As the Non-Fungible Token (NFT) market continues to grow in popularity, one common complaint has emerged among non-crypto natives: accessibility and user experience. But a new player in the space is working to change that with its innovative approach to buying, using, and holding NFTs.
Paper’s Vision for a Frictionless NFT Marketplace
But Paper, a crypto-focused payments processing company launched in February, aims to make NFTs more accessible to everyday customers or fans who want to buy digital collectibles. According to James Sun, co-founder and CEO of the company, "We view NFTs as a utility, instead of just a collectible."
A $9.3 Million Seed Round for Paper
Just a couple of months after launching, Paper closed a $7.3 million seed round after a $2 million angel investment, bringing in a total of $9.3 million in fresh capital. The round was co-led by Electric Capital and Initialized Capital with participation from Polygon, FalconX, Long Journey Ventures, ThirdWeb, Night Capital, and the founders of Plaid, Twitch, Fractal, MagicEden, Eventbrite, Tagomi, and Bison Trails.
Paper’s Key Features
But Paper allows users to create wallets through their email addresses and purchase NFTs with credit cards (or crypto wallets) across the Polygon, Ethereum, Solana, and Avalanche blockchains. This provides non-crypto consumers a "frictionless" bridge for entry into the marketplace.
A Focus on Utility Over Collectibles
Sun emphasizes that Paper is most excited about NFTs with utility instead of a collectible focus. "Some of them have cool things like membership, but we’re most excited about the ones with utility," he said.
Future Plans and Expansion
The startup’s new capital will be used for hiring, expanding the wallet’s infrastructure and security, and making the product usable across more blockchains. In the past three months, Paper has worked with brands and artists like Fnatic, Deadmau5, Boohoo, and YesTheory to make NFTs more accessible through the option of buying them with a credit card and email.
White-Labeling Experience with SDK
In the future, it will roll out a software development kit (SDK), which will allow white-labeling experiences for brand enterprises. This will enable brands and developers to flexibly build a checkout experience that’s uniquely theirs without the Paper logo.
Benefits of White-Labeling
- Brands can create a branded environment for their wallet, displaying only the NFTs relevant to their brand.
- Users will have a seamless experience with no distractions from other NFTs outside of the brand’s ecosystem.
The Team Behind Paper
Sun said that the team consists of consumer technology-focused engineers from companies like NextDoor, Google, and Twitch. "Consumer experience is highly valued [to us]," Sun said. "We’re new to web3, we’re not OGs or maximalists, but we have a different perspective and we’re building on that experience."
Conclusion
Paper’s mission to simplify digital collectibles is a step in the right direction for making NFTs more accessible to non-crypto natives. With its focus on utility over collectibles and innovative approach to white-labeling experiences, But Paper has the potential to revolutionize the NFT marketplace.
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