Binance is a household name in the cryptocurrency market and its reputation as a leading cryptocurrency trading and exchange platform is a major reason for this. However, it has rapidly evolved over the years to accommodate the trading of other blockchain commodities. NFTs (Non-Fungible Tokens) are high on this list.
This is especially possible because it now has a blockchain platform – Binance Smart Chain. Without a reasonable doubt, Binance Smart Chain is very high on the list of the most interoperable blockchain platforms, which is not surprising given Binance’s experience and expertise as a leading cryptocurrency trading and exchange platform.
Speaking of NFTs particularly available on this platform, it is good to know that NFT purchases just got better and easier. This is thanks to the possibility of buying NFTs with credit or debit cards. More on this will be discussed here. So, keep reading to stay informed.
Importance of Credit/Debit Card Payment Solutions for Binance NFTs
Traditionally, the sale or purchase of NFTs involves cryptocurrency transactions. The implication is that the seller and buyer need to have a usable crypto wallet to facilitate transactions. However, the narrative is fast changing with the possibility of making the transaction with credit or debit cards. Discussed below is some of the importance of this changing narrative:
Is the purchase of NFTs using the buyer’s crypto wallet convenient? Well, that depends on how you choose to see it.
However, in terms of convenience, this option does not come any close to using a credit or debit card for the same purpose. For example, the traditional option can involve several processes. Transfer of cryptocurrency will be required but the purchase of specific crypto supported by the blockchain platform may be required as well.
It is just a very straightforward process with a debit or credit card, which makes it a very convenient option. In light of this, people who want to buy NFTs in the most convenient way possible can make use of either of these payment solutions – debit or credit cards.
There is an increasing amount of people that have crypto wallets. For instance, there is an astonishing difference of over 81 million people between 2015 and 2022. To set the record straight, it is almost guaranteed that the number will keep rising.
But even at that, there are still too many people without a crypto wallet. As a result, such people will not be able to participate and benefit from the market, if it were left to traditional payment solutions. This is how much deterrence sole reliance on a crypto wallet will create.
A source even disclosed how well over 90 percent of people interested in buying NFTs do not have a crypto wallet. You can visit https://nftpay.xyz/binance-smart-chain/ for more information about this. The whole point being established here is that sole reliance on crypto payment is not sustainable for the NFT market.
Fortunately, the possibility of buying with credit or debit cards solves this problem. In other words, the NFT user-base market will be significantly expanded because of the increasing number of platforms that incorporate this payment approach. This also adds to the ease that it offers.
Debit and credit cards as payment solutions have evolved over the years. It has gotten to the point where they are very preferred payment solutions. This is partly because of the ease that they offer. But in addition to that, it is also about the pace of transactions.
With either of these payment solutions, you are likely to get real-time results. However, this is not always the case with the crypto option. For one, the verification process can take a bit of time and this slows down transactions.
Considering how time can be of the essence in the NFT market, timely payment solutions should be engaged. For this reason, debit or credit cards for the purchase of NFTs should be better explored.
The crypto market is very susceptible to swift and unpredictable changes. This means that the price value of cryptos can change at any given time, which can affect planning the purchase of NFTs.
Using fiat currency for this purpose offers more price stability. This prevents the adverse impact of crypto price fluctuations.
The possibility of using debit and credit cards for the purchase of NFTs increases buyer’s participation as mentioned early on. However, buyers are not the only party that gets more involved.
This is also the case with sellers, which will make the NFT marketplace more competitive. There are several advantages when this market becomes a lot more competitive and they include the following:
- Market Expansion
- Increased Liquidity – This will be a result of an increase in trading activities
- Higher Profit Margin for Creators
- Community Building
- Artistic Diversity
- Innovation – In the bid to outdo competitors
- Lower Fees – In the bid to win over buyers
- Quality Control
Frankly, there are more benefits of a highly competitive NFT market than mentioned above. As a result, measures that will ensure that the market becomes more competitive should be taken. One such measure would be making the most of debit and credit cards for purchases in the NFT market.
The purchase of Non-Fungible Tokens can be very profitable. However, people need funds to buy these digital assets. Fortunately, credit cards can provide the needed funds for such purchases.
This is given how it provides a credit line. However, it should be used responsibly to avoid hurting credit scores and financial profiles. Responsible use of credit cards requires:
- Having a budget
- Spending within your budget
- Seeking financial guidance from finance experts (if the need arises)
- In-depth credit report assessment
- Having an emergency fund
- Not maxing out your credit card balance
These are some of the requirements for responsible usage of this payment solution. You can check here for additional tips.
It is now possible to facilitate NFT transactions on the Binance Smart Chain platform with credit and debit cards. However, more still needs to be done in terms of enabling such payment solutions in the NFT market space. Some of the reasons why this is necessary have been discussed here and should be taken seriously.