MoonPay, a fintech company, has enabled instant card transactions on the OpenSea NFT market, making it much easier for individuals who do not own cryptocurrency to purchase an NFT. This new feature is a welcome development for the crypto community as more persons can buy NFT using their debit/credit cards.
Easier Method To Buy NFT Without Crypto
The partnership between OpenSea and MoonPay is expected to broaden the number of users on OpenSea, especially those that are not crypto-natives. Customers would be allowed to pay directly using Mastercard, Google Pay, Visa, American Express, Apple Pay, and other payment methods. They no longer have to convert their funds to certain digital currencies first, as stated by a MoonPay official who talked to The Block.
In addition, OpenSea has all NFTs that users would want to buy, and all purchases can be made on the platform without users being redirected to a different platform for payment. Hence, there will be no need for a custodian wallet or the need to use crypto to buy NFT. The only disadvantage here is that using a credit card for transaction payment would be expensive due to the extra charges. This payment mechanism is applicable to both the direct sales of NFTs, such as minting and first drops, and also secondary trading of the token.
MoonPay stated that the service would be handed out in stages to different groups of users. Those that use OpenSea will continue to be told to retain NFTs in a private wallet.
In January, MoonPay initially introduced its plug-and-play platform for selling and buying NFTs using a credit or debit card. People can now purchase NFTs using their credits and debit cards, as stated by a partnership between the Coinbase exchange platform and Mastercard announced last month.
This development is among a series of initiatives to bring NFTs to the general public. At the beginning of March, the CEO of Meta, Mark Zuckerberg, informed its online community that Instagram will try to include NFTs on the platform “over the coming few months.” Instagram users will be able to buy and sell crypto on the social media platform.
MoonPay
This is a fintech business that specializes in the provision of crypto payment solutions. The company provides a smooth and stress-free way of converting fiat currencies to cryptocurrency. Also, the platform accepts various payment methods such as transfers from a local bank, usage of debit and credit cards and mobile apps such as Samsung Pay, Google Pay, and Apple Pay.
Its headquarters are in London. It was established in 2018 by Victor Faramond and Ivan Soto-Wright, with offices located in England, London, the UK, and Bosna and Hercegovina.
