When minting, do I have to offer an alternative payment method to crypto payment?
Select jurisdiction
Germany
This is a kind of grey area. Generally, EUR is the legal tender in Germany. But there are
arguments that support the view that it is also acceptable to offer only crypto payment for
minting NFTs as cryptocurrency is the common payment for NFTs. To be on the safe side,
offering an alternative free payment method in EUR is recommended if possible.
Regardless of this issue of the actual payment method, it is also recommended to indicate
the prices converted into EUR for transparency reasons in addition to the cryptocurrency
pricing.
India
There is no requirement to offer an alternative payment method when minting an NFT, as minting is the process of creating and issuing a new NFT on a blockchain platform. The decision to accept payment in a specific form, such as cryptocurrency, is up to the creator of the N FT. Some NFT creators may choose to accept only certain forms of payment, while others may be willing to accept a variety of payment methods. It is ultimately up to the individual creator to decide what payment methods they will accept when minting their NFT.
Brazil
There’s no solid legal understanding regarding this issue. The Criminal Misdemeanors Act, however, establishes in article 43 that the refusal to receive currency of legal tender in the country constitutes a criminal misdemeanor. Whether this could apply to NFTs sales is unclear.
United States
When minting and NFT, you need only to connect your digital wallet (for example, a MetaMask wallet) that contains a sufficient amount of the relevant cryptocurrency (for example, Ethereum) to cover the transaction and associated fees (aka “gas” fees). You do not need to offer an alternative method of payment.
Poland
In Poland, there is no legal requirement for a seller to provide alternative payment options when minting an NFT. However, it is a common practice to offer multiple payment options in order to make NFTs more accessible to a wider range of buyers. While Polish złoty (PLN) is the official currency of Poland, it is also acceptable to offer cryptocurrency as a payment option for NFTs as it is a common method of payment in the NFT market. To ensure compliance with any potential future regulations, it is recommended to offer an additional free payment option in PLN if possible. Additionally, for transparency, it is recommended to also provide the price of the NFT in PLN, in
addition to cryptocurrency pricing.
