OpenSea the world’s biggest NFT marketplace is enabling users to make NFT purchases using their Visa, Mastercard and American Express debit cards
Crypto Is No Longer Required For Payment On OpenSea
Collectors can now purchase NFTs on OpenSea without using cryptocurrency.
Users can now use their Visa, Mastercard, and American Express debit cards to make purchases on the world’s largest NFT marketplace. Transactions can also be completed using Apple Pay and Google Pay thanks to an expanded partnership with MoonPay.
Users were previously required to top up a wallet by first converting fiat into crypto — and it is hoped that the change will lower barriers to entry.
All NFTs on OpenSea are natively supported, and all deliveries are handled on-chain, which means OpenSea users don’t need to leave the platform to pay, aren’t tied to a custodial ledger, and aren’t forced to use a specific token.
The catch for those paying with a credit card is that it may cost more due to additional fees.
This payment method is applicable to both primary and secondary NFT sales, including minting and initial drops.
MoonPay debuted its service for buying and selling NFTs with a credit card
In January, MoonPay debuted its plug-and-play service for buying and selling NFTs with a credit card. The announcement came as Mastercard announced a partnership with Coinbase to allow people to buy NFTs with their debit and credit cards.
MoonPay stated that the feature will be rolled out in stages to different groups of users. Those who use OpenSea will still need to keep NFTs in their own wallet. According to MoonPay, the feature will be gradually rolled out to OpenSea users.
All of this is happening as NFT marketplaces make a concerted effort to entice users who may be hesitant to transact with cryptocurrencies.
While OpenSea currently reigns supreme in terms of NFT trading volumes, this could all change as Instagram prepares to enter the market.
Earlier this week, Deutsche Bank estimated that Instagram’s marketplace for non-fungible tokens would easily attract 44 million users, far outnumbering OpenSea’s 1.4 million.
As part of a push to lower barriers to entry, it’s highly likely that Insta will also offer fiat payments.
However, there will be drawbacks to paying in fiat currency, and those who choose to use credit or debit cards may face higher fees.
