MoonPay partners with global NFT marketplace VIV3 - MoonPay

The partnership will increase accessibility to VIV3’s NFTs, which can now be purchased with fiat.

MoonPay partners with global NFT marketplace VIV3

We’re thrilled to announce that we’ve partnered with <a href="https://viv3.com/">VIV3</a>, the first global NFT marketplace on the <a href="https://www.moonpay.com/blog/moonpay-partners-with-flow">Flow blockchain</a>.
VIV3 has grown rapidly, attracting creators and collectors who want to buy and sell NFTs. Since many newcomers are unfamiliar with blockchain technology, however, MoonPay’s fiat on-ramp makes VIV3’s marketplace accessible to all.
“VIV3 is leading the way by empowering creators,” said our CEO Ivan Soto-Wright. “As NFTs continue to transform art and culture, facilitating entry to these markets is crucial. Customers can now access NFTs using the currency that best suits them, on a marketplace they know they can trust.”
“We couldn’t be more excited about this collaboration,” said Daniel Podaru, VIV3’s Chief Executive Officer. “NFTs from independent artists and the first blockchain games on Flow—Chainmonsters, DarkCountry, and MotoGP Ignition—will be accessible to new collectors through the Moonpay integration.”
VIV3’s early adopters include Ben Mauro, a concept design artist who worked on The Hobbit trilogy and The Amazing Spiderman 2, Anne Spalter, known for her public works in New York and Hong Kong, and Remo Camero, a multimedia artist with work exhibited in Tate and the Carrousel du Louvre.
VIV3 inspires creators to do what they love most. Our fiat on-ramp, which is now accessible to all decentralised applications (DApps) in the Flow ecosystem, allows VIV3 to achieve its vision and unlock NFTs for all. We are thrilled to be a part of this and look forward to watching this marketplace reach its full potential.

We’re thrilled to announce that we’ve partnered with <a href="https://viv3.com/">VIV3</a>, the first global NFT marketplace on the <a href="https://www.moonpay.com/blog/moonpay-partners-with-flow">Flow blockchain</a>.

Users can now sell stablecoins USD Coin and Tether - MoonPay

Customers, who could previously only purchase USDC and USDT, can now exchange the stablecoins back to fiat.

Users can now sell stablecoins USD Coin and Tether

We’re thrilled to announce that users are now able to sell stablecoins USD Coin (<a href="https://www.moonpay.com/blog/what-is-usdc">USDC</a>) and Tether (<a href="https://www.moonpay.com/blog/knowledge-what-is-usdt">USDT</a>). 
Fiat-backed stablecoins, which are cryptocurrencies whose price is pegged to fiat money (e.g. the US dollar), play a vital role as a hedge against the volatility of cryptocurrencies. They also make crypto payments denominated in fiat much easier, which is why some call them the bridge between crypto and fiat. 
USDC and USDT are both pegged to $1 USD. There are <a href="https://www.moonpay.com/blog/what-is-the-difference-between-usdt-and-usdc">subtle differences</a> between them—for example, USDT is often used in trading payments while USDC is more commonly used by US-based institutions for billing purposes—but on the whole both are reliable and trustworthy cryptocurrencies.
Previously our users could only buy USDC and USDT with fiat, but this new <a href="https://sell.moonpay.com/">sell functionality</a> now makes it easy to make exchanges in either direction. Cash-outs are supported via Automated Clearing House in the US, Faster Payments in the UK, and Single Euro Payments Area bank transfers in Europe.
To sell USDC, USDT, and other cryptocurrencies, visit <a href="https://sell.moonpay.com/">sell.moonpay.com</a>

We’re thrilled to announce that users are now able to sell stablecoins USD Coin (<a href="https://www.moonpay.com/blog/what-is-usdc">USDC</a>) and Tether (<a href="https://www.moonpay.com/blog/knowledge-what-is-usdt">USDT</a>).

