MoonPay: Helping Celebrities Purchase BAYC

Author: Crescent, Rhythm BlockBeats

The "Bored Ape" is making great strides in the NFT space, and the FOMO and flaunting by top foreign celebrities have played a significant role in promoting the apes. Interestingly, most celebrities did not buy their Bored Apes themselves, but rather through a tool called MoonPay.

As shown in the image, Gwyneth Paltrow (who played Pepper Potts in Iron Man) purchased her BAYC through MoonPay, along with other celebrities like Paris Hilton and Jimmy Fallon, the host of The Tonight Show.

Recently, the platform secured $87 million in funding from over 60 celebrities or their organizations in the music, sports, media, and entertainment sectors. MoonPay stated that this funding is part of the $555 million raised in the Series A round at the end of last November (note: the Series A was led by Coatue and Tiger Global).

Unlike most projects that are primarily funded by Web3 VCs, MoonPay's investors are mostly well-known figures, including pop singer Justin Bieber, rapper Snoop Dogg, hotel heiress Paris Hilton, tennis player Maria Sharapova, and many famous actors like Bruce Willis, Matthew McConaughey, and Gwyneth Paltrow. Some of these investors are customers who previously purchased NFTs on the platform, bringing significant exposure to MoonPay in addition to their substantial investments.

What is it about MoonPay that attracts so many celebrities to support it?

What is MoonPay Used For

The first step for new players entering the crypto world is to have a wallet. This is a relatively complex step, as newcomers need to understand what a crypto wallet is, what gas is, how to use it, how to convert cash into tokens, what tokens to convert into, where to buy them, and how to operate, among other issues.

Ivan Soto-Wright, co-founder and CEO of MoonPay, has stated: "Web3 is fundamentally changing our perception of creative value, and we are at the forefront of a creative crypto renaissance." He hopes to help the world join Web3, a view that resonates with Victor Faramond. The two young entrepreneurs officially launched MoonPay in 2018, focusing on solving the entry issues for people entering the cryptocurrency market.

MoonPay provides payment solutions with seamless entry and exit functions. In 2021 and March 2022, MoonPay won the "Best Cryptocurrency Purchase Site" award at the "Annual Fintech Breakthrough Awards," working to provide frictionless buying and selling capabilities for businesses and users.

In simple terms, for example in the United States, users can quickly and securely convert dollars into cryptocurrencies, and they can also directly use dollars to purchase NFTs.

The project not only supports individual users but also connects to various applications and payment solution websites. According to its disclosures, it currently has over 300 partners in 160 countries and regions, testing with partners like OpenSea, Binance, and Dapper Labs, and integrating with cryptocurrency service providers, websites, and applications like Bitcoin.com, ZenGo, NEAR, Trust Wallet, and Bithumb.

OpenSea is currently the largest NFT marketplace. When users need to purchase an NFT but do not have enough tokens in their wallets, the "Card Recharge" option supported by MoonPay and OpenSea allows users to recharge and purchase directly with dollars, eliminating most cumbersome steps and providing high convenience. The project also supports minting NFTs with dollars. It is worth noting that besides Ethereum, MoonPay also supports on-chain NFTs like Flow, Solana, and Polygon.

MoonPay currently supports over 30 fiat currencies and more than 80 cryptocurrencies, allowing users to access mobile payments through Apple Pay, Google Pay, and Samsung Pay, and supports common global card services like Visa and Mastercard. Additionally, it offers SEPA, Faster Payments, Wire Transfers, Open Banking, and ACH.

This method allows different applications to integrate cryptocurrencies into their payment solutions, greatly simplifying the payment process and reducing the learning costs for beginners in the crypto market, thereby lowering the participation threshold for ordinary users.

Compliance is particularly emphasized by MoonPay. The project currently supports 46 states in the U.S. and has obtained licenses in most jurisdictions. As digital assets become more widespread, MoonPay is also focusing on expansion, planning to develop in regions like Latin America, Africa, Asia, and Australia, striving for compliance and actively cooperating with local regulatory authorities to provide direct access to cryptocurrencies in every policy-permitted area.

MoonPay aims to lead Web3 into the mainstream future. Previously, it collaborated with TV host Jimmy Fallon and rapper Post Malone. Regarding why it attracts so many celebrities, MoonPay's launch of NFT concierge services for high-net-worth clients is likely one of the reasons.

Many high-net-worth individuals have been intrigued by the once-popular CryptoPunks and Bored Ape Yacht Club, wanting to chase the NFT craze that has swept the globe. Understanding and purchasing NFTs and showcasing them on social media is the most direct way. However, for beginners, entering the crypto world requires a high learning cost. Therefore, MoonPay has proposed corresponding solutions to this issue by launching the "NFT Concierge Service," which helps celebrities purchase NFTs and cryptocurrencies, providing services that allow them to participate in the simplest way possible. Celebrities do not need to learn from scratch how to engage in the crypto world; they can directly use traditional payment methods, opening up the market for them in the celebrity circle.

Team and Project Planning

MoonPay continuously improves its products and services, with the team growing from fewer than 10 people to over 230. From some employee testimonials on its homepage, it is evident that the team consists of members from various parts of the world, mostly in Europe, who typically work remotely. Whether software engineers or product managers, many have substantial work experience, and well-equipped teams with different functions collaborate with each other, holding regular meetings to maintain a product-first mindset and making fixed plans at regular intervals, keeping everything organized.

As a payment infrastructure built for fintech companies, exchanges, and wallets, MoonPay undoubtedly accelerates ordinary users' adoption of cryptocurrencies. Currently, users are particularly concerned about the compliance of cash and cryptocurrency exchanges and the security of the sources of fiat currency. MoonPay addresses these pain points, as people need a healthy cash transaction ecosystem and a reliable payment infrastructure.

Looking to the future, MoonPay plans to cover all major fiat payment methods in every major region while adhering to the highest standards of global regulatory compliance, committed to accelerating the adoption of cryptocurrencies.