How We Doubled The Sales Of An NFT Collection By Simply Adding Credit Card Payments
Did you know that integrating credit card payments into NFT collections on average leads to a staggering 123% improvement in performance compared to those without?
This crazy statistic explains why the number of NFT collections incorporating credit card checkouts has been growing consistently on a month-by-month basis all throughout this year.
In this article, we will explore the reasons behind the immense impact of credit card payments, showcase success stories, and provide step-by-step instructions for implementation. Our goal is to equip you with the knowledge and tools needed to enhance your sales and offer exceptional user experiences in your NFT Collection. To sum it up, read this to get free value.
The Power Of Credit Cards
Right off the bat, it simplifies the purchasing process for collectors, streamlining transactions and reducing friction.
The ability to pay with a credit card eliminates the need for complex cryptocurrency wallets or external platforms, making it easier and more convenient for buyers to acquire NFTs. Remember, the better the UX, the more mints happen.
We also have to realize that less than 3% of the world’s population minimally understands crypto and web3.
Credit card payments significantly increase accessibility, opening doors to a wider audience of potential buyers. By incorporating credit card payments, NFT collections become more inclusive, attracting individuals who prefer the familiarity and ease of credit card transactions.
To capitalize on the growth & hype around an NFT collection, leveraging data analytics and user insights becomes crucial.
By embracing credit card payments, projects can analyze transaction data, user preferences, and engagement patterns, gaining valuable insights to optimize their offerings.
Case Studies
You probably have heard of former US President, Donald Trump, but did you also hear that he sold out an NFT Collection?
Yes, 45k NFTs, 99$ a piece, totaling 4.5 Million in sales – not bad at all.
As you can imagine, most of Trump’s supporters would love to have an NFT from this collection, but they aren’t particularly savvy with the Blockchain space, like 95% of the US population.
So how was he able to sell absolutely everything, in under 24 hours?
CREDIT CARDS.
With a simple traditional credit card checkout that was mandatory, they were able to streamline the process for their users and reach mass adoption.
Properly thought out, and very well executed.
You might be asking yourself, I have a collection that is very crypto-native, my audience does know what a meta mask wallet is!
Then how come all the giant companies in the Web3 space like Opensea for example are all trying to find ways to bridge the gap to the Web2 world? Through credit card payments, traditional email/password login, invisible gas fees, and many other solutions.
Our company, Terratecc, has launched 2 old-school 10k generative BAYC-style NFT Collections in the past 3 weeks. The target audience is completely web3 savvy, but this did not mean we were going to just shut the doors to those that wanted to mint but just didn’t have a crypto wallet.
In the end, the decision paid off, with around 30% of the revenue coming strictly from credit cards.
How To Integrate?
Many projects have made the mistake in the past of thinking they have to build their own tech (payment gateway, custodial wallet solution, etc.) to get the benefits of credit card checkouts.
Ultimately, they gave up because of the immense amount of work it would take. Luckily, there are some amazing companies that have built ready-to-go solutions, that your specialized Web3 development team or agency should not have a problem integrating.
1) Crossmint (https://www.crossmint.com/)
-Accept any payment method for your NFT sales: Debit & credit cards, Apple Pay, cross-chain payments, and more.
-Mint, edit, and burn NFTs. Airdrop them into emails or wallets with a single API call. No crypto required.
2) Magic (https://magic.link/)
-Fiat On-Ramps via Credit, Debit, Instant Bank ACH, Paypal.
-Access to 20+ Auth methods (including email, SMS, social), integration with any identity provider, MFA and phishing protection.
Conclusion
Credit card payments for an NFT collection have a transformative impact, simplifying purchases, increasing accessibility, and providing exceptional value.
The trend is more than clear, so if you are launching an NFT collection soon, what are you waiting for?
There really is no excuse for not taking action.