NFT marketplace OpenSea to accept credit card payment via MoonPay

For the first time, OpenSea will accept card payments through MoonPay's NFT Checkout service.

MoonPay partners with top NFT marketplace OpenSea
Image via moonpay

OpenSea is following in the footsteps of several competitors by adding fiat payment capabilities.

OpenSea is now accepting credit card payments

The world's largest non-fungible trading platform is set to make it a whole lot easier for customers to get their hands on non-fungibles.

Through a partnership with MoonPay, OpenSea will now accept credit and debit card payments.

In a Friday blog post, MoonPay revealed that the NFT titan, which just raised $13.3 billion in a Series C investment round, will integrate MoonPay's NFT Checkout service to facilitate immediate credit and debit card purchases.

Users of OpenSea previously had to obtain bitcoin in order to purchase NFTs on the marketplace.

Due to the network's high gas fees, the majority of OpenSea NFTs are minted on Ethereum, which has produced user experience difficulties.

MoonPay aims to solve this problem by "making NFTs available to everyone." Users will be able to purchase NFTs with MasterCard, Visa, Apple Pay, and Google Pay in stages.

The OpenSea update comes on the heels of competitor Nifty's announcement of a partnership with MoonPay to accept fiat payments.

Nifty Gateway, another OpenSea competitor, has long allowed card payments. Although Coinbase NFT has yet to start, it has stated that when it does, it will accept MasterCard payments for NFTs.

Thousands of new crypto entrants have flocked to the technology as the NFT business has expanded. OpenSea hopes to usher in general acceptance by permitting what crypto aficionados refer to as "fiat" payments, while also solving the plethora of user experience issues that have arisen as a result of the surge.

In 2021, OpenSea witnessed a remarkable $14 billion in trading volume, and demand hasn't dropped since. However, the company has come under fire after severe vulnerabilities and glitches caused customers to lose their high-value NFTs.