- MoonPay, a web3 infrastructure company, has partnered with Magic Eden, one of the biggest NFT marketplaces, to make NFTs more accessible to non-crypto native users.
- MoonPay will provide the NFT platform with multichain onboarding payment solutions so Magic Eden users can buy NFTs with credit cards and debit cards.
Magic Eden, one of the biggest NFT marketplaces, is teaming up with MoonPay, a web3 infrastructure firm, to help make NFTs more accessible through traditional payment solutions. The world of cryptocurrency can be challenging to navigate, with many users needing help accessing digital wallets and transferring funds between platforms. This issue has been a significant entry barrier for many interested in investing in cryptocurrencies or purchasing NFTs.
According to Bree Blazak, VP of global sales at MoonPay, “traditional payment options are a gateway for non-crypto native users to engage in the space.” By partnering with Magic Eden, MoonPay will provide the NFT platform with multichain onboarding payment solutions that allow users to 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.
Navigating the Complex World of Web3
This move is significant for several reasons. Firstly, it will make buying and selling NFTs much easier for the average person. Users will only need to navigate complex crypto wallets or understand the ins and outs of digital asset transfers. Instead, they can purchase their existing credit or debit cards on Magic Eden’s platform. This is a game-changer for the world of NFTs, which has been criticized for being too complicated and inaccessible to most people.
Moreover, this move could significantly impact the broader adoption of cryptocurrencies as a whole. By making it easier for people to buy and sell digital assets, MoonPay and Magic Eden are helping to break down some barriers preventing the more widespread adoption of cryptocurrencies. As more people start using these payment solutions to purchase NFTs, they will likely become more comfortable with cryptocurrencies in general, paving the way for broader adoption in the future.
Expanding the NFT Universe
According to Zhuoxun Yin, COO and co-founder of Magic Eden, the platform is also 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. This includes building out educational resources and content with partners 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.
Overall, the partnership between MoonPay and Magic Eden is a positive development for the world of cryptocurrencies and NFTs. By making it easier for people to buy and sell digital assets, they are breaking down some barriers preventing the more widespread adoption of these technologies. Moreover, by working with brands, creators, and ecosystem builders to integrate educational resources and content, they are helping to demystify the onboarding process and make the world of web3 more accessible to everyone.