Quick take:
- OpenSea has rolled out card payments via MoonPay.
- This simplifies the payment process for NFT buyers who don’t own crypto.
- Users can make card payments directly on OpenSea.
Leading NFT marketplace OpenSea has integrated MoonPay’s card payment tool to allow users to instantly purchase NFTs via credit and debit card.
The plug-and-play solution was first launched in January after Mastercard partnered with Coinbase to allow card payments on the latter’s upcoming NFT marketplace.
With direct card payments possible on OpenSea, non-crypto natives who don’t own any cryptocurrency will be able to simplify their NFT purchasing process. They will be able to pay for NFTs via Visa, MasterCard, American Express, Apple Pay, Google Pay, among other payment methods, without having to convert fiat into crypto first.
All NFTs and their deliveries are handled on-chain and supported natively on OpenSea, meaning that users can make card payments directly on the marketplace without having to be redirected to another platform.
Users can also skip the lengthy know-your-customer (KYC) process for NFT purchases up to $7500. However, there’s a catch: Gas fees will be priced into the cost of NFTs on the Ethereum blockchain and a 3.5% processing fee will be charged, resulting in higher overall cost of NFTs.
Card payments can be made for primary and secondary NFT sales including minting and initial drops.
MoonPay said that the roll-out of the feature will be staggered in phases. While users do not need a crypto wallet to make payments, they would still need one to hold the NFTs that they have purchased.
Besides operating as an NFT and crypto payment provider, MoonPay has also been making headlines with its concierge service that was launched to help high net-worth individuals purchase NFTs.
MoonPay recently helped a mystery buyer acquire a highly coveted rare World of Women NFT for $754,000 at Christie’s auction.
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