For individuals who don’t own cryptocurrency, the popular NFT marketplace has introduced OpenSea credit card payment through MoonPay, making the acquisition of an NFT easier.
How will OpenSea credit card payment work?
Collectors will be able to make payments straight through Visa, MasterCard, American Express, Apple Pay, Google Pay, and other payment systems without having to first convert to a different cryptocurrency. The move is designed to increase the market’s customer base outside of cryptocurrencies.
OpenSea supports all NFTs natively and all deliveries are handled on-chain, allowing users to avoid traveling off the platform to pay and avoiding being forced to use a custodial ledger or restricted to using a specific token. Those who pay with their credit card will face a higher price, owing to extra costs. This payment method covers both primary NFT sales, such as minting and early drops, as well as secondary trading.
MoonPay announced that it is launching the functionality in phases, with groups of users at a time. Those using OpenSea will still need to store NFTs in their own wallet. In January, MoonPay launched a credit-card-based payment system for the purchase and sale of NFTs. The decision was made after Mastercard announced that it would collaborate with Coinbase to enable consumers to buy NFTs using their debit and credit cards.
This is the newest effort in a series aimed at making NFTs more accessible to the general public. Earlier this month, Mark Zuckerberg stated that Instagram would examine incorporating NFTs “over the next several months.”