OpenSea partners with MoonPay to allow NFT purchases with bank cards, Apple Pay, and Google Pay.
Trading volumes have retreated since January’s record high, with rising crypto prices of influence.
More diversified NFT payment options could decouple the NFT marketplace from the crypto market.
OpenSea has seen NFT trading volumes retreat since January’s all-time highs. The fall in trading volumes has coincided with an upward trend in cryptocurrency prices.
On Friday, we reported recent monthly trading volume trends and the root causes of the marked decline in volumes. A link to the value of cryptocurrencies is evident when considering the trend in NFT trading volumes.
Rising crypto prices translate into more expensive NFTs, where NFT prices are crypto-based. In March, ETH rose by 12.4% and 8.6% in February.
A shift away from crypto pricing and payment could decouple the inverse relationship between NFTs and the crypto market.
On Friday, MoonPay announced a new partnership with OpenSea. OpenSea will use MoonPay’s NFT Checkout to give OpenSea users better access to NFTs.
As per Friday’s announcement,
MoonPay added,
MoonPay’s co-founder and CEO said,
On Twitter, MoonPay tweeted that OpenSea users will soon be able to buy NFTs with Visa, Mastercard, Apple Pay, Google Play, and more.
In January, MoonPay announced the launch of its NFT Checkout service.
MoonPay’s deal with OpenSea follows a partnership with NFT marketplace Nifty Gateway, an OpenSea competitor.
This year, Coinbase will also be entering the NFT space with the launch of CoinbaseNFT. Earlier this month, FX Empire reported that Coinbase met with more than one hundred creators looking to expedite the launch of the NFT marketplace.
In January, Coinbase announced a deal with Mastercard to allow users to buy NFTs using Mastercard credit and debit cards.
As more NFT marketplaces forge partnerships with payment providers, regulatory scrutiny could become a factor.
Since the start of the year, the NFT space has seen a marked increase in illicit activity. Plagiarism, NFT hacks, wash trading, money laundering, and rug pulls are some of the many issues that the NFT space contends with today.
Allowing users to purchase NFTs with credit or debit cards will likely force regulators to introduce measures to protect investors. Such an outcome could initially hurt the NFT marketplace before demand returns.
This week, EU lawmakers voted in favor of KYC for ‘private crypto wallets’ that could extend to crypto exchanges. Regulators may well target the NFT space next.
This article was originally posted on FX Empire
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