FaZe Clan, Moonpay’s New Deal Perfectly Sums Up NFT, Crypto Buzz

spawned digital money, or cryptocurrencies like bitcoin, as well as virtual goods via NFTs, which are bits of tokenized code tied to virtual valuables . Think exclusive 3D sneakers, one-of-a-kind electronic murals and other digital rarities. and art transactions nabbing millions and fueling monthly growth from $400 million in early 2021 to $2 billion, according to JPMorgan, resulting in a market that’s worth over $7 billion.

Enthusiasts, like Meta’s Mark Zuckerberg, hype this interconnected virtual world as an “embodied internet,” the successor to today’s web. Others believe the online future lies in Web3, a third version of the internet following its messy early days and the current era of Big Tech dominance. This new iteration promises to be a more secure, blockchain-based environment free from the control of a handful of major platforms like Google or Facebook.

MoonPay’s appeal in this context makes sense. It wants to simplify cryptocurrency payments, and it built an infrastructure around that concept. Its approach may have something to do with that. Consumers can use credit cards, bank transfers or even mobile wallets like Apple Pay to buy and sell cryptocurrencies. In a blog post on Monday, the company said it was introducing a new NFT Checkout solution for NFT purchases via credit or debit card, calling it “a huge improvement over the current process.”

Last month Ivan Soto-Wright, MoonPay’s cofounder and CEO, explained to crypto site Coin Rivet that “what differentiates MoonPay is the fact that this tech is enabling emerging wallets, exchanges, DeFi platforms and NFT marketplaces to hit the ground running, so they can focus entirely on core business rather than infrastructure.” event on Saturday, looked like a promising start.

To show how media relations could work in Web3, the esports company also minted 50 “FaZe Press Pass” NFTs for reporters that grant access to future embargoed announcements.

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