- Transak announces its NFT Checkout Solution is now publicly available, following a beta launch that began on Decentraland and other Web3 platforms early this year.
- Launching in beta enabled wider visibility of the payment challenges within the NFT industry and gaming. Thus, the development team were able to mark the critical pain points users face in interacting with or purchasing NFTs.
- Transak’s NFT Checkout supports multiple NFTs in a single transaction and integrates with most leading blockchains and 170+ cryptocurrencies, eliminating token acquisition and gas fees complexities.
- The product was built with developers in mind, making the entire integration process simple and efficient.
- Transak acquired the 5815 MCC code, which is the right banking code to sell NFTs, drastically improving the approval rating of cards by 95%.
Miami, USA, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Transak, a leading global Web3 payment and onboarding infrastructure provider, today announced their ‘NFT Checkout’ marking a significant expansion in NFT accessibility. This launch aims to simplify the complexities hindering user onboarding in gaming and tackle the challenge of navigating intricate infrastructures and payment processes.
Following the success of its beta phase with Decentraland and other web3 platforms, Transak has revealed its NFT checkout which offers an optimized solution for buying and selling NFTs, especially within blockchain gaming. Having secured a US$20M investment in Series A from esteemed VCs like CE Innovation Capital, SBI Ven Cap, UOB, Animoca Brands, and others earlier this year, Transak continues to push boundaries in the evolving NFT industry.
The Global NFT Gaming Market is projected to double by 2028, with a 14.84% CAGR during 2023-2028. Despite the growing applications of NFTs, onboarding new users remains a hurdle. Complex infrastructure and payment processes often deter individuals from entering the digital asset space. Additionally, the gaming industry's integration of NFTs for in-game assets further expands the appeal of these digital collectibles. Still, it faces challenges in onboarding users to these new forms of gaming assets.
Transak began the beta phase of their NFT Checkout earlier this year. The development team was able to mark the critical pain points users face in interacting with or purchasing NFTs, and through consistent evaluation and learning, Transak developed NFT Checkout. Transak’s solution addresses all the requirements around NFTs for today’s Web3 platforms. It also accounts for the future needs of Web3 games, or larger Web2 brands that would look to integrate NFTs into their ecosystem. A strong example of this is the ability for users to purchase multiple NFTs within a single transaction, reducing the amount of time and extra fees associated with making multiple purchases. This is not only an industry first, but a massive change in dynamic for companies looking to integrate NFTs into their ecosystem.
This comprehensive solution simplifies transactions and integrates seamlessly with all leading blockchains and 170+ cryptocurrencies, eliminating token acquisition complexities and gas fees. The platform facilitates compliance, payment processing, fiat-to-NFT conversions, and user support, ensuring a frictionless NFT purchasing experience. With a 95% transaction approval rate—significantly surpassing industry norms—Transak strategically acquired the Merchant Category Code (MCC) 5815. This code communicates the lower-risk nature of NFT transactions to banks, optimizing approvals and reducing rejections associated with the MCC 6051 code.
Yeshu Agarwal, Transak's Co-founder & CTO, states, "Our NFT Checkout doesn't just facilitate access to the future of commerce; it fundamentally transforms it. By eliminating the need for specific cryptocurrencies, we've simplified the transaction to a single fiat operation, as effortless as any online purchase. This, combined with the capacity to acquire multiple NFTs simultaneously, and our extensive transaction limits, empowers businesses of every size to fully exploit NFTs in their endeavours, devoid of complexity or compromise."
Although optimized for, Transak's NFT Checkout is not limited to gaming. Similar to traditional e-commerce platforms, NFT Checkout allows users to buy or mint multiple NFTs in a single transaction, enhancing convenience.
Transak's NFT Checkout is gaining rapid traction, with further partnerships anticipated in the coming weeks. Its user-friendly nature facilitates seamless integration, catering to diverse business needs.
Transak's NFT Checkout marks a significant advancement in web3 commerce, offering a user-friendly platform for effortless NFT transactions via fiat currency. This product embodies a commitment to expanding digital asset participation while ensuring exceptional transaction approval and security, addressing usability challenges in the crypto and NFT landscape.
About Transak
Transak is a leading global Web3 payment and onboarding infrastructure provider, enabling smooth transitions between conventional finance and digital assets. With Transak, Web3 platforms can empower users to buy, sell, or mint digital assets across 75+ blockchains in 170+ countries, simplifying user KYC, risk monitoring, compliance, payment methods, and customer support. Serving over 350 top apps like MetaMask, Coinbase, and supported by industry giants like Animoca Brands, Consensys, UOB, KX, and more, Transak is at the forefront of making Web3 applications more accessible.
For more details, visit transak.com or follow us on x.com/transak.
Learn more about Transak's NFT Checkout solution on https://transak.com/nft-checkout
