Why Should NFT Marketplaces Try SHIB Payments?

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It is impossible to imagine the modern crypto market without the Shiba Inu coin. Since day one, it has been proving to all haters that meme tokens have the power to completely transform the landscape of the industry. Today, just like two years ago, SHIB is once again experiencing a surge in popularity thanks to the launch of its new projects such as Shibarium. Still, the SHIB community remains the key asset for the currency, and there are lots of investors and businesses looking to capitalize on it. This is especially true in relation to the NFT marketplaces, as they stand to benefit immensely from accepting SHIB payments. NOWPayments can easily assist NFT marketplaces in their implementation of SHIB as a payment method by providing them with its Custodial Recurring Payments tool.

Why Should NFT Marketplaces Try Shiba Inu?

Key points:

Shiba Inu is one of the biggest DeFi projects on the market.
SHIB can offer lots of benefits to NFT marketplaces, including global and anonymous payments.
NFT marketplaces can use NOWPayments to deploy SHIB payments.

What Is Shiba Inu?

About Shiba Inu

Shiba Inu ranks among cryptocurrencies with the highest market capitalization in history. It is not an exaggeration to say that Shiba Inu is truly a revolutionary cryptocurrency. First, it showed the world how meme tokens could easily outperform any major digital asset by simply being cute and awesome. Then it demonstrated that meme tokens could generate real utility with the introduction of its DEX and additional tokens, including LEASH and BONE. And now it is about to launch its own Layer-2 solution called Shibarium which will turn the project into a full-blown DeFi juggernaut.

Shiba Inu’s benefits

The SHIB token has a number of qualities making it suitable for use as a means of payment. For instance, thanks to blockchain technology, SHIB tokens can be transferred across the world in minutes without any limitations or delays. This feature of SHIB can be a real game changer for so many businesses that want to go global but refuse to put up with all the stress of managing several international bank accounts.

Shiba Inu is also private, so to use it you will not be asked to reveal your personal information or even share your email. This is exciting news for merchants that wish to offer their clients a more privacy-oriented payment solution. By giving your clients a chance to pay in SHIB, you simultaneously give them a chance to be anonymous.

Yet, perhaps, the most outstanding aspect of SHIB is the community of over one million people the coin has managed to accumulate over the years. In fact, it is one of the most passionate communities in crypto ever. Businesses looking to engage SHIBArmy can do so by featuring SHIB as a payment method.

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SHIB and NFT Marketplaces

Shiboshis

The SHIBOSHIS are Shiba Inu’s first NFT collection. It consists of 10,000 one-of-a-kind avatar pixel art NFTs. The collection sold out almost immediately, as in 34 minutes it was already gone. LEASH holders were given the privilege of being the first to buy SHIBOSHIS during the minting phase. Today, the NFTs from the collection can be purchased on the secondary market on OpenSea.

Shib the Metaverse

Shib the Metaverse is another project of Shiba Inu where NFTs are set to play a pivotal role. It is a virtual space where all SHIBArmy members will be able to come together to create, learn, and play. Shiba Inu’s metaverse will consist of plots of land that users can already claim today. The metaverse will also make extensive use of SHIB allowing users to interact with different mechanics of the project via their tokens.

SHIB payments solution for NFT marketplaces

Any NFT marketplace can benefit from Shiba Inu’s ecosystem by integrating SHIB payments via NOWPayments. The Custodial Recurring Payments are a tool designed specifically for NFT marketplaces and similar platforms. It allows any marketplace to create billing accounts for its clients, which they can fund with SHIB. Here is how the flow goes:

You create accounts for NFT sellers.
They accept payments to these accounts.
You charge your fees by transferring funds from the sellers’ accounts to your account.
You make automatic payouts to the sellers’ wallets by request.

Basically, once your users receive payments, you gain the ability to charge them service fees and then transfer the remaining sum to their wallets.

Why NOWPayments?

0,5% service fee

NOWPayments makes it easier than ever to get paid in SHIB with the incredibly low service fee of just 0.5% per transaction. As a result, you will be able to get your payments almost in full, without any substantial losses.

Instant global payments

Thanks to SHIB being a borderless currency, NOWPayments has made it possible to accept SHIB as payment from any person in the world. This means that businesses can now benefit from a wide range of customers, regardless of geographic location.

No KYC

NOWPayments does not have KYC requirements, meaning that you are free to use our services anonymously. If you do not like to share your private data with third parties when accepting SHIB token payments, NOWPayments is the right choice for you.

Free automatic payouts

NOWPayments is a non-custodial payment gateway. Thus, we make instant payouts to our clients’ addresses once we process their payments. We do not store our clients’ funds unless they ask us to do so.

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How to Begin Accepting Shiba Inu?

In order to begin using the Custodial Recurring Payments API, you will first need to enable the Custody feature in your NOWPayments account. Here is how you can do it:

First, create a NOWPayments account.

Provide your SHIB payout address.

Next, follow these steps:

Go to the “Custody” section.

How to Begin Accepting Shiba Inu with Custodial Flow?

Read the Custody Solution user agreement, agree to the terms, and press “Continue.”

Provide your IP address, which you plan to use to send salaries, check the box to agree to the Custody Solution terms, and press “Continue.”

You may be shown a page saying that the Balances feature is temporarily unavailable for you, but it will be removed in a couple of minutes.

Once the system is ready to process your transactions, it will show you the following page:

Now, you can follow the guide on how to implement the Custodial Recurring Payments and deploy the tool. Contact us at [email protected] if you have any questions.

Conclusion

NFT marketplaces can expand their customer base and increase their revenue by integrating SHIB payments. They can do it with the help of NOWPayments’ Custodial Recurring Payments tool.

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