The tremendous potential of luxury NFTs - MoonPay

If NFTs are harnessed correctly, they could transform the luxury industry as we know it.

The tremendous potential of luxury NFTs

Imagine a company that can turn a profit by selling clothes you can’t actually wear. Look no further than <a href="https://dressx.com/">DressX</a>, a “digital fashion” brand that sells augmented reality clothing. Customers “wear” the clothes virtually, through an AR filter much like what one would find on Snapchat or Instagram. Some items, like those in the <a href="https://dressx.com/pages/atari">Atari-inspired</a> fashion line, run for around $30-40. Others, like <a href="https://dressx.com/collections/all-collections/products/gold-dress">Gary James McQueen’s gold dress</a>, are ten times as much. 
Paying a premium for non-existent clothing may seem absurd at first, but it’s no less absurd than paying a premium for a handbag, watch, perfume, or any other tangible item whose quality is comparable to a much cheaper alternative. That’s luxury, and the predominant hallmark of a luxury good is that people buy it because it’s luxury. According to Investopedia’s article <a href="https://www.investopedia.com/articles/personal-finance/091115/psychology-behind-why-people-buy-luxury-goods.asp">The Psychology Behind Why People Buy Luxury Goods</a>, “people perceive non-luxury goods as inferior simply by virtue of them being non-luxury.”
<figure class="kg-card kg-image-card kg-card-hascaption">
 <img src="https://f.hubspotusercontent20.net/hubfs/14494874/Imported_Blog_Media/sAerlkS_4a0TzS6hm5_PTlP7ah40Nv2w8193f1DlCJJiRS_Mi8O9d57qHqNd6rFaXcYm_0l9nZCd8-hfNXkQ-p4xGuyhrowFoZP0vaIK8s2ePnl4qQyYNLhidYn13AMjK7kK2GFF-3.png" class="kg-image" alt="A DressX webpage">
 <figcaption>
 A page on DressX explains the ideal photo conditions for wearing digital clothing (
 <a href="https://dressx.com/pages/help-faq">Image source</a>)
 </figcaption>
</figure>
This seemingly circular reasoning rests on a fundamental principle, and it’s the same principle that gives value to non-fungible tokens: scarcity. 
“[A]n NFT’s value is set by market demand, and its individuality often pushes this higher,” writes The Drum’s <a href="https://www.thedrum.com/opinion/2021/04/28/how-nfts-can-help-luxury-brands-reach-young-hnwis">Rumble Romagnoli</a>. “This is the same scarcity principle that the luxury industry uses regularly: for example, how Hermès’ iconic limited edition bags, such as the Birkin, drive a frenzy around obtaining one.”
It’s partly because NFTs and luxury goods both rely on the scarcity principle that so much buzz is being generated around their potentially explosive combination. But there are also some pain points in the luxury industry that NFTs could help resolve, and these are worth fleshing out. 
<h2 id="digital-storytelling">Digital storytelling</h2>
 “Story, as it turns out, was crucial to our evolution,” writes author Lisa Cron in her book Wired for Story. “More so than opposable thumbs. Opposable thumbs let us hang on; story told us what to hang on to.” 
This applies no less to stories behind consumer goods. We already know how important it is for a brand to tell a story — “brand storytelling” is practically its own subgenre in the world of marketing. But according to <a href="https://dayoneperspective.com/blockchain-and-the-future-of-stories-1d21f4e7c483">Grant Wenzlau</a>, Director of Creative Strategy at Day one Agency, consumers are also becoming more and more interested in the underlying story of the items they buy. 
For luxury brands, this means demonstrating, for example, that products are ethically sourced, <a href="https://ecocult.com/eco-friendly-ethical-sustainable-labels-certifications-clothing-fashion/">sustainably certified</a>, created ​​using certain materials and artisan techniques. But beyond all that it means showing that products have a past and a future — it means telling a story. 
<figure class="kg-card kg-image-card kg-card-hascaption">
