June 7, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Want to buy an NFT with your credit card? Magic Eden lets you do just that • Bobbys Brane

2 min read

One of the biggest complaints in the crypto world is that using the technology is, you know, kind of difficult.

Users typically have to download a crypto wallet to transfer funds from one place to another or buy an NFT, something many find so challenging to access that they just don’t bother.

As the ecosystem evolves, many big players are trying to alleviate the issue through new on-ramps or payment solutions.

MoonPay, a web3 infrastructure company, has joined forces with Magic Eden, one of the biggest NFT marketplaces, to help make NFTs more accessible through old-school tricks, the companies announced on Monday.

The web3 ecosystem “benefits from an increasing number of active users that engage with the technology,” Bree Blazak, VP of global sales at MoonPay, told Bobbys Brane in an email. “Traditional payment options are a gateway for non-crypto native users to engage in the space.”

Navigating the web3 world can be challenging for many users, Zhuoxun Yin, COO and co-founder of Magic Eden, said to Bobbys Brane. “That’s why we’re working closely with brands, creators and ecosystem builders to integrate tools that make it easier for users to navigate web3 and bring new use cases for NFTs that will attract new users to the space.”

Beyond those efforts, Magic Eden is also building out educational resources and content with partners in an effort to demystify the onboarding process and highlight areas of trust and safety for users to know about self-custody and making certain NFT purchasing decisions, Yin said.

To that end, MoonPay, which has processed about $3.5 billion in transactions across over 160 countries, will provide the NFT platform with multichain onboarding payment solutions so Magic Eden users can buy NFTs with credit cards, debit cards, Apple Pay, Google Pay and more.

This integration “expands the universe of people who can purchase these assets from the hundreds of millions who own cryptocurrencies to the many billions of people who have debit and credit cards,” Blazak said.

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