MoonPay is a crypto payment and onboarding platform that aims to make crypto and non-fungible tokens (NFTs) accessible to all. The platform provides infrastructure enabling businesses to integrate crypto and NFT payments and services seamlessly. It makes it easy for customers to purchase digital assets with a credit or debit card, lowering the barrier to entry for newcomers to the industry.
Furthermore, MoonPay is making headlines after significant investments from A-list celebrities, including Justin Bieber and Paris Hilton. Music fans with a discerning eye may have seen MoonPay appear in the music video for the hit single “One Right Now.” In this video, the famous musician Post Malone can be seen purchasing an NFT on the MoonPay platform. While celebrity endorsements of crypto projects have a rocky history, it’s difficult to deny their impact in promoting crypto and NFT adoption.
In this article, we will explore the MoonPay crypto payments platform. We’ll look at some of the big-name celebrities who’ve invested in the project and the core products MoonPay has to offer. Also, we’ll discuss the impact of celebrity crypto endorsements and the role of NFTs in brand marketing and audience engagement. Additionally, we’ll consider some of the platform’s security features and the registration with the UK’s Financial Conduct Authority (FCA).
What is MoonPay?
So, what is MoonPay? MoonPay is a crypto payments app that is funded and endorsed by a string of high-profile celebrities. The platform is likened to the “PayPal of crypto” as it facilitates crypto and non-fungible token (NFT) purchases via popular payment services. MoonPay aims to promote Web3 adoption by connecting businesses and individuals via an easy-to-use platform. Also, MoonPay’s payment infrastructure makes it easy for businesses to integrate crypto payments, fiat on-ramps, and non-fungible token (NFT) sales.
The platform features four core product offerings. Firstly, MoonPay’s on-and-off-ramp product allows businesses to integrate crypto-to-fiat conversions with just a few lines of code. It supports most major banks and payments services, helping businesses onboard the next generation of crypto investors. Plus, it guarantees zero chargebacks. The second core product is NFT Checkout, which we explore in detail later in this article. Third in the MoonPay product range is Hypermint, an NFT launchpad for brands and celebrities. Finally, MoonPay Concierge is an invite-only NFT marketplace for celebrities and brands.
MoonPay was founded in 2019. The platform is operational in over 160 countries globally and is compatible with more than 300 wallets and applications. More than five million customers have transacted over $2 billion on MoonPay, which is reflected in its growing popularity.
MoonPay Funding Round
In Q4 of 2021, MoonPay raised $555 million in a Series A funding round headed by Tiger Global Management and Coatue Management. The company was valued at $3.4 billion, indicating the strength of celebrity endorsements in Web3 startups. Some of the biggest musicians to endorse the project include Drake, Post Malone, and Justin Bieber. Other A-list celebrities include actors Bruce Wills, Ashton Kutcher, Gwyneth Paltrow, and Paris Hilton.
Around 16% of the funds raised in the Series A round came from celebrities, highlighting the rising adoption of crypto and NFTs and their prominent role in entertainment and marketing.
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What is MoonPay Used For?
Now that we understand a bit about the platform’s background, let’s address the question, “what is MoonPay used for?”. MoonPay is a crypto payments service that allows users to buy and sell crypto and NFTs. It allows users to buy and sell tokens using debit and credit cards. When buying crypto from an exchange, investors typically have to deposit fiat currencies, convert fiat into a crypto asset like ETH, then use ETH or another base asset for other crypto transactions. Because interacting with decentralized exchanges (DEXs) and NFT marketplaces requires an understanding of crypto wallets, they have a barrier to entry for new users.
For example, anyone who wants to buy an NFT from a decentralized NFT marketplace on Ethereum will likely begin by depositing fiat into a centralized crypto exchange and paying a fee to convert it into ETH. From here, the next step would be to sign a transaction to send the ETH to a non-custodial wallet and pay another fee. After this, users must sign another transaction to buy an NFT and pay a fee to mint it.
So many steps in the NFT purchasing process make NFTs inaccessible to anyone who doesn’t know how to use a crypto wallet. MoonPay aims to address this issue by providing an on-and-off-ramp service that allows users to buy tokens directly using the most popular traditional payment methods. MoonPay purchases the crypto required to make the NFT purchase on behalf of the customer. This makes it convenient for newcomers looking to gain exposure to crypto or invest in NFTs. MoonPay’s rarity tools also allow users to filter digital collectibles according to their rarity, saving them time when trying to find the most-popular NFTs.
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Non-fungible tokens (NFTs) are among the biggest drivers of Web3 adoption. MoonPay’s NFT Checkout allows users to invest in NFTs using a credit card instead of making fiat-crypto conversions. Buyers can purchase NFTs worth up to $7,500 without identification, and sellers receive daily USDC payouts. MoonPay’s NFT Checkout service aims to remove many of the frictions associated with onboarding new users into NFTs and the metaverse. At the time of writing, the MoonPay NFT Checkout service is still under development. However, you can register your interest via the MoonPay website. Likewise, you can register your interest in the HyperMint service.
