Fiat Payment Options Now Available on Coloration Market (MATIC)
Coloration is always striving to make ease of use and mass adoption of NFTs a reality for everyone, and now with our latest update to Coloration Market v1 (MATIC), we have yet another amazing feature to make NFTs more accessible to the mainstream audience; fiat payments!
Our vetted NFTs sellers on Coloration Market can now enable Fiat Payments to allow buyers to make purchases with their debit or credit cards. Our fiat payment solution is designed in a way that it’s non-intrusive – the fiat currency paid by buyers is converted into cryptocurrency (as of writing, only MATIC) and paid directly into the artists’ crypto wallet.
If one of our vetted NFT artist chooses the option for fiat payments, users will now see an extra option when buying. Fiat payment will be shown as Pay with Visa & Mastercard, which is an additional payment method alongside Pay with Crypto.
When a buyer clicks/taps on Proceed to payment for the very first time, any first time buyer will need to go through a standard KYC procedure - an industry standard to avoid fraudulent transactions. When completed, the NFT Buyer can now freely buy with fiat on Coloration Market without having to do KYC Verification again.
First-time buyers must go through a standard KYC process when paying with fiat.
Keynotes for our current fiat payment integration:
- Currently only available on the Polygon network and for sell orders listed in MATIC only
- Buyers must be in an eligible location (based on crypto-fiat regulations) if you are in the USA, please read the list at the end of this article of available states in the USA for fiat payments on Coloration Market.
- Buyers choosing the Pay With Fiat Option will need to pay an additional exchange fee of 4%, plus gas fees.
- Buyers will be able to Buy Coloration Color NFTs on MATIC with Fiat using their Visa or Mastercard. (If eligible based on location and completion of KYC Verification)
The NFT used in our example is Color NFT #00FF00 — Pure Green , which at the time of writing sells for 1000 MATIC, the equivalent of roughly $1550 USD (at time of writing). If Buying the NFT with fiat, after gas fees ($0.04) and the 4% exchange fee ($62) you will pay $1612.04 with your credit or debit card; (after you completed KYC Verification and if in an eligible location)
Fiat Payments are provided by Wert, and by using the fiat option to buy NFTs on the Coloration NFT Marketplace you agree their Terms & Conditions and Privacy Policy, as well as ours. Violating any terms may result in permanent suspension of your account - please obey all local laws and regulations when buying NFTs.
Visa and Mastercard payments are only accepted if you live in an eligible state. (Please read the list of supported US states below)
To begin KYC Verification for your Buy order to go througu you will be asked to confirm your identity by phone.
For citizens in the USA wishing to pay with fiat, only certain states are available as per regulations.
More Options Coming Soon!
As of writing, the only fiat payments that are available are for NFTs selling for MATIC on the Polygon Network, We understand that the current limitations might come as a concern for some of you, which is why we’re working hard to integrate fiat payment into the BNB & ETH networks along with options for more cryptocurrencies in the near future.
Want To Mint Your Own Color? For More Information, Visit The Official Coloration Website at:
View The Beginning of The Color NFT Collection on the Polygon Network at:
matic.coloration.app/collection/ color-nfts
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contact@coloration.io
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