Transak Launches NFT Checkout Solution for Web3 Gaming, Enhancing Accessibility After Beta Phase

Web3 payment and onboarding platform Transak officially declared the introduction of ‘ NFT Checkout ,’ aimed at significantly improving access to Non-Fungible Tokens (NFTs). This announcement comes after a fruitful beta testing phase carried out on platforms like Decentraland earlier this year, which revealed major challenges facing the NFT market and gaming industry.

Transak claims that their NFT Checkout solution has been expertly crafted with developers in mind, offering a smooth and efficient integration process. The platform supports numerous leading blockchains and over 170 cryptocurrencies. Importantly, it allows users to purchase multiple NFTs at once in a single transaction, which they assert is a first in the industry.

To strengthen its market presence, Transak has strategically acquired the 5815 Merchant Category Code (MCC) — a banking code designated for NFT transactions. This maneuver has boosted card approval rates to 95%, marking a significant enhancement in successful transactions.

“Initially, Transak facilitated NFT purchases ranging from $50 to $4000. However, given that many NFTs on platforms like Decentraland can be priced below $5 or soar as high as $10,000, we have optimized our systems to align with our risk tolerance and payment processing collaborations. Users can now purchase NFTs from as low as $0.01 up to $75,000,” stated Yeshu Agarwal, Co-founder & CTO of Transak, in discussion with Metaverse Post.

Tackling NFT Sector and Web3 Commerce Complications

With the NFT market projected to double in size by 2028, accompanied by a significant projected 14.84% Compound Annual Growth Rate (CAGR) from 2023 through 2028, Transak is determined to tackle the ongoing challenge of acquiring new users.

The company recognizes that complicated infrastructures and convoluted payment methods have historically posed barriers for newcomers to the digital asset realm. Additionally, integrating NFTs as in-game assets introduces further complexities for onboarding users.

Drawing from insights during its beta phase, Transak’s NFT Checkout aims to serve as a holistic solution. The company asserts it is tailored to meet the existing needs of Web3 platforms while anticipating the future demands of Web3 games and larger Web2 brands eager to incorporate NFTs. The capacity for users to buy multiple NFTs in one transaction signifies a powerful shift, saving time and minimizing transaction fees.

Following a $20M Series A funding round earlier this year from respected venture capitalists, including CE Innovation Capital, SBI Ven Cap , UOB, Animoca Brands , and others — Transak is poised to break new ground in the continually evolving NFT terrain.

“The funding allows us to channel additional resources into our compliance efforts. Our primary focus has been on securing the appropriate Merchant Category Code (MCC) for NFT sales, ensuring smooth transactions that adhere to financial regulations,” Agarwal elaborated to Metaverse Post. “Obtaining requisite licenses represents a major investment, and the Series A funding is allocated towards securing licenses in vital regions including ANZ, APAC, and North America.”

Designed primarily for gaming, the NFT Checkout also has broader applications, mirroring the functionalities found in traditional e-commerce platforms. Users can either purchase or mint numerous NFTs within a single transaction, enhancing overall convenience and extending its applicability beyond just gaming.

“During the beta phase, the solution was limited to one NFT purchase per transaction, which proved restrictive for users on Decentraland.
As the demand for NFT tickets and optimized gaming experiences grew, it became clear that such a feature was necessary. Our updated functionalities now permit users to purchase multiple NFTs of the same kind in a single transaction.
The only limitation is “n”, which is based on the capabilities of the blockchain,” explained Agarwal from Transak.

Transak states that the NFT Checkout represents a significant leap forward in web3 commerce, providing an intuitive platform for seamless NFT transactions via fiat currency . This revamped product is dedicated to expanding user participation in digital assets while also ensuring transaction security and ease of use, tackling common usability issues within the crypto and NFT fields.

“Features such as unlimited multiple mints, support for any token, and flexible smart contract requirements cater to various sectors, placing us ahead of many competitors,” Agarwal asserted to Metaverse Post. “We have significant announcements on the horizon, including partnerships with major Web3-focused gaming studios involved in numerous Web3 games. Moreover, we're actively working with various NFT marketplaces and collaborating with certain Web2 companies that are gearing up to unveil NFT-based solutions.”