OpenSea Will Accept Apple Pay and Google Pay Payments

OpenSea Will Accept Apple Pay and Google Pay Payments

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OpenSea has seen a decline in NFT trading volume since its all-time high in January. The decline in trading volume coincided with the upward trend in cryptocurrency prices.

The recent trend of monthly NFT trading volume globally has also been influenced by the rising trend of the crypto market. The relationship of NFT to the value of cryptocurrencies has proven to be influential in NFT trading volume.

Simply put, the more crypto prices go up, the NFT prices linked to a cryptocurrency will automatically increase. For example, the price of Ethereum crypto-based NFTs rose 12.4 percent in March and 8.6 percent in February.

Therefore, a way that can be used to separate the relationship between crypto prices and NFT is to use traditional payments outside of crypto.

MoonPay announced a new partnership with OpenSea. OpenSea will use MoonPay’s NFT Checkout to give OpenSea users better access to NFT.

“The integration, which will be rolled out in stages, allows OpenSea users to easily purchase NFT using a debit or credit card, avoiding the need to acquire cryptocurrency first,” MoonPay wrote in an announcement, quoted from Yahoo Finance, Tuesday (12/4/2022). ).

“This simplifies the buying process and opens the market to a wider customer base,” the announcement continued.

On Twitter, MoonPay also tweeted that OpenSea users will soon be able to buy NFT with Visa, Mastercard, Apple Pay, Google Play, and more.

In January, MoonPay announced the launch of its NFT Checkout service. MoonPay’s agreement with OpenSea follows a partnership with NFT marketplace Nifty Gateway, which is one of OpenSea’s competitors.

OpenSea Asks Users to Move NFT to New Smart Contract

OpenSea Will Accept Apple Pay and Google Pay Payments

Previously, a recent announcement from OpenSea asked its users to migrate their NFT listings to a new smart contract.

Users are requested to move immediately before the deadline expires, because when the deadline ends, OpenSea informs, the user may lose some features during the migration.

Last month, OpenSea merchants observed some suspicious activity on their accounts because they saw their NFTs being sold without their consent.

Upon investigation, OpenSea observed the exploiter found this user’s old NFT list at a lower price. Criminals then buy the NFT which was sold at a low price, then sell it again at a higher price.

The exploit, which resulted in NFT losses of more than USD 1 million or around Rp. 14.3 billion, caused an uproar among all OpenSea users, prompting the market to reassess its security protocol.

In response, OpenSea has finally established several new prevention methods, the biggest of which is migrating to a new smart contract. As per the details shared by OpenSea, the migration to the new smart contract will ensure that all inactive listings in the market are terminated.

Disable Some Features

OpenSea Will Accept Apple Pay and Google Pay Payments

However, OpenSea will disable some features to ensure a safe migration.

“During contract migration, you may not see the migrated listings. Therefore, the base price may vary temporarily; To protect your listing, no bids or purchases can be made on the migrated items until the migration is complete. At this point, your listing will reappear in your Active List tab,” explained OpenSea via Twitter, quoted from Yahoo Finance, Monday (7/3/2022).

Immediately after last week’s announcement of the migration, some users lost their NFTs due to phishing attacks, which OpenSea said did not come from the market.

Although three of the 250 stolen NFTs were found by Mintable and returned to their owners. Several other stolen NFTs tracked are on the LookRare marketplace.

Frustrated by repeated exploits, one victim filed a $1 million lawsuit against OpenSea. The plaintiff is one of the people affected by an exploit where the exploiter purchased the user’s NFT Bored Ape Yacht Club (BAYC) for only 0.01 ETH (Rp 387,024).

The NFT community hopes that repeated exploits and attacks will end with this migration.

NFT GameStop Marketplace Will Launch July 2022

OpenSea Will Accept Apple Pay and Google Pay Payments

Previously, GameStop officially announced to launch the company’s NFT marketplace in July 2022. On Thursday local time, during a fourth-quarter earnings call, GameStop provided investors with a timeline for its NFT marketplace launch.

During the event, GameStop also confirmed its partnership with Immutable X (IMX) to launch the GameStop NFT marketplace.

“In this partnership, GameStop receives the equivalent of up to USD 150 million in IMX tokens upon the achievement of certain milestones,” said GameStop, as quoted by Yahoo Finance, Thursday, March 24, 2022.

GameStop also revealed that the company has recruited employees from the blockchain gaming, e-commerce, technology and product marketing industries. This is done to welcome the launch of the NFT market which will soon be launched.

GameStop is not the only retailer to enter the NFT market, with trading volumes at record highs from January and intense interest in NFT drawing companies from a wide range of industries into the NFT space.

The NFT market has become more competitive in recent months and will become more active in the months to come. LooksRare (LOOKS), a competitor to OpenSea’s NFT marketplace, entered the NFT space in January, amid a surge in trading volume.

With the NFT space getting busier, competition is likely to become even fiercer among the NFT markets with combinations like Coinbase, OpenSea, and LooksRare.

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