The world's biggest NFT marketplace is enabling users to make purchases using their Visa, Mastercard and American Express debit cards — as well as Apple Pay.
OpenSea now allows collectors to buy NFTs without using crypto.
The world's biggest NFT marketplace is enabling users to make purchases using their Visa, Mastercard and American Express debit cards.
Through an expanded partnership with MoonPay, transactions can also be completed using Apple Pay and Google Pay.
Until now, users were required to top up a wallet by converting fiat into crypto first — and it's hoped the change will break down barriers to entry.
MoonPay says that the feature is going to be rolled out gradually to OpenSea users.
Rush to Fiat for NFT Platforms
All of this comes as NFT marketplaces make a concerted effort to woo users who may be uncomfortable transacting with cryptocurrencies.
Back in January, Coinbase unveiled a partnership with Mastercard as it prepares to unveil its peer-to-peer marketplace.
While OpenSea rules the roost in terms of NFT trading volumes right now, all of that could change as Instagram prepares to enter the market.
Earlier this week, Deutsche Bank made a conservative estimate that Instagram's marketplace for non-fungible tokens would easily attract 44 million users — way ahead of OpenSea on 1.4 million.
It's highly likely that Insta would also offer fiat payments as part of a push to lower barriers to entry.
However, there will be downsides to paying with fiat — and those who choose to use credit and debit cards may be slapped with higher fees.