Cardano’s largest NFT marketplace, the JPG Store, has announced the integration of the MoonPay payment service into its platform. With the new solution, users will be able to purchase ADA tokens directly with their bank card, as well as ApplePay or GooglePay. As a result, investors will be able to purchase NFTs generated on the Cardano network on the JPG Store without leaving the market.
Disclaimer: Moonpay requires basic KYC, and doesn’t work for all credit cards. We recommend using your debit card as it seems to have a higher success rate.
If you run into any problems, please report issues directly to Moonpay here: https://t.co/7y4EHHysj3
— jpg.store (@jpgstoreNFT) July 8, 2022
ADA Can Now Be Purchased via Bank Card on Biggest Cardano NFT Marketplace
At the same time, the JPG Store specifies that buying ADA through MoonPay is only available for certain regions and, in particular, is more designed for users from the United States. MoonPay itself requires a KYC procedure, and you are better off using a debit card when using the service.
Since the launch of Cardano-based smart contracts in September 2021, Cardano NFT, or CNFT, has been able to capture its share in the fast-growing and extremely popular cryptocurrency market segment. One could argue that Cardano (ADA) is currently one of three ecosystems, along with Ethereum (ETH) and Solana (SOL), with a continuous release of NFT projects.
NFTs on Cardano is particularly popular with hip-hop stars. Recently, for example, rapper Soulja Boy asked where he could buy CNFTs, saying they looked very “spicy.” Then on April 5, after CNFT’s “Clay Nation” collection was released with support from Snoop Dogg and his son Champ Medici, Cardano founder Charles Hoskinson met with the Long Beach rapper to discuss joint projects.
Given the growing popularity of Cardano NFTs and the fact that you can only buy them for ADA through a CNFT-enabled wallet, the ability to buy ADA with a bank card directly in the marketplace is a great solution and is a great solution. An extremely convenient and useful feature.
Cardano sharks in a buying spree
Notably, addresses holding between 10,000 and 100,000 ADA, also called “sharks,” have added 79.1 million tokens (~ $37.7 million as of July 9) to their reserves since June 9, according to data from Santiment.
Cardano shark addresses | Source: Santiment
Meanwhile, Cardano “whales” that hold between 100,000 and 1 million ADA have stopped selling.
Holding a larger amount of ADA makes sharks and whales powerful enough to determine the token’s upcoming trends via increased volatility or decreased liquidity. Additionally, they can force “fishes,” or investors holding fewer ADA tokens, to copy their trades.
The recent buying spree among the Cardano sharks hints that they have been positioning themselves for a sharp price rebound, especially as ADA trades nearly 85% below its September 2021 record high of $3.16.
Another potentially bullish catalyst is a major technical upgrade slated for the end of this month, following a successful testnet implementation on July 4. Dubbed “Vasil,” the hard fork could allow faster block creation and improve scalability for Cardano’s decentralized application ecosystem. It will also introduce interoperability between Cardano’s sidechains.
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