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Artifract, a fine arts NFT platform, has announced its partnership with BUx, the payment gateway platform from Unionbank’s fintech subsidiary, UBX Philippines. This partnership allows Artifract users to buy NFTs using conventional payment methods.
“Artifract allows the tokenization and fractionalization of fine arts, democratizing investment opportunities for everyone. This partnership will make it easier for people to buy NFTs than current crypto payments,” BUx said in a statement.
According Artifract’s Business Lead for Lending and NFTs, Mario “Mags” Fetalino III, the platform wanted its users to own NFTs through accessible payment method, adding that “to date, purchasing an NFT is quite a tedious process.”
“To scale the usage and adoption of our product, we are using BUx as a component to build an on-ramp – off-ramp capability between fiat and crypto. This partnership will allow users to purchase NFTs and pay via Gcash, Maya, Visa, and other options within the BUx ecosystem – an advantage we will have versus other NFT platforms,” Fetalino added.
“BUx’s payment features will allow Artifract’s users to purchase NFTs using their e-wallets and bank accounts without purchasing crypto. This lessens the difficulty and leads to seamless user experience because most Philippine art collectors are accustomed to making payments using traditional payment methods,” Rico Dela Cruz, Product Owner of Artifract highlighted.
Meanwhile, Managing Director for Open Finance of UBX, Jaime Garchitorena, highlighted the opportunities that the partnership can bring:
“As far as payment options are concerned, BUx has the most expansive selection of payment options and a great customer experience.”
As per Garchitorena, “the challenge of participating in the NFT market is access to possible payment options. BUx has partners that offer different modes of payments that should further make NFTs more available, if not more affordable.”
“BUx’s payment platform caters to all forms of businesses, from small and medium-sized enterprises to large enterprises, brick-and-mortar and e-commerce stores, and digital services such as NFT platforms,” said BUx in a statement, adding that its multiple payment options and 60,000 payment locations nationwide can expand businesses’ capabilities.
This article is published on BitPinas: Fine Arts NFT Hub Artifract Partners with Unionbank’s BUx to Ease Buying NFT
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.