You can now buy NFT without crypto--here's how

cnbctv18.com:

The non-fungible token (NFT) market has been drawing investors’ attention for a while now. However, given the highly volatile nature of cryptocurrencies, cautious investors have been skeptical in using them to invest in NFTs.

But MoonPay, a provider of crypto payments infrastructure, now has a solution. It allows investors to buy NFTs with fiat currency.MoonPay has introduced an NFT checkout tool that will allow investors to buy digital art and collectibles online using credit cards and other traditional forms of payment.MoonPay has a robust client base that contains various big-brand NFT marketplaces.

The new checkout tool will allow users in these marketplaces to purchase NFTs using various traditional payment modes, such as debit cards, credit cards, UPI payments, and even direct bank wire transfers.Also Read : Crypto in Budget 2022-23: Taxed, but is it legitimate?In a similar move, Coinbase had recently announced a partnership with the payment service Mastercard to allow its users to buy NFTs using a Mastercard.Buying an NFT has so far been a bit more complex. Users would have to create a cryptocurrency wallet, link it to the NFT platform and add the necessary amount to their cryptocurrency wallets before they could make a purchase.

Besides, many NFT marketplaces use the Ethereum network to power their transactions. This meant prospective buyers had to fill up their wallets with Ether, the native cryptocurrency of Ethereum, to buy NFTs in these marketplaces.MoonPay’s new tool eliminates the need for wallets to purchase NFTs (though you still need one to store the NFT).