The .xyz community is home to more and more innovative platforms aimed at making web3 a comfortable space for everyone. Community platform TheHug.xyz is aimed at developing a more equitable web3. Social networking platform Prysm.xyz works to connect amateur and experienced crypto investors. NFT-focused podcast Proof.xyz provides insightful coverage on web3 developers, new NFT platforms, established creators, and emerging artists. In this week’s #WebsiteWednesday, we’ll introduce you to a San Francisco-based payments processing company aimed at helping developers, creators, and brands accept payment for NFTs using credit cards and cross-chain cryptocurrency: Paper.xyz.
Paper.xyz is the online home of Paper, a crypto-focused payments processing company working to address the challenges around the user experience for non-crypto natives in the web3 space. The innovative platform has developed a checkout flow that works with credit cards and supports users without crypto wallets to make buying, using, and holding NFTs easier for everyday customers. Shortly after launching, Paper.xyz closed a $7.3 million seed round after a $2 million angel investment, for a total investment of $9.3 million.1 The round was led by VC firms Electric Capital and Initialized Capital with participation from leading video game live streaming service Twitch and event management and ticketing website Eventbrite. Paper.xyz aims to use this new capital for hiring, expanding the wallet’s infrastructure and security and making the product usable across more blockchain networks.
The payment platform allows users to create wallets through their email addresses and purchase NFTs with credit cards across the Polygon, Ethereum, Solana, and Avalanche blockchain networks to provide non-crypto consumers a “frictionless” bridge for entry into the marketplace. In the future, Paper.xyz will roll out a software development kit (SDK) intended to support the capability of brands and developers to build a custom checkout experience. Users will be able to create a branded environment for the Paper wallet so it only displays the NFTs for that brand, as opposed to displaying all the different NFTs you own.
— Paper.xyz (@papercheckout) March 24, 2022
In the past few months, Paper.xyz has worked with various bands and artists. In April 2022, Paper.xyz helped digital media brand and YouTube collective Yes Theory on a new NFT project aimed to help fund the release of their feature film documentary Iceman. Fans of electronic music producer, DJ, and musician deadmau5 can mint NFTs from the artist’s head5 collection via Paper.xyz.
Paper.xyz was co-founded by James Sun, a former product manager for leading video game live streaming platform Twitch. As James explained to us, “We chose to build on .xyz because the domain represents a new wave of web3 companies, and a lot of the great names have not been squatted by individuals/companies who don’t intend on using it to build a great product.”
As more individuals are familiarizing themselves with the web3 landscape, forward-thinkers like James are helping make the venture less intimidating. You can learn more by following the platform on Twitter and by visiting Paper.xyz.
XYZ is proud to share about the many incredible members that make up the XYZ community! We encourage you to do your own research before using the products and services of the websites we feature. The information about products and services contained in this blog post does not constitute endorsement or recommendation by XYZ.