Scottsdale, Ariz, Feb 04, 2022, GCG, NFT consultants, and incubator is seeing an interesting trend in inquiries around NFTs. Buyers want to engage and be part of the NFT trend but without the confusion and complexities of cryptocurrencies, gas fees, incompatible blockchains, and (difficult to set up) digital wallets with seed phrases. These issues are currently a barrier to the growth of the NFT market. Several ventures are providing a solution by offering customers the ability to use fiat currencies (Credit and Debit Cards) to purchase their NFTs. Their NFT purchases are held in trust in an escrow holding account, therefore, maintaining the blockchain ledger tied to that item in lieu of opening an individual digital wallet.
“The public loves the concept and mystique around the NFT but that fades when they get into the technical complexities,” noted Chris Jackson from the NFT Golf Tour which combines the exciting NFT space, gaming, fantasy sports pools, and the golf world. It provides players the opportunity to be more engaged with golf on a weekly basis and make friendly wagers on events. “We have many players that purchase their Tour Player Card with a credit card in the NFTGOLFTOUR.com Shop and the tour holds the card in trust and transfers it to a holding account. If the owner ever opens a crypto wallet the NFT can then be transferred to the established account.
Multi-media artist PIMPTRONOT has also seen a similar trend with his digital artwork. Over the years as a touring DJ and artist, his fans want to own works that connect to PIMPTRONOT, yet many are not ready to take the jump into the Opensea of Crypto-wallets and digital currencies that they don’t fully understand. In December 2021 one of his fans purchased an NFT from him for $250,000 USD using a paper check, the biggest PIMPTRONOT NFT sale to date. The contract (off the blockchain) stated that the work be removed from sale and presented in a digital frame for viewing with the new owner having the right to return it to any blockchain of choice in the future if they ever wanted to resell the work.
These creative solutions providing access for NFT buyers without digital wallets will help grow the NFT space and allow creative people to build their brands.
The NFT space is ready for an explosion. Although very much still in the early adopter stage, key indicators like NFT marketplace acceleration outpacing internet adoption, Metamask blowing past 20 million active wallets, opensea.io are very positive for the industry. The NFT marketplace has registered a colossal $14 billion in trading volume throughout 2021 as the digital art world thrived. This makes the timing for artists like PIMPTRONOT and ventures like the NFT Golf Tour a good bet.