 <img src="https://f.hubspotusercontent20.net/hubfs/14494874/Imported_Blog_Media/MKlrUxlMUINSX1FbO5O1V6axG4sk1sOTXY9Oo5S6TLs1UExSunofQ59q9njykSXGhUe1vMAnbwPD-Y7CkProzq8nfkWrASFPOJpDIkvPU_IOoQMDhgr4UL6TUqxHTXaQaZicDCAP-3.png" class="kg-image" alt="A picture of a Patek Philippe ad">
 <figcaption>
 An example of storytelling: Patek Philippe, a Swiss luxury watch manufacturer, sells its product as a potential family heirloom (
 <a href="https://i.pinimg.com/originals/a7/e9/52/a7e9528028046b9ba1f5e5c5031a7ce8.jpg">Image source</a>)
 </figcaption>
</figure>
Currently brands rely on marketing to do this, but NFTs offer something better: blockchain. The blockchain is perhaps the best way to tell a story about a product because, in a sense, the blockchain is a story — a complete, unalterable record, beginning with the Genesis Block. 
“We’ve come a long way from cave paintings,” writes &nbsp;Hackernoon’s <a href="https://hackernoon.com/how-to-tell-a-story-in-the-blockchain-world-e5e2fce9ccfa">Mohit Mamoria</a>. “The blockchain world [makes] it easier for everybody to tell a great story.” 
While everyday products like a computer or a gallon of milk don’t need a story, many luxury goods, from Rolex watches to Bentleys, regularly use narrative to imbue their products with sentimental value. NFTs, and the blockchain technology that underpins them, will help luxury brands tell these stories better. 
<h2 id="authentication">Authentication </h2>
 Just as NFTs are now being used as <a href="https://www.moonpay.com/blog/use-cases-for-nfts">a way to combat wine fraud</a>, so too can they help in what Jing Daily, a publication covering China’s luxury market, calls the industry’s “perennial fight against counterfeits”. <a href="https://www.oecd.org/industry/global-trade-in-fake-goods-worth-nearly-half-a-trillion-dollars-a-year.htm">According to the OECD</a>, fake goods represent about 3.3% of global trade, a sizable chunk of which are luxury items (the <a href="https://www.worldtrademarkreview.com/anti-counterfeiting/counterfeit-luxury-goods">most seized luxury goods</a> are sunglasses, watches, and leather items). 
London-based fashion consultant Adam Andrascik came up with an interesting solution: using NFTs as “digital twins” to physical luxury goods, allowing owners to trace the product’s provenance. 
“You can trace who made the item, what raw materials were used, what was the factory that made them,” Andrascik tells <a href="https://www.gq-magazine.co.uk/fashion/article/nft-fashion-industry">GQ</a>. “There's a transparency in the supply chain, from inception of the item all the way to its original sale."
But authentication goes beyond transparency because NFTs are counterfeit-proof. In the words of business lawyer <a href="https://eaccny.com/news/member-news/cea-legal-what-is-an-nft-how-do-nfts-work/#:~:text=Since%20NFTs%20act%20like%20deeds,it%20in%20their%20business%20practices.">Michael Cea</a>, they’re “indissolubly encrypted”, rendering counterfeit impossible. 
“While a Vuitton handbag can be (more or less) easily counterfeited, an NFT associated with the same item cannot be duplicated,” writes Cea, who believes NFTs can put an end to all luxury counterfeiting. “Once the majority or all of luxury goods are correlated to NFTs, counterfeiting will probably be defeated.”
People want luxury because it’s luxury, but the high price is a barrier to entry for most (more on that in a moment). These two basic facts, which fuel the industry, are also what generate counterfeits. In other words, counterfeiting is a feature, not a bug — it’s caked into the luxury business model. If NFTs can be as much of a deterrent to counterfeiting as Cea predicts, then they could transform the industry as we know it. &nbsp;
<h2 id="greater-access">Greater access</h2>
 Speaking of barriers to entry, these may as well be considered a requirement for luxury brands. If some customers weren’t priced out then a brand would lose its exclusivity, which is often what makes it attractive. Economists even have a name for goods whose demand rises as they become more expensive: <a href="https://en.wikipedia.org/wiki/Veblen_good#cite_note-23">Veblen goods</a> (named after the economist Thorstein Veblen). 
