Crypto Firm MoonPay expanded its services by launching an NFT Concierge for High Net Worth individuals. The service is for those who want to buy digital collectibles without any hassle. In recent weeks, they’ve successfully assisted high-profile clients like Jimmy Fallon and Post Malone purchase BAYC NFTs.
MoonPay’s NFT Concierge
The service is still in the Beta stage, yet it is already bringing in the bucks. Both Jimmy Fallon and Post Malone chose NFTs from the blue-chip Collectible Bored Ape Yacht Club. The going rate for the cheapest BAYCs is 43.9 ether or $186,000, according to OpenSea. So, only the ultra-rich can afford it.
Fallon tweeted a picture of Bored Ape #599 on November 12 with the caption, “Permission to come a bored?” The community rejoiced over his move to ape in. After all, there’s no better validation than purchasing one for yourself. The day before, Fallon explained that he had used MoonPay’s services to acquire the piece during an interview with record-breaking digital artist Beeple.
Interestingly, a MoonPay spokesperson said there’s “no commercial relationship between MoonPay and the award-winning host.” Thanks to blockchain technology, the transactions are traceable and verifiable. Records confirmed that MoonPay purchased BAYC #599 for 46.6 ether (around $196,000) then transferred it to another address.
Later on, a representative explained that Fallon is one of the early clients of MoonPay’s NFT Concierge service. They described the initiative as a “white glove service for high net worth individuals who want to purchase NFTs in the simplest way without all the hassle of setting up a wallet, buying crypto, using that crypto to purchase an NFT and then taking custody of it.”
Then, MoonPay would just send an invoice and bill the high-profile clients. Voila! Smooth, seamless and hassle-free NFT transaction.
Is this a solid business model?
The cryptocurrency market is now worth more than $2.5 trillion. Meanwhile, NFT sales volume has exploded in the 3rd Quarter compared to the market’s growth in Q1 and Q2 of 2021. The total sales volume for NFTs in Q3 surpassed $10.7 Billion. Comparing year-on-year growth for 2021 with that of 2020, the overall growth rate has been an enormous 38,060%, according to DappRadar.
The best part? As adoption spreads, NFTs are showing no signs of slowing down. So there’s a captured market for MoonPay, especially because blockchain transactions are notorious for being daunting.
MoonPay’s transaction history on OpenSea suggests that rapper Lil Baby is also using their services. MoonPay transferred to him Bored Ape #129, which he used as a profile picture on Twitter last month. In addition, there are transaction records on Etherscan reflecting four payments amounting to 325.1 ether or $1.37 Million to a wallet controlled by Post Malone.
The firm’s recent success in securing funding further proves that the NFT Concierge is a viable business model. Earlier this week, MoonPay confirmed that it had raised $555 million in a round led by Tiger Global Management and Coatue, valuing the company at $3.4 billion.