NFT

NFT Marketplace OpenSea Taps MoonPay for Direct Card Payments

  • NFT collectors can now pay for digital collectibles on OpenSea directly from their credit cards
  • The leading marketplace will offer this service via a partnership with crypto startup MoonPay
  • OpenSea announced the news shortly after revealing plans to integrate Solana NFTs on the platform

Leading non fungible marketplace OpenSea has added support for direct card payments on its platform. Users, traders, and collectors can now pay for NFTs with their bank accounts thanks to a partnership between OpenSea and crypto unicorn MoonPay.

OpenSea’s latest payment method reportedly applies to all sales on the platform. This includes initial mint, primary sales, and secondary sales. Although debit cards are indeed an accepted payment method, holders are still required to connect a digital wallet like MetaMask to access their collectibles.

MoonPay’s service supports direct payments from American Express, Apple Pay, Google Paym Mastercard, and Visa to name a few. The crypto startup also disclosed that the new feature will go live in phases over the next few weeks.

SimpleFX
SimpleFX

The partnership with MoonPay comes as the latest efforts from OpenSea geared towards expansion. Regarded as the dominant digital collectibles marketplace by trading volume, the platform also recently announced plans to onboard Solana-based NFTs.

OpenSea kicked off the year with a bang after raising a staggering $300 million earlier in January. Following the bumper fundraise, the company’s market value soared to $13.3 billion. Also, the platform recorded an all-time high of over $5 billion in trading volume back in February 2022.

Fiat Payment Portals Could Drive Mainstream NFT Adoption

MoonPay initially launched its card payment solution earlier in January 2022. The firm supposedly rolled out the service in a bid to match growing demand from its exclusive clientele. A plethora of pop culture figures and mainstream celebrities like Post Malone and Jimmy Fallon have reportedly leveraged MoonPay’s platform for digital purchases. 

The company’s CEO, Ivan Soto-Wright, previously opined that providing fiat-based payment services could facilitate broad-based adoption. Soto-Wright said:

Right now, the NFT market is limited to the hundreds of millions of people who own cryptocurrency. MoonPay’s NFT Checkout has just opened the door to billions more who own credit cards by making ownership both simple and fast.