Crypto firm Circle Financial has launched a payment solution that would accept credit cards and cryptocurrencies in the Non-fungible Token (NFT) market. With this, Circle aims to advance the mainstream adoption of NFTs.
Circle Pushing NFT Adoption
In a statement released, the company said the broad-based mainstream adoption of NFTs was lagging due to the complexity of payment transactions, which usually require the use of cryptocurrencies.
Circle said the new platform would streamline the buying and selling process by enabling platforms to accept credit card payments alongside crypto, all with a seamless user experience.
Circle plans to introduce new features to support USD Coin, Bitcoin, and Ethereum payments in the coming days. It would also develop an NFT custodial service, and yield generation Circle accounts for NFT market operators.
According to Jeremy Allaire, Circle co-founder and CEO, the initiative is essential for content creators and customers who want to venture into the NFT market.
“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,” Allaire said.
Founded in 2013, Circle is a payment services company that operates stablecoin USDC, subsidiary crypto exchange Poloniex, and equity crowdfunding platform SeedInvest.
NFT’s Recent Success
Circle’s new payment solution shows up at the right time as NFT has been trending in recent times. The crypto industry has seen more NFT sales recently, ranging from arts to video game collectibles and musicals sold for millions of dollars.
NFTs are digital collectibles cryptographically secured in the blockchain network. They are called non-fungible because they cannot be broken into smaller parts, making them unique.
The remarkable thing about NFTs is that due to its unique digital code stored on the Ethereum blockchain, a 14 megabyte graphic of the column is hosted on a decentralized file hosting service. It cannot be duplicated or counterfeited, making it potentially valuable for collectors.
Recall that last month digital artist, Mike Winkelmann, also known as Beeple, sold his purely digital work called “Everyday – The First Five Thousand Days Artwork” for $69.3 million.
In the same vein, a few weeks back, Jack Dorsey, CEO of popular payment provider Square sold his first-ever published Tweet as NFT for $2.9 million.
The LeBron James slam-dunk highlight was also sold for $200,000 on the digital collectibles website NBA Top Shot.
And most recently, a New York Times technology column by writer Kevin Roose sold for more than $500,000 in an auction as an NFT.