OpenSea is set to support payment via traditional payment methods, including credit cards and Apple pay; here’s how this will affect the NFT space
NFTs and Cryptocurrencies
Since the onset of NFTs, the class of people that have adopted the technology the most includes young people and tech-savvy professionals.
For some of us, understanding the intricacies of the NFT and Web3 ecosystem is as simple as A B C, but that’s not the case for many.
As of now, if you would like to get in on the NFT action, you’ll need to find the NFTs you want to invest in and then acquire the cryptocurrencies necessary to facilitate the trade.
The process of acquiring cryptocurrency to facilitate an NFT transaction is what makes a considerable amount of people not venture into the NFT space.
There’s a market of potential NFT traders and holders that are not active in the space because they are either uncomfortable with the cryptocurrency process or have a hard time making sense of it.
Additionally, as the NFT space witnesses, a “slow down,” taking in a fresh market might be necessary to prop up the space and create a positive feedback loop of investments in the NFT ecosystem.
The good news is that OpenSea, the world’s largest NFT marketplace, is in the final stages of a feature that’ll make it possible for users to invest in NFTs without owning cryptocurrencies.
Fiat Transactions on OpenSea
If you’re a user or intending to use OpenSea, you may be excited to learn that the platform is on the verge of making many people’s wishes come through.
MoonPay is a Fintech stakeholder specializing in creating crypto-related payments infrastructure, and this company has partnered with a handful of celebrities in the past to facilitate Bored Ape NFT purchases.
On April 1, MoonPay announced they’d be partnering with OpenSea to build a solution that’ll make it possible for payments to be made on the platform via credit cards, debit cards, or Apple Pay.
The partnership between MoonPay and OpenSea was announced via a tweet shared by MoonPay’s official Twitter account.
FIAT Transactions in the Age of NFTs
Ironically, to facilitate the growth of a new class of assets and experiences, the world might need to take a step back by adopting FIAT currencies.
The Web3 space will never achieve its full potential if the maximum number of people interested in participating are not allowed or given the opportunity.
In more ways than one, trading NFTs through “traditional transaction” means is a step forward, and it has the ability of opening up a market that would not be accessed without the development. OpenSea and MoonPay’s partnership is on course to become an industry-changing collaboration for the ages.