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Saturday, September 25, 2021

Digital Collectibles: Rachel Mayer from Circle Pay Explains how Company’s Payments and Treasury Infrastructure Supports NFT Marketplaces

This post was originally published on Crowdfundinsider

Rachel Mayer, VP at CirclePay, notes that as non-fungible tokens (NFTs) rise in popularity, the operators or managers of NFT marketplaces and storefronts will be needing to remove entry barriers for their users.

Mayer points out that more consumers in and outside of the crypto and blockchain space are eager to get their hands on the most popular NBA Top Shot moments, or a piece of digital artwork that “connects with them.”

Mayer adds that many people are now ready to pay for these digitally scarce or rare items. NFTs offer access to “unique” creator content and memorabilia, and the opportunity to share their collections with the rest of the world, Mayer explains. She also mentions that it’s really up to the marketplace “to make that easy — or risk leaving cash on the table.”

She continues:

“Enter Circle’s payments and treasury infrastructure. We make it easy to become a more convenient marketplace for consumers, driving network effects and giving creators a more impactful channel in which to sell their work. We also increase efficiency with backend operations, allowing you to skip burdensome steps and focus on building great experiences.” 

Whether you are in the business of selling (mostly Ethereum based) digital collectibles or in-game virtual assets, you may benefit from a “flexible, crypto-native and scaling solution,” Mayer claims.

Mayer added that Circle’s payments product “allows marketplace and storefront operators to process payments at scale, accepting blockchain payments in USDC as well as traditional payments like cards, bank wires and ACH.” She confirmed that all these transactions settle in your Circle Account as USDC so there’s “no need for a traditional bank account.” With several different global payment options it’s easy to take payments “instantly” from clients anywhere in the world, Mayer explained.

She further noted:

“Importantly, this [wide range of payment options] means NFT marketplaces can stay crypto-native while allowing users to pay with traditional rails as needed. This creates greater reach for buyers and sellers alike.”

She also mentioned:

“[Circle] Payouts allows marketplaces to pay out sellers globally from their USDC balances. The possibilities are endless for hosting creators on your platform. From artists to sneakerheads, meme lords to virtual real estate developers, ensure those being paid can get their funds quickly and in the format they choose — crypto or traditional via ACH or wires — so they can be empowered to grow.”

Although Circle enables its clients to create engaging payment experiences for their users, the Fintech firm says it aims to make their customers’ “lives easier” as well. Their Digital Dollar Accounts product lets marketplace operators create and manage scalable accounts and sub-account infrastructure in order to perform various tasks such as holding customer balances, managing funds routing, and performing routine accounting.

For example, Dapper Labs uses Circle to provide “seamless” NFT transactions to their users. All activity may be “measured on the backend via a simple dashboard,” Mayer added, while noting that Circle aims to “make it easy to grow as a marketplace, too.”

She concluded:

“The NFT market is thriving — Dapper’s NBA Top Shot alone had a $44M day [recently] … a rare CryptoPunk was sold for more than three quarters of a million dollars and a single Nyan Cat meme was sold for nearly $600M — and Circle is moving it forward.”

You may find out more about Circle’s payments and treasury infrastructure for NFT marketplaces here.

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