Summary
Some believe they are Non-fungible Tokens ( NFTs) are just a trend. In the end, as the old investment maxim says: price refers to what you are paying for it, the value you receive. In the last few months, we’ve seen thousands of dollars spent on artwork. According to reports by the digital artist, Beeple has sold the NFT work for $69million. In addition, the first tweet of Jack Dorsey’s first tweet was sold, in NFT form, for nearly $3 million. It will be interesting to see the truth about whether the (and others) transactions were just speculative speculations or intelligent investment decisions.
There’s also a benefit to the NFT that you can use to address numerous applications within the digital realm, including payments, trading and exchanges, and data flow. NFTs are created and distributed across blockchains, are unique, secure and cannot be duplicated.
However, as with any other new commerce platform, making payments and receiving payments could be fraught with friction. Many online marketplaces that accept NFTs allow transactions to be conducted using cryptos, whereas others permit more traditional methods such as credit cards. However, a smoother path that lets consumers choose between the two options and encourages a continual shift to cryptos as a payment option has been impossible in the still-in-development NFT market.
To this end, FinTech Circle said this week that it was launching what is described as a complete payment solution targeted towards NFT merchants and platforms. The platform will allow users to accept crypto and credit card payments. There are other options on the horizon acceptance of USD Coin (USDC), bitcoin and Ethereum payment methods, NFT custodial services, and yield-generating Circle accounts for NFT marketplace operators. Circle announced in a press release that allowing this variety of payments will help increase the use and utilization of NFTs within what FinTech describes as”the “marriage of traditional payment rails and leading digital dollar stablecoin USD Coin (USDC).”
In specific ways, we believe that the NFT announcement is similar to the news from March 29 (March 29) that Visa uses stablecoins – specifically, the USDC for settlement of transactions. In an interview, Karen Webster, Cuy Sheffield Vice President and director of Crypto at Visa, stated that crypto-native businesses could develop new business models and not have to contend with traditional fiat within their process of settlement and treasury.
This episode is also available as a blog post: https://anynft.in/2022/01/24/will-offering-payments-options-help-bring-nfts-into-the-mainstream/