Magic Eden, a marketplace for non-fungible tokens, and MoonPay, a payment platform for Web3, have teamed together to provide more payment methods for acquiring digital collectibles to customers.
The most recent news release indicates that Magic Eden customers can purchase NFTs in any chain using a credit or debit card, Apple Pay, or Google Pay. Due to this association's efforts, the onboarding process for new users is intended to be simplified.
Magic Eden's clients will soon be able (1) to acquire non-fungible tokens (NFTs) directly, thanks to MoonPay's multichain onboarding solutions. MoonPay has processed more than $3.5 billion in transactions for more than 160 different businesses.
It is still time-consuming to purchase an NFT, particularly for people unfamiliar with crypto, owing to a lack of understanding to utilize the wallet setup and the ecosystem of crypto currencies. As a result of this innovative partnership, Magic Eden and MoonPay will make it much simpler to exchange virtual items with one another.
According to Zhouxun Yin, Chief Operation Officer of Magic Eden, the firm's purpose is to make it easier for individuals to utilize and operate NFTs independently.
MoonPay's Previous Initiatives
MoonPay has previously formed a partnership with the NFT marketplace LooksRare to make it possible for users of that site to trade cryptocurrencies using MoonPay. In November of 2021, the company also completed a funding round of over 555 million dollars, enabling it to keep working toward establishing planned collaborations.
MoonPay just obtained a registration with the Financial Conduct Authority (FCA) in the United Kingdom, indicating that the company complies with the local anti-money laundering standards.
Since its introduction in September 2021, Magic Eden has become widely recognized as THE destination for purchasing non-fungible tokens (NFTs). Its cross-chain marketplace now has more than sixteen thousand NFT collections and has completed deals with a total value of $2.6 billion.
In 2022, Magic Eden expanded its operations beyond Solana NFTs to boost the selling of virtual products on Ethereum and Polygon.
The growth of its many chains will make it possible for the platform to collaborate with the most prominent creators, companies, and game developers worldwide to provide the market with additional NFT use cases that are interesting and culturally important.
On the other hand, it has also come to light that Magic Eden is going through a process of restructuring the business, resulting in the termination of twenty-two of the company's employees.
According to a recent statement published on Twitter by the CEO and Co-founder Jack Lu, the company was forced to implement several significant personnel adjustments to meet the revised objectives for the year 2023.
Lu also asserted that some platforms' offers have entered into new stages of development and promised assistance to impacted personnel throughout the transition process. The exceptional NFT market suffered damage due to the price's steep decline over the last year.
As a reaction to the steep drop, the firm increased its support for Ethereum and Polygon-based NFTs. This allowed the company to maintain its position as a viable alternative to OpenSea and other competing markets.