Users of the NFT marketplace, iNFTSpace, can now enjoy more direct purchases of digital artworks via Alchemy Pay’s fiat-to-crypto gateway plugin.
This on/off ramp is now being “integrated across all areas of blockchain.” For up and coming projects, such as iNFTspace, this is “the first time they have been able to offer their users access with fiat currency in such a direct manner.”
The ramp enables iNFTspace users “to pay with their Visa and Mastercards but they can also choose to use local mobile wallets and domestic transfers to purchase NFTs.”
This is thanks to Alchemy Pay’s network which includes 300+ fiat payment channels. Mobile wallets have become a widely-used option for consumers in emerging markets like Southeast Asia and Latin America to transact.
Alchemy Pay’s ramp “gives access to these hidden markets.” Alchemy Pay’s network growth is “incentivized by its token, ACH, which is used by partners to pay transaction fees.”
Using a DAO (Decentralized Autonomous Organization) structure, iNFTspace has built an innovative platform that “incorporates NFTs and SocialFi where users can join communities, users, and experts all over the world.”
The platform’s token, INS, is “used for rewards and fee reductions.” Through these, and other DAO incentives, iNFTspace has “driven the participation of NFT creators and enthusiasts to accelerate the ecosystem construction of iNFTspace.”
Alchemy Pay CEO, John Tan said:
“More direct payments with traditional fiat currency will make a big impact on the marketplace’s accessibility. Users, creators, and iNFT will all benefit from the addition of our ramp plugin on iNFT’s platform. Crypto’s the most exciting industry in the world right now but accessibility is still often lacking. We are proud to be providing part of the solution.”
This year, Alchemy Pay claims that it “has proven to be a highly versatile and dependable payment provider for the NFT sector.”
It has “developed bespoke crypto and fiat payment solutions at art events like Venice Biennale and Hong Kong’s Artaverse as well as the recent WeAreSG drop for Singapore National Day Integration.”
Integration with iNFTspace continues “to position Alchemy Pay as an industry leader.”