More On: NFTs
Users can use their Visa, Mastercard, and American Express debit cards, as well as Apple Pay, to make purchases on the world's largest NFT marketplace.
Collectors can now buy NFTs without using crypto on OpenSea.
Users can now utilize their Visa, Mastercard, and American Express debit cards to make transactions on the world's largest NFT marketplace.
Transactions can now be done with Apple Pay and Google Pay thanks to an expanded cooperation with MoonPay.
Users had to convert currency into crypto first to top up their wallets until recently, and it's hoped that the shift will lower barriers to entrance.
The feature will be gradually rolled out to OpenSea users, according to MoonPay.
Platforms for NFTs are rushing to Fiat
All of this is happening as NFT markets make a concentrated attempt to entice consumers who are hesitant to deal with cryptocurrency.
Coinbase announced a partnership with Mastercard in January as it prepared to launch its peer-to-peer marketplace.
While OpenSea now reigns supreme in terms of NFT trading volumes, this may change as Instagram prepares to enter the market.
Earlier last week, Deutsche Bank estimated that Instagram's non-fungible token marketplace would easily draw 44 million users, much outnumbering OpenSea's 1.4 million.
As part of a push to remove entrance barriers, it's quite likely that Insta will also accept fiat payments.
However, there will be drawbacks to paying with fiat currency, and individuals who choose for credit or debit cards may face greater fees.
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