OpenSea NFT marketplace to allow fiat payment

OpenSea NFT marketplace has teased its 500k strong userbase with a cryptic tweet revealing that customers can use fiat currencies to make purchases of NFTs or upload NFTs. OpenSea unveiled a new promotional video in tweet that gives new NFT users a quick and easy walkthrough of the platform.

However, what really caught the NFT community’s eye was a follow-up tweet that revealed the much-requested features on OpenSea will be released soon.

The move would make OpenSea the second major NFT marketplace to enable direct fiat payments for digital artwork – a move that could make its already dominant market share almost unassailable to the remainder of the competition.

Gemini-owned Nifty Gateway is currently the only NFT marketplace to offer direct FIAT payments due to its affiliation with Gemini.

Much like Gemini, FTX’s upcoming native marketplace may also offer fiat payments for NFTs due to the exchange’s ability to handle fiat deposits and payments.

Despite increasing competition from SuperRare and Rarible, OpenSea remains the dominant force in the NFT space. The platform has currently done has close to $1bn in trading volume for October already and total unique users over time have peaked to an incredible 520k.

The introduction of fiat payments would allow newcomers to skip the often arduous task of moving Ether (ETH) from an exchange to a Web3 wallet and then purchasing the NFT – a process that often incurs fees and costs that may put newcomers off.

The introductory video and fiat payments reveal come hours after the launch of competitor marketplace Infinity, which unveiled its community-driven, decentralised marketplace to the NFT