Square is a major payments company that offers both software and hardware to facilitate payments. The company is under the Block Umbrella, which includes Square, Cash App, TIDAL, TBD, and Spiral. Due to its CEO’s support for Bitcoin, many people have been left wondering where you can sell NFTs through Square. But can you call NFTs with Square?
Square and NFTs
Square’s CEO, Jack Dorsey, has been a huge BTC proponent for years. The former Twitter CEO believes that Bitcoin will form the backbone of the future internet economy.
In his opinion, BTC could one day become the currency of the internet.
To that end, Square, now Block, supports BTC payments via Cash App. Users have full custody over their BTC funds, they can deposit BTC from third-party accounts to their accounts.
After each deposit, the wallet address changes. As such users have to check their most recent address before initiating a transfer.
The company’s CEO also revealed that Square was working on a hardware wallet. Additionally, the company was looking into BTC mining, and working on DeFi applications.
But Can You Sell NFTs With Square?
Jack Dorsey has discussed the issue on NFTs and Square publicly.
During a quarterly earnings call on November 8, 2021, the CEO said that they had no plans to integrate NFTs. Their focus is on Bitcoin and they are not interested in other crypto coins beyond that.
Square’s entry into the Bitcoin market has been quite a success. In a third-quarter earnings report in 2021, the company revealed that BTC revenue was up 11% from the same time last year.
Consequently, it is likely the company will continue to deepen its BT integration in the future.
Selling NFTs With Square
To date, Square has never created a platform where users could sell their NFTs. However, that does not mean the platform cannot be used to facilitate NFT transactions.
To do so, users would need to acquire Bitcoin through Cash App, which can then be swapped for ETH.
These ETH can then be sent to an NFT marketplace such as OpenSea, where they can be used to purchase NFTs.
In short, while you will not be allowed to sell NFTs through Square on its platform, it provides you with a gateway into the crypto world.
Once you have your Bitcoin in your Cash App address, you can swap it for any other token, which can allow you to join any platform where NFTs are supported. Since you need some ETH to list an NFT, using the Square Bitcoin service can be quite useful in this regard.