Save our “Starbucks Odyssey” article for later reading to learn about mainstream NFT adoption!
HyperMint is an NFT development platform under the MoonPay umbrella. It provides tools and services that help businesses onboard new users into crypto and NFTs and saves them time during the development process. HyperMint also seeks to establish new use cases for NFTs while enhancing existing ones in areas like digital collectibles and the metaverse.
HyperMint simplifies the smart contract development process and makes it easy to create NFT projects without code. It allows users to create NFT projects without having to interact with blockchains, making it a suitable solution for non-developers looking to create their first NFT collections.
If you’re an NFT developer looking for a convenient solution to fetch metadata, check out the Moralis cross-chain NFT API. Moralis saves you time when building projects so you can ship your products quickly. The industry-leading Moralis NFT API allows you to bring your project to life with just a few lines of code and fast-track your success. You can retrieve NFT data from any supported blockchain with a single call. Plus, you can avoid wading through irregular data sets and querying unreliable servers.
Is MoonPay Legit?
The MoonPay Trustpilot score considers more than 62,000 reviews, making a score of 4.1 stars. The platform uses AES-256 encryption to secure user funds and data. In December 2022, MoonPay registered with the Financial Conduct Authority (FCA), outlining MoonPay’s commitment to compliance and money laundering laws.
As with any crypto project, always conduct your own research before investing. No project is 100% safe, and users should consider a hardware wallet and a robust security protocol for self-custody. MoonPay was at the center of a hack on the IOTA network in 2020. Although MoonPay itself was largely unaffected, vulnerabilities within the MoonPay codebase allowed hackers to drain user funds from the IOTA network.
If in doubt, take a look at some of the reviews that contribute to the Moonpay Trustpilot score and see what other users have to say about it. Also, you can find further information about MoonPay’s data encryption and disaster recovery procedures on the MoonPay website, where you’ll also find information about MoonPay’s security monitoring, GDPR, bug bounty, and vulnerability disclosure programs.
NFTs and Brands
NFTs are an essential marketing tool for brands, businesses, and celebrities. They generate new revenue streams and allow brands to target new demographics. NFTs also allow artists, creators, and musicians to tie real-world experiences and exclusive perks to their work. As a medium for entertainment and art distribution, NFTs are creating a new paradigm that empowers artists and creates value for fans. For example, any musician can release music as an NFT and incorporate additional art, rare and exclusive merchandise, and fan engagement experiences. NFTs also allow artists to earn a higher share of royalties than they can with traditional distribution models.
NFTs are unique representations of tokenized assets on the blockchain. They allow anyone to verify the scarcity of an asset using a block explorer, which makes them ideal for digital collectibles. Big-name brands like McDonald’s, Adidas, Nike, and Starbucks are already on the NFT bandwagon, indicating that NFTs are likely to play a prominent role in brand marketing over the coming years.
The relationship between crypto and celebrities has been a rocky one at times. Many high-profile celebrities have endorsed crypto projects that turned out to be scams or rug-pulls. Some celebrities and brands have ignorantly endorsed crypto projects which have ultimately threatened to damage their reputations. Celebrities and brands are quick to jump into the crypto space when it’s trendy. Nonetheless, the perceived legitimacy of the crypto industry diminishes when celebrities endorse scams without due diligence, and brands suddenly drop all ties with partners in the blockchain industry for fear of a public image crisis.
Sustainability is a huge topic in Web3. Bitcoin’s Proof-of-Work (PoW) consensus mechanism requires miners to expend vast amounts of energy. Many second and third-generation blockchains opt for the Proof-of-Stake (PoS) consensus mechanism to minimize their environmental footprint.
MoonPay is committed to safeguarding the future of the planet by minimizing carbon emissions. The company is fully remote and paperless and is powered by renewables. Also, MoonPay pledges to be carbon neutral by 2030 and operates several initiatives to offset carbon emissions.
Full 2023 MoonPay Guide – What is MoonPay?
MoonPay is a crypto payments platform that allows users to purchase digital assets using bank cards, debit cards, Apple Pay, Google Pay, and many other traditional payment methods. The platform serves as an on-ramp for new users and provides an accessible solution for anyone who is unfamiliar with crypto wallets. MoonPay connects fans and creators while encouraging other celebrities to consider investing in crypto startups.
The recent string of celebrity endorsements is creating a buzz around MoonPay. However, it’s important to conduct your own research before using any crypto platform. Buying crypto and NFTs without understanding the technical concepts behind blockchain technology may be convenient. Still, if you don’t hold your own private keys, you don’t really have control over your funds. Moreover, learning how crypto wallets work allows you to safeguard your assets and protect them against hackers or bankruptcy.
Moralis Academy – What is MoonPay?
If you want to learn how to look after your crypto using a non-custodial hardware wallet, check out the Crypto for Beginners course at Moralis Academy. In this course, we teach students how to buy, sell, and trade crypto using an exchange. Plus, we show you how to look after your funds properly using a hardware wallet. Also, we explore the key differences between Bitcoin, Ethereum, and altcoins.
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