriers. NFTs can be exchanged for cryptocurrencies, particularly their native network currencies such as ETH or BNB, but not much else. However, this is now changing, as the addition of a fiat currency onramp to NFT platforms makes this new asset class considerably more available to traditional users.
Even though the demand for fiat integration appears to be obvious, few NFT marketplaces have implemented it as a payment option. Partially fiat integration has been provided by Nifty Gateways, a prominent centralized NFT platform.
The majority of NFT platforms are based on Ethereum, with others using BNB Chain or other less widely used smart contract platforms; thus, Ethereum is typically the sole payment option they offer. Adding fiat payment alternatives would make NFTs more open to average buyers, independent of whatever chain they’re based on. This is exactly what NFTrade did, offering a fiat on-ramp through MoonPay that allows users to turn their cash into NFTs.
An excellent reference point of fiat success in the NFT space is the popularity of NBA Top Shot, an authorized digital trading card game developed by Dapper Labs in collaboration with the NBA. Many buyers are oblivious to the fact that their assets are NFTs or how the digital infrastructure works; all they know is that their cards are verifiably rare. NBA Top Shot has brought in more than $1 billion in sales, demonstrating the significant cash inflows that fiat integration offers.
Presently, NFTrade offers its members a feature where they can use their credit cards and fiat currency for NFT transactions, thanks to said strategic collaboration with MoonPay. Users of NFTrade can buy NFTs directly through an easy-to-use solution as a result of this partnership.
Users will no longer need to go through the tedious process of signing up for a cryptocurrency exchange, purchasing cryptocurrency, sending it to a web wallet, linking their wallet, signing a transaction, and so on; instead, they will be onboarded with a simpler alternative that has the potential to easily improve widespread NFT adoption.
Eventually, options to purchase NFTs will be available on all exchanges and marketplaces. This streamlined method will make it possible for nearly anyone to participate, removing the complexities of working with MetaMask and other technicalities. A fiat gateway is required for mainstream market saturation because it opens up a whole new market of prospective users.