Buying digital assets instantly: What is an on-ramp?
As part of this MintGate Learn Series, we define what is a fiat-crypto on-ramp and introduce to users how to buy digital assets using a credit card.
Ways to purchase an NFT or digital asset on the blockchain
Fans can choose from two options to purchase NFTs or digital assets on the blockchain:
- Using crypto
All platforms support purchasing using crypto in a crypto wallet or blockchain account. This method was the traditional method prior to the introduction of credit card purchasing support.
User Persona:
This option is preferred by users who highly value anonymity and decentralization. By using a crypto account to purchase NFTs, it is harder for creators and organizations to track the identity of the user.
At MintGate, we recommend only experienced users to undertake this method of NFT purchasing.
How It Works:
Users would initially need to own or create a crypto wallet or blockchain account.
Then, they would need to add the cryptocurrency (or also known as “top their wallet”) that the NFT or digital asset is sold into to their wallet. Users have a few options to add crypto to their wallet:
- If a user does not value anonymity and wants the convenience of using the crypto for other purposes, they can purchase a bulk of the cryptocurrency via credit card. Credit card purchases usually require personal verification. Many wallets offer an in-wallet option. Several NFT platforms offer the ability to purchase and send in-app. Alternatively, users can purchase and send crypto to their wallet using a certified exchange such as Coinbase or Gemini.
- If a user does require anonymity, they can purchase the crypto using a decentralized exchange such as 1inch. A decentralized exchange is a community cryptocurrency sale platform that does not require personal verification.
Using credit card
Most platforms support users purchasing directly using a credit card.
Platforms would need to integrate with a fiat-crypto on-ramping provider (most popular include: Wert, Wyre, Transak, Moonpay, and Crossmint) to enable this feature.
User Persona:
This option is perfect for all users, specifically those who want to purchase NFTs and digital assets efficiently.
How It Works:
Generally, users would initially need to own or create a crypto wallet or blockchain account.
Then, upon navigating to the digital asset page, users would choose the option to purchase via credit card. They would input their crypto wallet and credit card details and then receive the NFT into their crypto wallet instantly.
Depending on regulations in their jurisdiction, users may need to provide more personal details or may not be able to purchase NFTs at all. Credit card support for NFTs requires fiat-crypto on-ramping providers to obtain a license to sell crypto in the jurisdiction, a requirement that is cumbersome to the providers.
If you want to allow users to purchase NFTs via credit card, we recommend that prior you check that the credit card purchase option that the platform integrated with supports the jurisdictions your top consumers are based in.
What is a fiat-crypto on-ramp?
A fiat-crypto on-ramp is a technical term for the tool that allows users to purchase NFTs or cryptocurrency using regular money (in most cases, using a credit card).
Using a different perspective, breaking down the terminology, fiat-crypto is regular money to cryptocurrency. On-ramp is getting onboarded. To combine the two terms together, a fiat-crypto on-ramp enables people to get onboarded to crypto using regular money.
Fiat-crypto on-ramps are important to enable users to get access to cryptocurrency and the blockchain quickly.
How to Have Your Fans Easily Purchase NFTs Using MintGate’s on-ramp options
MintGate was one of the first platforms to enable NFT purchasing using a credit card. As an NFT membership platform focused on digital perks, our creators desired an easy and seamless way for their fans to purchase NFT passes to unlock video, audio, ebook, and livestream perks.
Creators wanted to spend more time creating and less on educating fans how to purchase crypto and fans wanted to get access to the content right away — a fiat-crypto on-ramp solution seemed like a win-win.
Through a partnership with Wert, MintGate offers users the ability to purchase NFTs directly using credit card and add cryptocurrency to their existing crypto wallets to purchase using the traditional method. Wert is available in 200 countries, accepts Visa and Mastercard, and does not require personal verification for purchases under $10,000 USD.
How to add cryptocurrency into your wallet using MintGate
- Log into MintGate. (FYI: We offer the ability to login and purchase completely with email login)
2. Click on your user dropdown in the right corner
3. Click on Top Up Wallet
4. A new tab or window directing you to Wert will open. Wert will ask you how much USD equivalent in MATIC, which is the cryptocurrency that all MintGate NFTs are sold in, you would like to purchase.
5. Click Continue. Add your phone number for verification purposes. On this page, you can also check if Wert supports your home jurisdiction.
For U.S. residents, you can also check out this link here of supported states: https://widget.wert.io/supported-us-states.
For non-U.S. residents, you can check out the link of supported countries here: https://widget.wert.io/supported-countries
6. If your jurisdiction is supported, continue to add your credit card details.
7. If your jurisdiction is not supported, please reach out to us Discord here: https://discord.com/invite/HVsbWZfrFQ
How to purchase NFTs directly using a credit card on MintGate
- Go to any NFT page on MintGate
- Click on Login to Buy
4. Upon logging in, click on the option to Buy with Visa. You will be able to purchase the NFT via Visa or Mastercard.
5. A popup modal will appear for you to start the process to purchase the NFT.
If you have any questions, please join our Discord: https://discord.com/invite/HVsbWZfrFQ or email us at support@mintgate.io.
