Non-fungible token (NFT) marketplace Magic Eden inked a partnership with exchange and web3 infrastructure provider MoonPay to provide its users with easier access to buy crypto assets instantly.
The two will be collaborating across a variety of verticals as a part of their deal, making it easier than ever for Magic Eden users to access more than 60 popular cryptocurrencies.
Magic Eden is the largest nonfungible token marketplace for the Solana blockchain by market share. However, the marketplace doesn’t trade exclusively in Solana NFTs, and integrates both Ethereum and Polygon blockchains. With MoonPay, the venue is reducing barriers to crypto adoption by offering a simple and secure solution that lets people buy and sell NFTs using payment methods they’re familiar with, like credit and debit cards, Apple Pay, and Google Pay.
Additionally, MoonPay’s payments infrastructure provides a seamless and easily understood experience to investors to convert between fiat, cryptocurrency and non-fungible tokens (NFTs), further lowering the barrier to entry into the world of web3 early investing. MoonPay also enables users to buy and stake to purchase 100+ virtual assets natively on the platform with minimal fuss.
“Our goal is to make NFTs accessible to everyone, enabling individuals to own and control their digital assets. And now, with our partnership with MoonPay, we’re even more excited to lower the barriers to entry into the exciting world of Web3, democratizing access to these transformative technologies,” said Magic Eden COO Zhuoxun Yin.
Interestingly, the announcement comes barely 24 hours after Magic Eden laid off 22 employees, or about 15% of its staff, as part of a company-wide restructuring. In a message posted to Twitter, CEO and co-founder Jack Lu explained that the business had “grown significantly and the nature of our challenges has evolved” since the company’s launch 15 months ago.
MoonPay is a Miami-based crypto payments company that values itself at $3.4 billion. The firm is backed by investments from NBA star Paul George, former tennis star Maria Sharapova, and musicians Drake and Justin Bieber.