What this means for a luxury business is that lowering prices in the hopes of expanding one’s customer base isn’t just impractical in that it might not cover the costs of producing expensive items, it also can do damage to one’s brand image. 
<figure class="kg-card kg-image-card kg-card-hascaption">
 <img src="https://f.hubspotusercontent20.net/hubfs/14494874/Imported_Blog_Media/6pkjasuTNkNA2tyNg5j39SnnnwT5e_gdSTtwo18EhH4o-PdKFEWFxfAz6k67sIyVpBbjBQXxzE2CmRiohB08Y3pb9_c2qCvVSeCOZbGviC_3Jcv3POPHGKneUSpXI1iCwTK3wwya-3.png" class="kg-image" alt="A picture of a Grey Goose ad">
 <figcaption>
 Grey Goose vodka is an example of a Veblen good. Sold as a “premium” vodka, its price tag doesn’t correlate with its quality over competing vodkas (
 <a href="https://media-assets-04.thedrum.com/cache/images/thedrum-prod/s3-screen_shot_2019-04-17_at_11.47.05_am--default--1280.png">Image source</a>)
 </figcaption>
</figure>
But there’s a way around this: a luxury brand could simply expand its range of products. Can’t afford a Mercedes S Class? That’s okay, you can buy a <a href="https://www.fuelforfans.com/gb/en/mercedes-amg-petronas-compact-logo-umbrella/141181042100000.html?channable=01fc64696400313431313831303432313030303030ad&amp;utm_source=google&amp;utm_medium=organic&amp;utm_campaign=organicshopping">Mercedes umbrella</a>. Tom Ford Tuscan Leather too pricey for you? Try <a href="https://www.lookfantastic.com/tom-ford-hydrating-lip-balm-10ml/12709544.html?affil=thggpsad&amp;switchcurrency=GBP&amp;shippingcountry=GB&amp;thg_ppc_campaign=71700000073533399&amp;adtype=pla&amp;product_id=12709544&amp;gclid=EAIaIQobChMI7MywqdKo8gIVxrTtCh32eQKmEAQYBCABEgKzTvD_BwE&amp;gclsrc=aw.ds">Tom Ford hydrating lip balm</a>. 
You see where this is heading. If you don’t have $1,000 for a Paskal designer dress, you can spend $50 for a <a href="https://dressx.com/collections/paskal/products/pink-blue-dress-by-paskal">digital version</a>. If you don’t have $1,000 for <a href="https://www.net-a-porter.com/en-gb/shop/product/gucci/shoes/low-top/rhyton-logo-print-leather-sneakers/17428787258758120?cm_mmc=Google-ProductSearch-UK--c-_-NAP_INTL_EN_UK_London_PLA-_-NAP+-+INTL+-+London+-+GS+-+Gucci--INTL+-+London+-+Gucci_INTL&amp;gclid=EAIaIQobChMIoLrd5NOo8gIVl9V3Ch2UBQJCEAQYBCABEgKUm_D_BwE&amp;gclsrc=aw.ds">Gucci sneakers</a>, you can spend $12 for <a href="https://hypebae.com/2021/3/gucci-digital-virtual-sneakers-12-dollars-wanna-release-download">digital Gucci sneakers</a>. 
“Just like how a Chanel lipstick is more accessible to customers than a Chanel handbag,” writes Vogue’s <a href="https://www.voguebusiness.com/technology/luxury-fashion-brands-poised-to-join-the-nft-party">Anna Tong</a>, “luxury brands can use NFTs to give more customers access to their brands.” 
What’s more, dipping into NFTs will give luxury brands first-time exposure to crypto investors, most of whom will be equally new to luxury. Depending on what data you look at, the average crypto investor is a 38-year-old white male. <a href="http://hitwise.connexity.com/rs/371-PLE-119/images/Luxury_Report_US-Final.pdf">Gucci’s target market</a>, by contrast, is 18-24 year-old women. While it may take time for these very different demographics to coalesce in a way that makes sense to each other, NFTs will be the gateway for this merging of worlds to occur. 
<h2 id="introducing-dolcegabbana-s-digital-physical-nft-collection">Introducing Dolce&amp;Gabbana’s digital + physical NFT collection </h2>
 MoonPay collaborated with Dolce&amp;Gabbana and UNXD, a digital luxury and culture marketplace built on the Polygon blockchain network, on their launch of Collezione Genesi—the world’s first digital and physical luxury NFT collection.
<a href="https://www.moonpay.com/blog/dolce-gabbana-unxd">Click here to learn more about the partnership</a>

