What's the big deal, it's just an online market, right?
- NFT Marketplaces so far have been mainly designed to transact with Crypto. e.g. You buy and sell using crypto currency like Ethereum (Opensea.io).
- This was a big barrier for ordinary people to get into NFT trading.
- Users need to set up a crypto Wallet, own Eth (setup on an exchange, purchase and send to your Metamask, or other crypto wallets).
- NBA Topshot was the first to introduce Credit Card payments, and all transactions being done in USD.
- First NFT marketplace and blockchain protocol (Flow) designed to go mainstream.
- Now they are the biggest NFT marketplace on earth in terms of transaction volume.
- The drawback to this is that CC purchase of NFTs with withdrawal is ripe for fraud.
- If people are allowed to buy and sell NFTs with Credit cards and then withdraw money without restrictions and knowing who they are, it is far too easy for people with dark intent to commit fraud.
To that end we will be addressing fraud vectors and what we will be doing to combat fraud and make your NFT trading experience as safe and enjoyable as possible. Read the articles in this section or reach out to nWayPlay CS with questions.