Consumer payment for NFTs
The latest example came two weeks ago, when a very sad non-fungible token (NFT) seller by the name of @DinoDealer revealed that instead of listing his extremely valuable Ether Rock on the OpenSea NFT Marketplace for 444 ether – about $1.2 million at the time – he accidentally typed 444 WEI, worth twelve thousandths of a penny.
A bot picked it up almost instantly, and thanks to the permanent nature of blockchains, the sad answer to his question: “With one click, my entire net worth of about $1 million was gone. Is there any hope? was no.
How’s your week going?
Mine? I just listed by mistake @etherrock #44 for 444 wei instead of 444 eth🤦♂️
Bot pulled it in the same block and tried to return for 234 eth
With one click my entire net worth of around $1 million was gone
Is there any hope?
Am I GMI?
Can snipers show mercy? pic.twitter.com/yq9Itb2Ukb
— Rock dust 😭 (@dino_dealer) March 10, 2022
While this isn’t the only such error in the history of NFTs, it’s probably the costliest of its kind to date – and it points to a problem that has held NFTS back as they dive into the mainstream. . Basically, you had to buy them with cryptocurrencies – usually ether.
This means – in addition to obtaining a digital wallet needed to hold the NFT – the buyer must open an exchange account, load funds from a bank account or credit card, and well, as the link below describes it, it is a process.
See also: PYMNTS DeFi Series: How to Buy an NFT in 19 Easy Steps
And since Ether is currently at $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 crypto credit card payments processor MoonPay, to make it possible to buy NFT directly with a credit card, Apple Pay or Google Pay, avoiding the process of buying ether entirely.
Credit is late
The market for NFTs – a type of cryptocurrency that can contain media like an image, video, song, or even acts and other documents – is simply growing too quickly in the mainstream to remain so focused on the cryptography.
While there’s still plenty of buzz surrounding the million-dollar CryptoPunk and Bored Ape Yacht Club collectibles, the hype around the Metaverses – where everything from “earth” to avatars to props fashion like Nike sneakers are NFTs – necessitates a more recognizable currency.
Read more: PYMNTS Metaverse Series: Warner Music Group brings venue and theme park to The Sandbox
Warner Music and Universal Music are buying up metaverse land and partnering with developers who can make NFT song and albums a reality — especially since the format could make pirating that much harder. And at Decentraland’s recent Metaverse Fashion Week, designer Tommy Hilfiger was selling NFTs bundled with a real product, arriving two to four weeks later.
See also: With Decentraland’s Metaverse Fashion Week, the Metaverse Bolsters Its Designer Branding and Commerce
On Thursday, OpenSea competitor Nifty Gateway, which already allows credit card purchases, announced a partnership with Samsung, which is integrating an NFT marketplace into its smart TVs.
Saying that its mission is to simplify “the way customers buy, sell, create and own NFTs while making…purchasing NFTs more transparent than ever before,” said Nifty Gateway founder Duncan Foster, in a statement that the Samsung market would accept debit and credit cards. , as well as cryptocurrency.
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 crypto Cuy Sheffield told PYMNTS’ Karen Webster that a goal of the program – albeit secondary – is to ensure that “every experience these NFT creators want to create ‘can be purchased’ with a Visa card – what markets accept cards, how can 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 generally only be purchased with debit cards.
Read also : Mastercard and Coinbase make buying NFTs easier
Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, hailed NFT’s new purchase facility in his company’s blog announcing the partnership.
“Today, if you want to buy an NFT – like a piece of digital art – you must first open a crypto wallet, buy some crypto, and then use it to buy an NFT from an online marketplace,” said he declared. “Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple, it’s not intuitive. We think it should be a lot easier. This will ensure that NFTs can be for everyone.