According to rumours, NFT marketplace OpenSea is partnering with MoonPay to facilitate direct credit card payments for the purchase of non-fungible tokens (NFTs), allowing investors who do not own cryptocurrencies to participate.
The move is presumably aimed at attracting more mainstream purchasers, similar to NBA Top Shot’s tactic when the game was hot a year ago. It also comes at a busy moment for OpenSea, which has been making headlines in the crypto world in recent months.
OpenSea revealed last month that its Ethereum and Polygon sales produced over $5 billion in total trading volume in January. This shattered OpenSea’s previous record, which had stood since August 2021.
The NFT marketplace also revealed this week that it will begin listing Solana NFTs later this month. Although it is unclear when OpenSea will begin offering Solana NFTs in April, the NFT marketplace tweeted a short teaser video describing the move as the “best kept secret in Web3.”
Solana surged on the news. NFT trading volume on Solana increased by over 80% on March 30, and the price of SOL itself also surged—capping off a near 24% price increase in the last seven days.
All NFTs on OpenSea are supported natively, and all deliveries are handled on-chain, meaning that OpenSea users don’t need to travel outside the platform to pay, and aren’t tied to using a custodial ledger or forced to use a specific token. The catch for those paying on card is that it may cost more due to added fees.
This payment method covers both primary NFT sales, including minting and initial drops, as well as secondary trading. The feature will be rolled out in phases to batches of users, MoonPay said. Those using OpenSea will still have to hold NFTs in their own wallet.
MoonPay’s plug-and-play solution for purchasing and selling NFTs using a credit card was initially introduced in January. The announcement comes as Mastercard announced a partnership with Coinbase to allow customers to purchase NFTs with their debit and credit cards.
According to Ethereum World, Opensea is the most popular NFT platform by trading volume, and it just stated that it would accept Solana-based NFTs. The company raised $300 million in a Series C fundraising round in January, valued at $13.3 billion post-money. The platform processed $5 billion in trade volume in February, which was its highest ever.
Ivan Soto-Wright, CEO of MoonPay, recently stated that adopting fiat-based payment services might lead to widespread acceptance.
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