Non-fungibles will soon be a lot simpler to acquire on the world’s most significant NFT marketplace. Through a collaboration with MoonPay, OpenSea will now accept credit and debit cards.
The NFT giant that just raised $13.3 billion in its Series C funding round will integrate MoonPay’s NFT Checkout service to enable instant credit and debit card purchases.Previously, OpenSea users had to own cryptocurrency in order to purchase NFTs on the marketplace.
The majority of OpenSea’s NFTs are created on Ethereum, which has resulted in user experience problems owing to the network’s high gas costs. MoonPay intends to address this by making NFTs “more accessible to all.” Users will be able to use the platform to purchase NFTs with MasterCard, Visa, Apple Pay, and Google Pay in phases.
Switching to fiat payments
The OpenSea upgrade comes shortly after Nifty partnered with MoonPay to enable fiat payments. Nifty Gateway, another of OpenSea’s competitors, has supported card payments for a long time.
According to the site, MasterCard payments for NFTs will be available once Coinbase NFT becomes available. Thousands of new crypto entrants have rushed to the technology as the NFT market has exploded.
OpenSea will attempt to bring in broad adoption while addressing the numerous user experience problems it has faced during the expansion by allowing “fiat” payments.
Technical issues
Demand for NFTs has not slowed down, with OpenSea reporting a staggering $14 billion of trading volume in 2021, but it’s come under fire following significant vulnerabilities and bugs that resulted in users losing their high-value NFTs.
In February, one of the most high-profile NFT heists occurred when a thief stole around $3 million in OpenSea users’ NFTs by duping them into authorizing crypto transactions that drained their accounts.
The Bored Ape Yacht Club and Azuki collections were among the stolen items. MoonPay has been monitoring the Bored Ape Yacht Club, which is now the world’s most coveted NFT collection. It assisted in celebrity sales for Jimmy Fallon, Post Malone, and Paris Hilton, bringing broader attention to the cartoon monkeys and the technology’s potential.