Imagine a company that can turn a profit by selling clothes you can’t actually wear. Look no further than <a href="https://dressx.com/">DressX</a>, a “digital fashion” brand that sells augmented reality clothing. Customers “wear” the clothes virtually, through an AR filter much like what one would find on Snapchat or Instagram. Some items, like those in the <a href="https://dressx.com/pages/atari">Atari-inspired</a> fashion line, run for around $30-40. Others, like <a href="https://dressx.com/collections/all-collections/products/gold-dress">Gary James McQueen’s gold dress</a>, are ten times as much.

Blockchain could be the missing link in sustainable finance - MoonPay

Smart contracts could turn empty sustainability pledges into impact-linked investments.

Blockchain could be the missing link in sustainable finance

The following is by Kevin Pettit, Chief Product Officer at data intelligence platform <a href="https://proofofimpact.com/">Proof Of Impact</a>
Imagine a world where businesses were actually rewarded for hitting social or environmental impact targets. 
There is an idea called performance-based finance in which investment terms can change based on achieving agreed-upon targets. We’ve seen this, most egregiously, when executives get a <a href="https://observer.com/2019/09/tesla-elon-musk-compensation-package-stock-option-lawsuit/">fat bonus</a> for hitting revenue targets. But what if instead of rewarding financial targets, we also rewarded social and environmental targets?
Every day we hear companies like Amazon or Google making <a href="https://sustainability.google/commitments/">lofty sustainability pledges</a>. But what are these pledges backed by? Why can’t we make investors put their money where their mouth is and link carbon or diversity goals directly to their investments?
Enter the blockchain. Before blockchain, impact-linked investments were too difficult to be created at scale. It was cumbersome and costly to organize and execute the payment rules and deal structures across various stakeholders with different incentives. Smart contracts, like those created on Ethereum, solve that. Designed specifically to digitally execute rules across stakeholders with different incentives, smart contracts are the missing link in sustainable finance.
<blockquote>
 Why can’t we make investors put their money where their mouth is and link carbon or diversity goals directly to their investments?
</blockquote>
People are starting to wake up to this reality. In the last few years, the impact investing market has witnessed explosive growth from $228B to $715B, with investors looking to link purpose and profit. Meanwhile, decentralized finance (DeFi) has grown from $16B to $80B in total value this year alone. These two innovative industries are converging to create the newest disruption to traditional finance. 
But how does it work in practice? Suppose you you go on Shark Tank to raise money for your company. You pitch your idea, and you get an offer from Mr. Wonderful to borrow $1M for 10% interest over 3 years. Entrepreneurs will often refuse this sort of offer, saying that it's too “sharky” to take on expensive debt.
But what if you countered?
“I’ll take your loan,” you say, “but with one caveat: I’ve seen you <a href="https://twitter.com/kevinolearytv/status/1371913210517934084?s=20">tweet</a> about sustainability and the environment. If my company meets a net zero carbon footprint over three years, I will only have to pay you back 5% interest instead of 10.” 
<blockquote>
 There's a host of innovations built into blockchain that make these new performance-based investment structures possible.
</blockquote>
This type of deal can be a win-win for both the company and the investor. If companies can prove that they are resource-efficient through cost savings and effective management, then they can prove to be less risky for investors and gain access to more favorable financing. 
Imagine if investors and companies could enter into these deals quickly, removing many of the barriers to entry that would normally exist in trying to create a structure like this.
Smart contracts, oracles, multi-sig — there's a host of innovations built into blockchain that make these new performance-based investment structures possible, creating cost reductions and capital efficiencies that will bring in the next generation of trillion-dollar impactful asset classes.
Blockchain will be the infrastructure for a new age of investors who want to see both purpose and profit.

