Circle plans to accelerate the mainstream adoption of non-fungible tokens (NFTs) by launching a credit card payment solution for NFT platforms.
Leading crypto fintech startup Circle Internet Financial has announced the launch of a payment solution for the non-fungible tokens (NFTs) market. It will enable investors and content creators to make payments using credit cards and cryptocurrencies.
Promoting NFT Adoption
The company stated in an announcement today that it hopes the initiative would get more investors onboarded into the NFT bandwagon.
Jeremy Allaire, Circle co-founder, and CEO said the initiative is important for content creators as well as customers, who want to venture into the NFT market while adding:
- “Circle looks forward to supporting the industry – creators, platforms, marketplaces, storefronts, and customers – with our solution for enabling a user-friendly, mainstream payments experience with the power of crypto connectivity and USDC.”
Going forward, Circle noted that it will also provide support for investors to make payments using cryptocurrencies. These include its USD Coin (USDC), bitcoin (BTC), as well as ether (ETH) in the coming months.
The U.S-based firm will develop an NFT custodial service and yield generation Circle accounts for NFT market operators, the announcement added.
NFT has been the major trending topic in the crypto industry lately. The sector has seen various arts, video game collectibles, and musicals sold for millions of dollars. One of the most remarkable events for NFT that brought so much attention was the sale of Beeple Art that went for as high as $69 million.
Similarly, a few weeks back, Jack Dorsey, CEO of popular payment provider Square sold his first Tweet as NFT for $2.9 million.
These groundbreaking sales have prompted lots of interest among mainstream investors as well as industry experts who are looking to be partakers of the recent crypto trend.
However, there has been a little snag with NFTs, as investors are usually required to purchase content using cryptocurrencies.
While using cryptos to purchase NFT collections has its opportunities, it has somehow deterred many investors who do not own digital currencies from getting involved with the current trend.
Based on this, Circle has unveiled the initiative to enable traditional investors to enter the NFT market, as NFT sales and purchases can now be made using cryptocurrencies and credit card payment options.