Unlocking the Potential of Metaverses: Explore the Power of Crypto Payment Gateway

NOWPayments
7 min readMar 28, 2023

Accept crypto payments

Metaverses are fantastic virtual worlds with enormous social and financial potential. The use of cryptocurrencies within the metaverses allows them to gain access to the broader crypto economy, making virtual items available for exchange for real economic value outside the virtual world. In this article, we will look at how cryptocurrency payments can be used within the metaverses and how crypto payment gateways can help with their integration.

Key Points:

  • Digital assets and the virtual world is a great match.
  • NOWPayments is a leading crypto payment gateway capable of helping to integrate crypto into your metaverse.
  • Crypto payments can solve several problems within virtual worlds.

Today we can hardly imagine a metaverse without cryptocurrency. These two technologies perfectly complement each other and make it easy to immerse players in an early unexplored virtual world. The decentralized nature of cryptocurrencies is best suited for working with metaverses. In addition, cryptocurrency allows you to make payments in real time and with minimal fees from any corner of the world. All these advantages of cryptocurrencies encourage players to increasingly prefer the crypto payment method instead of the traditional one. Keeping up with the times, developers understand the importance of the new trend and strive to provide players with the payment tool they prefer. Cryptocurrencies are used in metaverses in several scenarios:

  • Buying a game character, a piece of land, or another object that allows the player to start interacting with the virtual world.
  • Payouts to encourage players. Rewards for game actions, tournament participation, battles, and character development.
  • Decentralized governance. Players use cryptocurrency to vote for changes and innovations in the metaverse.

Naturally, to ensure your metaverse popularity and a constant influx of new players, it is necessary to approach the issue of accepting and paying crypto correctly. Fortunately, many crypto payment providers are capable of providing an uninterrupted and efficient cash flow. It is necessary to approach the choice of a crypto payment gateway as responsibly as possible because any problems with payment can negatively affect the user experience. It is necessary to carefully study the reviews about the service you are interested in, study the integration tools the gateway provides, get acquainted with the cryptocurrencies supported, and compare service fees.

NOWPayments is the best crypto payment gateway on the market, which provides all the necessary tools necessary to configure the acceptance and sending of cryptocurrencies. The advantages of our service include but are not limited to:

  • Instant payments without borders. This allows you not to slow down the gameplay and provides players with a complete immersion in the metaverse.
  • No chargebacks. This allows you to get rid of the headache of many companies, that is, to get rid of chargeback fraud that can damage even a thriving business, and destroy a developing one altogether.
  • No mandatory verification. This allows you to ensure the anonymity of your data, and therefore its security.
  • Only 0.5% service fee. Our fees are the lowest on the market and allow most of the profits to be directed into the pockets of business owners.
  • There are no fees for payouts. By encouraging your players and paying cryptocurrency for various achievements and victories, you don’t spend a penny on fees.
  • Support for more than 150 cryptocurrencies, thanks to which your players will be able to use their favorite cryptocurrency.
  • Ready-made and easy-to-integrate solutions that fit perfectly into the concept of metaverses.

How Can Metaverses Use NOWPayments’ Service?

Metaverse developers can use NOWPayments in several ways and benefit from fast, cost-effective, and secure crypto payments.

Custody and Mass Payouts API

Thanks to our lightweight API, your players can use more than 150 cryptocurrencies to pay for game items. Various cryptocurrencies provide various advantages, such as low network fees, lightning-fast transactions, increased security, etc. Because of this, dedicated communities are formed around multiple digital assets that appreciate that they can freely pay for the desired goods with their favorite digital asset. Therefore, by providing your players with such an extensive list of payment options, you ensure the success of your project. To learn more about the NOWPayments API workflow, click here.

Even though NOWPayments is a non-custodial crypto payment gateway, we give our users a choice: receive payments directly to their wallet or safely store funds on their account balance. Using our custody solution saves significantly on network fees because instead of paying a network fee for each transaction, you can batch numerous into one. In addition, thanks to the custody solution, your funds are always at hand. To activate the custody solution, follow the steps below:

  • Create and verify your NOWPayments account.
  • Add your crypto wallet to which payouts will be made.
  • Open the dashboard. Navigate to the “Custody” section.
  • Read and accept the Custody Solution User Agreement and click “Continue”.
  • Whitelist your IP address. To change or add an IP address, please contact partners@nowpayments.io.
  • Ready! Now you can use your NOWPayments wallet.

Mass Payouts API. Given the undying popularity of play-to-earn models, you need to think carefully about ensuring the best payout flow to your players. Thanks to the NOWPayments Payout API, you can automate this process. Thanks to this solution, you can easily send crypto payouts to players for various in-game achievements, tournament wins, or other merits. NOWPayments allows you to use more than 150 digital assets to make mass payments. In addition, we guarantee the complete anonymity of the recipients. To set up Mass Payouts API, you need:

  • Create your NOWPayments account.
  • Go to settings and Generate an API Key.
  • Activate the Mass Payouts feature right in your account.
  • Deposit cryptocurrencies into the account
  • Navigate to the “Mass Payouts” tab and click “Create Mass Payout”.
  • Upload the .csv file, which is filled with the wallet addresses, as well as the currency and amount.
  • Click on “Proceed” and let NOWPayments do the rest of the work.

Accept crypto payments

Custody and Custodial Recurring Payments API

Crypto payments are inherently devoid of automation. That is, in order to pay for some product or service, the consumer must independently carry out all the necessary manipulations, which naturally distracts from the gameplay. NOWPayments are here to provide a solution. Thanks to our service, you can effortlessly create deposit accounts for your players and debit payments when necessary. These accounts are under your direct control. That is, as the creator of the metaverse, you can easily send funds from one player’s account to another. Thus, you manage the in-game trading of players, ensuring the honesty, transparency, and security of the deal.

Moreover, with NOWPayments, you can set subscription payments for your players and charge them on a recurring basis once a week, month, or year. This way, your customers won’t need to make a new transaction whenever they want to pay for a game item. Your players can replenish their custodial accounts with more than 150 cryptocurrencies and avoid dealing with the payment process themselves.

To use NOWPayments’ Custodial Recurring Payments API, follow a few simple steps:

  1. Create your NOWPayments account.
  2. Provide your crypto payout address.
  3. Navigate to the “Custody” section.
  1. Read and accept the Custody Solution User Agreement and click “Continue.”
  2. Provide your IP address.
  1. Follow the guide on implementing the Custodial Recurring Payments and deploying the tool. Contact us at support@nowpayments.io if you have any questions.

Accept crypto payments

Conclusion

It is absolutely obvious that the metaverse is a promising direction and not a temporary hype. Therefore, for a smoother development of this concept, it is necessary to introduce innovative payment methods. And cryptocurrency is most welcome here. Crypto provides the necessary transparency, speed, and security that traditional financial tools lack. NOWPayments helps companies implement the most effective tools for the smooth processing of crypto payments.

Accept crypto payments

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NOWPayments

NOWPayments.io is an awesome service for easy and smooth crypto payments processing. We believe in simplicity — no excess. Made by ChangeNOW.io