OpenSea, a leading marketplace for purchasing NFTs, has partnered with MoonPay to enable collectors to buy their NFTs with bank cards, Apple Pay and Google Pay - without needing to use cryptocurrencies.
The move to enable NFT transactions without using cryptocurrencies is part of OpenSea's strategy to tap into a more mainstream market and broaden its customer base. By removing the need to first buy cryptocurrencies, OpenSea will eliminate one of the key barriers to entry when purchasing an NFT.
By broadening the NFT customer base beyond crypto natives, commentators believe this move may even begin to decouple the inverse relationship between NFTs and the cryptocurrencies market. OpenSea's trading volume dwindled during March, when most of the major cryptocurrencies rallied. OpenSea and NFT collectors alike will hope the move to facilitate NFT purchases with fiat will protect NFT collection values from rallying cryptocurrency prices.
MoonPay is a fintech company that is building payment infrastructure in the crypto space, and has worked with a number of celebrities including Lil Baby, Post Malone and Madonna to facilitate the purchases of Bored Ape Yacht Club NFTs. MoonPay has also recently partnered with digital art online auction platform Nifty Gateway to facilitate card payments.