The boom of the cryptocurrency space continues to extend within and beyond the $2.5 trillion market territories. Many Blockchain technology firms and crypto services outfits have continued to create and develop innovative products and services, which have contributed to the space’s growth.
However, the last few months have witnessed the uprising of unique digital assets- Non-fungible tokens (NFTs). The NFT market, despite occupying a small portion of the cryptocurrency space, has continued to grow and get the attention of several investors and Blockchain service firms. Circle Internet Financial is the latest player to have been captivated by the NFT space, as they have announced that they have created a new payment solution for the market.
Circle’s new solution will utilize credit cards and cryptocurrencies
In the crypto fintech startup’s announcement, they believe that the rising adoption of NFTs was the drive behind the new payment solution. Speaking to the press on the new update, the firm’s CEO- Jeremy Allaire, believes that NFTs, like Bitcoin, have come to stay and will not be going anywhere anytime soon. The Executive believes that his firm’s new solution is a win-win solution for both content creators and investors.
The new payment solution will enable creators, digital marketplaces, and NFT platforms to get their payment faster than ever while also providing buyers and investors with the most effective payment platform, regardless of location and payment methods. The sales of NFTs have always been conducted with cryptocurrencies. According to Allaire, the platform currently supports Bitcoin, Ethereum, and USDC, as they are currently working to incorporate other cryptocurrencies into the platform. The new payment platform will also feature a credit card, which fiat currency holders will use to purchase NFTs during auctioning.
NFT adoption set to go high
Allaire, in his interview, believes that the NFT space is one of the most attractive sectors of the cryptocurrency space. He feels that the unique digital tokens have continued to fascinate and attract more investors into the space. He believes that it won’t be long before the market starts to rival prominent names like Bitcoin and Ethereum, despite the differences in fortunes and tokens.
Allaire has echoed the words of many crypto analysts, who believe that the NFT space is the next big thing in the cryptocurrency space. Many analysts believe the sale of the world’s most Expensive NFT by Beeple for $69 million earlier this month to continue to put the space in the limelight. However, like Allaire, many analysts have projected the space to continue to grow as the popularity increases.
However, Allaire’s Circle has now made an essential contribution to that growth by creating a platform that will allow both crypto holders and fiat currency holders to partake in the NFT space. The development will delight many in the crypto space, and there is a belief that the payment solution will further aid the adoption of NFTs.