Opensea intends to expand its marketplace by accepting credit cards for non-financial transactions (NFT) through Moonpay. Other non-financial transaction marketplaces, such as Sorare and Rarible, currently allow this.
⛵️Sail the @opensea with your card 💳
Soon, you will be able to buy NFTs with @Visa, @Mastercard, @Apple Pay, @GooglePay and more. pic.twitter.com/vHYDT1W776
— MoonPay | @ Bitcoin 2022 (@moonpay) April 1, 2022
They will be able to pay with American Express, Google Pay and Visa without first converting their fiat currency to cryptocurrency.
OpenSea makes way for credit cards
OpenSea is broadening the consumer base of the NFT marketplace to include those who do not use cryptocurrencies. However, all NFTs will be natively supported and will be responsible for all on-chain deliveries. Users will be able to make payments without having to leave the platform.
This includes major and minor NFT sales, as well as minting and first-drop sales. OpenSea users will still need a wallet, such as MetaMask, to store NFT.
The transition to credit card payments is part of OpenSea’s long-term goals, which include expanding their customer base.
They have just created OpenSea Ventures as an investment arm to assist Solana NFTs in their efforts. This arm will be responsible for driving the Web3 ecosystem forward.
What is MoonPay?
MoonPay allows customers to exchange cryptocurrencies and fiat currencies, as well as non-fungible tokens (NFTs). Its strategy has included bringing in a host of celebrities to nonprofits. Snoop Dogg, Jimmy Fallon, Justin Bieber and DJ Khaled are some of the celebrities in attendance.
Their huge customer base has helped them acquire a large crypto following on social media platforms like Twitter. Their main platform NFT has around 56,000 followers on Instagram.
Cool Cats, Zeneca, Pranksy, Paris Hilton and Steve Aoki, among others, are some of the celebrities who have appeared on the show. The company is currently one of the most well-known in the NFT and cryptocurrency field.
People who want to buy, sell, trade and cash out NFTs can pay directly with Visa, MasterCard, American Express, Apple Pay, Google Pay and other methods, without having to convert to specific cryptocurrencies first, a MoonPay spokesperson told Block Crypto.
Payment methods can be used for all sales on the OpenSea platform, including initial mint, primary sales and secondary sales.
While debit cards are currently accepted as payment, users are still required to connect to a digital wallet. With direct card payments in partnership with MoonPay, the process is simplified and no cryptocurrency or wallet is needed.
The move is intended to grow OpenSea’s market to people who don’t have a native understanding of crypto, according to Ethereum World News.
OpenSea customers pay directly on the platform and “are not tied to the use of an escrow ledger or forced to use a specific token,” Block Crypto reported.
NFTs on OpenSea are delivered on the blockchain and handled natively. However, people paying with cards could be subject to additional fees.
The new payment feature is being introduced for selected users in stages, MoonPay told Block Crypto. MoonPay first launched the feature in January when Mastercard collaborated with Coinbase to facilitate NFT purchases.
Opensea is the dominant NFT marketplace by trade volume, according to Ethereum World, and recently announced it was incorporating Solana-based NFTs. In January, the company raised $300 million in a Series C funding round with a subsequent valuation of $13.3 billion.
In February, the platform processed $5 billion in transaction volume, the highest to date.
Annnnd we’re live 🔴
Introducing NFT Checkout: the world’s only solution that allows users to purchase an NFT instantly with a card 🛒 💳
Details👇 https://t.co/i7L8OXUyxV pic.twitter.com/6CK1gQrApz
— MoonPay | @ Bitcoin 2022 (@moonpay) January 27, 2022
MoonPay CEO Ivan Soto-Wright recently said that the implementation of fiat-based payment services could lead to widespread adoption.
“Right now, the NFT market is limited to the hundreds of millions of people who own cryptocurrencies. MoonPay’s NFT Checkout has just opened the door to billions of other credit card holders by making ownership simple and fast.”
“To be successful, we have to make the process as simple as possible. MoonPay has done that for cryptocurrencies. And now, in partnership with Opensea, we’re doing it for NFTs as well.”
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
