OpenSea launches fiat payment method for NFTs

OpenSea has announced that its marketplace will now allow collectors to purchase their NFTs without having to use crypto.

The world’s largest NFT marketplace now enables users from around the community to facilitate payments using their Visa, Mastercard, and American Express debit cards.

Also, OpenSea further announced an expanded partnership with MoonPay through which NFT transactions can also be made using e-wallets like Apple Pay and Google Pay.

Until now, users must have to fund a wallet by converting fiat into crypto first — and it’s believed that this innovation will attract more users to the NFT space.

According to MoonPay, the fiat feature will be rolled out gradually to OpenSea users.

RELATED: Uproar as OpenSea Bans NFT Collectors in Iran

Warm Welcome for Fiat Feature on NFT Platforms

Leading to this, NFT marketplaces have been making combined and calculated efforts to attract more users who may find it uncomfortable transacting with cryptocurrencies.

In January, Coinbase made announcements about its partnership with Mastercard as it anticipates to unveil its peer-to-peer marketplace.

However, OpenSea might currently rule the yard in terms of NFT trading volumes right now, but they might face a new rival as Instagram prepares to enter the market.

At the start of this week, Deutsche Bank released a conservative estimate that Instagram’s marketplace for non-fungible tokens would easily attract 44 million users — a figure that is way ahead of OpenSea on 1.4 million.

It’s also highly likely that Instagram would also enable fiat payments as a move to further lower limitations of entry.

However, most users across the NFT space cited that there might be downsides to paying with fiat — and those who will use credit and debit cards may be slapped with higher fees.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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