OpenSea Pro Now Supports NFT Payment With PEPE

Key Points:

• OpenSea Pro announced that it started accepting payments using PEPE.
• PEPE has captivated web3’s attention in recent weeks.
• The platform may benefit from a little increase in attention and liquidity by leaning on memes.

PEPE may now be used to acquire NFTs that accept ERC-20 token payments, according to OpenSea Pro.

Pepecoin (PEPE) is a cryptocurrency that mixes meme culture with cryptocurrency. The name seems to be derived from the iconic American cartoon character “Pepe the Frog,” although the inventors deny any direct link to the meme.

PEPE Memecoin strives to be “fueled by pure memetic power,” however, it has no inherent value, according to the official website.

PEPE has grabbed Web3’s attention in recent weeks, rising to a market worth of $1.8 billion at its all-time high. Although the currency has retraced somewhat, it still has large on-chain trade volumes and was added to Binance late last week. Manifold was quick to include PEPE as a purchasing option on its platform, enabling artists to mint their works in PEPE.

Although it’s doubtful that many users would hurry to spend their PEPE on NFTs, making the memecoin a payment option can’t damage OpenSea. In the face of declining market volumes, maybe leaning into memes will give a little boost of attention and liquidity.

OpenSea Pro is a specialized trading platform introduced in April 2023 by the NFT marketplace OpenSea. This is a rebranded version of OpenSea’s NFT aggregation platform Gem, which was bought in April 2010. It connects data with over 170 markets to give high-performance solutions for effective trading.

The core architecture of OpenSea supports a number of chains, including Ethereum, Polygon, Clayton, Solana, Arbitrum, Optimist, Avalanche, and BNB. Cryptocurrencies such as Ethereum (ETH/WETH), SOL, AVAX, USDC, BNB, and DAI are popular payment options.

Since the marketplace’s inception in October, the rivalry for market share of NFT trading volume between OpenSea and zero-fee platform Blur has been fierce, prompting OpenSea to reduce its mandatory marketplace costs to 0% in order to woo Blur traders. With the release of OpenSea Pro, OpenSea’s marketplace fees will be returned to the main platform at a rate of 2.5%.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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