OpenSea, the world's largest NFT marketplace, announced it will enable credit card and Apple Pay payments through Moonpay's infrastructure. According to a tweet from Moonpay, users will soon be able to purchase NFTs using Visa, Mastercard, Apple Pay, and Google Pay without holding any cryptocurrency. This integration significantly lowers the entry barrier for newcomers, especially those unfamiliar with or reluctant to use crypto assets.
Moonpay Lowers the Bar for NFT Purchases
Currently, OpenSea requires users to transact with crypto like Ethereum (ETH). Moonpay's solution will offer multiple fiat payment options. Moonpay has previously facilitated high-profile NFT purchases, including American rapper Wiz Khalifa acquiring Bored Ape #1506 and pop icon Madonna buying Bored Ape #4988 for $564,000 in ether. In November 2021, Moonpay raised $555 million in its first financing round led by Tiger Global and Coatue, reaching a valuation of $3.4 billion to fund expansion.
OpenSea Ecosystem Expansion
OpenSea recently announced support for the Solana blockchain, adding to its existing networks: Polygon, Klaytn, and Ethereum. This follows months of rumors and leaked images. To date, OpenSea has accumulated over $23.5 billion in all-time sales volume and served more than 1.4 million traders. While secondary marketplace Looksrare recorded $18.16 billion in volume, it has faced allegations of wash trading, a concern highlighted in a Chainalysis report.
Moonpay did not disclose a specific launch date for the credit card feature. Meanwhile, Coinbase's partnership with Mastercard aims to enable Mastercard payments on its upcoming NFT marketplace, signaling a broader trend of mainstream payment adoption in the NFT space.