The following is by Kevin Pettit, Chief Product Officer at data intelligence platform <a href="https://proofofimpact.com/">Proof Of Impact</a>

MoonPay becomes member of Merchant Risk Council - MoonPay

The membership organization connects eCommerce fraud and payments professionals.

MoonPay becomes member of Merchant Risk Council

In our ongoing commitment to build the best-in-class fraud prevention and global compliance programs, we’re excited to announce that we are now members of the Merchant Risk Council.
The MRC is a nonprofit member organization that connects over 500 companies, more than 350 of which are merchants, with the aim of preventing fraud, optimizing payments, and managing risk.
As eCommerce evolves, so does fraud, meaning global efforts to stay one step ahead of bad actors are crucial to keeping consumers and businesses safe. The MRC plays an important role in this global fight against fraud by connecting its members through online forums, career development programs, conferences, and networking events.
“By becoming a Member of the Merchant Risk Council, we can leverage on the experience, shared knowledge, and collaborative infrastructure that the MRC provides to become best-in-class in fraud prevention,” said Sebastian Robins, MoonPay’s VP of Card Services. 
The MRC currently operates in the US, Europe, and Asia and are expanding their reach to other regions.

In our ongoing commitment to build the best-in-class fraud prevention and global compliance programs, we’re excited to announce that we are now members of the Merchant Risk Council.

MoonPay teams up with GeroWallet: Your Master Key to DeFi - MoonPay

MoonPay teams up with GeroWallet: Your Master Key to DeFi.

MoonPay teams up with GeroWallet: Your Master Key to DeFi

MoonPay is thrilled to share our latest fiat on- and off-ramp integration with GeroWallet, helping bring crypto to even more users worldwide. With this partnership, we’re excited to play a part in making GeroWallet a one-stop-shop crypto wallet and DeFi platform by allowing their users to purchase crypto with Visa, Mastercard, Apple Pay, Google Pay, Samsung Pay, and more. In addition, UK and EU users can withdraw their fiat to bank institutions that accept SEPA and GBP payments. GeroWallet’s focus on creating a world-class user experience and building user-friendly tools for DeFi aligns with MoonPay’s mission of becoming the bridge to the crypto economy. We are delighted to support their efforts in making DeFi and crypto accessible through the Cardano blockchain. 
Be sure to learn more about GeroWallet and what they are building <a href="https://gerowallet.io/">here.</a>

MoonPay is thrilled to share our latest fiat on- and off-ramp integration with GeroWallet, helping bring crypto to even more users worldwide. With this partnership, we’re excited to play a part in making GeroWallet a one-stop-shop crypto wallet and DeFi platform by allowing their users to purchase crypto with Visa, Mastercard, Apple Pay, Google Pay, Samsung Pay, and more. In addition, UK and EU users can withdraw their fiat to bank institutions that accept SEPA and GBP payments. GeroWallet’s focus on creating a world-class user experience and building user-friendly tools for DeFi aligns with MoonPay’s mission of becoming the bridge to the crypto economy. We are delighted to support their efforts in making DeFi and crypto accessible through the Cardano blockchain.

MoonPay Blog