Accept ERC-20 Tokens As Payments For Your NFTs
ERC-20 tokens are one of the most widely used tokens in the world. They are held by millions of users, and they can easily buy and sell digital assets using these tokens. A week ago, Honda started accepting crypto payments for their products in the US. This is a huge step because more traditional industries will follow and start accepting crypto payments.
And now on NiftyKit, you can set up your own payment method to accept ERC-20 tokens as a payment for your NFTs and digital art.
Just follow the below steps, and you are good to go!
Install ERC-20 App
The first step is to install the ERC-20 app to your collection and choose the token you want to accept as payment before the drop.
- Go to your dashboard
- Browse the apps
- Find the ERC-20 app and install
Add it as a Payment Method
Next, choose an ERC-20 token to apply to your sales. Select Pre-sale or Public Sale. Once you start your sale, you can switch later to accept Ethereum or other ERC-20 anytime by stopping and restarting your sale.
Benefits of Accepting ERC-20
First, you can effortlessly accept a wide array of ERC-20 tokens as payment for your NFTs, including popular digital currencies such as USDC, ApeCoin, or even your custom token. ERC-20 tokens typically have lower transaction fees compared to credit card payments or bank transfers, reducing the cost of conducting business in the NFT space.
Accepting popular ERC-20 tokens can foster a sense of community among token holders and fans of a project, enhancing engagement and loyalty. ERC-20 tokens are compatible with smart contracts, enabling automated and programmable transactions, which can simplify complex payment structures and royalty distributions for creators.
Lastly, you can offer incentives such as discounts or exclusive benefits for those using ERC-20 tokens. It can encourage more people to participate in NFT purchases or support a project.
If you have not created a collection yet, create now, and don’t forget to install the ERC-20 app to your collection.
