Over the course of the covid 19 pandemic, there are few fields that changed more than that of investing. So many new developments have sprung up, particularly in the cryptocurrency world. It makes a person wonder what’s worth investing in and what’s not, for one thing.
Alongside that query, though, comes the fact that creators have a lot more opportunities to sell their art and have it serve as a form of investment that customers can purchase. If you haven’t heard of this concept before, they’re known as “NFTs,” or non-fungible tokens. For a while there, they weren’t the most accessible thing to most investors, though.
Why? Well, as you can read about here, https://www.investopedia.com/non-fungible-tokens-nft-5115211, previously you could only purchase them with cryptocurrency. Unfortunately, this shut out a lot of potential buyers and sellers. Accepting payments in cryptocurrency can be kind of risky for artists, after all.
Thankfully, there are more options now, opening the market for a lot more people. One of the main methods is selling NFTs for credit card (or debit card) payments. It’s not the only option, but it allows for more freedom than only cryptocurrency. If you’d like to know more about how it works, though, be sure to stick around.
What are NFTs?
Before we tackle some of the ways to sell them, it’s probably a good idea to first discuss what NFTs are in the first place. As was mentioned above, the acronym itself stands for non-fungible token. What does that even mean, though?
There’s some confusion about the differences between cryptocurrency and NFTs, and that’s understandable, considering that both are a part of the “blockchain.” There’s one key difference, though. When you’ve got two “pieces” of cryptocurrency in one blockchain, they’re interchangeable with each other. This isn’t the case with NFTs.
The whole draw of them is that each of them is unique. The above distinction may seem like a small detail, but in terms of online investing, it’s a huge one. These NFTs are tokens that can’t be replicated, and that’s what gives them value.
How Does it Work?
So – a big part of how non-fungible tokens operate is in how they get their value. It’s what makes them so appealing, but it’s also the main “downside” with them. What do we mean by that?
Well, NFTs are only as valuable as people perceive them to be. When creators accept credit cards for NFTs, though, that tends to bump them up in that worth. The more accessible one is, the more likely that people are going to buy them, right? While some assets don’t operate like that (and their lower accessibility raises their value), non-fungible tokens benefit from being more accessible because they are inherently unique when they’re purchased.
They can never be replicated, so the more that you can sell, the more desirable that they become to other consumers and investors. Part of the whole way that this operates is that investors are the ones who decide if they consider the token valuable or not. So, one person might consider it worth a lot of money, and the next may think of it as worthless – you’ll have to attract your target audience.
Allowing people to purchase them via credit cards is one way to expand your consumer-base and reach your target audience who don’t necessarily want to sink a lot of cash into a cryptocurrency like bitcoin. That can be a real roadblock.
Why Offer Other Buying Options?
Perhaps you are still wondering why this would be a big deal in the first place, and that’s certainly fair. The reality is that buying cryptocurrency isn’t easy for most people. You can’t just go ahead and do it, either – you’ve also got to get a wallet to hold it, and there are a ton of security concerns there. A lot of consumers and investors still just don’t want to deal with that stuff.
There’s also just worries about the longevity of the crypto market, as you can read about in this article. Investors are paying attention to that sort of news, and that can obviously make them wary about getting involved. However, we don’t have to let that impact our sales of non-fungible tokens.
Naturally, that’s where offering other buying options comes into play. If they aren’t met with a requirement of crypto or bitcoin, they’re a lot more likely to want to make a purchase of one of these tokens! It might sound a little strange, really, but a lot of the potential customers will be more interested this way.
Unfortunately, a lot of independent artists have some difficulty listing their NFTs for sale on a platform that doesn’t require cryptocurrency as the method of buying and selling. Finding the alternatives isn’t always easy, and it does beg the question of whether or not it’s worth it. When you consider the fact that a huge percentage of folks who could be interested in these tokens are only barred by the fact that they don’t want to get crypto (and the wallet, and everything that goes along with it), then it’s hard to say it’s not worthwhile.
Adding extra payment methods to your site doesn’t have to be hard. There are ways to integrate a credit card option pretty easily, as you can see in some of the resources that were linked above. While it’s not entirely necessary, perse, hopefully you can see why it’s worth the time to do so.
Luckily, it’s really not a huge time or money sink, either. In fact, it could be as easy as just using one line of code to integrate a credit card option, depending on which company you decide to work with to add the option to your page! Pretty easy, right?
While most of them do end up charging a small percentage of each sale, the fact that you’ll be bringing in more sales offsets that pretty well. Compare your options to try to find what could work for you.