Quick take:
- LooksRare has announced a partnership with MoonPay.
- The NFT marketplace is tapping into MoonPay’s payments system to onboard non-crypto native users.
- The deal allows LooksRare users to purchase crypto via MoonPay.
LooksRare has announced a partnership with MoonPay. The NFT marketplace is accelerating ecosystem growth by tapping into the web3 payments company’s user base.
As part of the multi-year agreement, LooksRare users will be able to buy and sell cryptocurrencies exclusively through MoonPay.
MoonPay has been one of the leading crypto payments platforms onboarding new users to web3. The company’s industry-first solution, NFT Checkout allows non-crypto native users to buy NFTs using debit and credit cards.
Users will also be able to top up the LOOKS token via MoonPay, the crypto payments firm tweeted.
According to the announcement, there are plans to integrate NFT Checkout with LooksRare, enabling credit card purchases for all primary and secondary sales on the NFT marketplace.
LooksRare is a highly incentivised NFT marketplace launched in January 2022. The platform quickly rose to fame, outperforming OpenSea in terms of transaction volume.
However, after the expiry of some of the more lucrative incentives, the platform had already started to lose ground on its main rival and X2Y2, which launched barely a month after LooksRare.
As demonstrated in the Dune Analytics dashboard above, LooksRare now ranks fourth in terms of daily transaction volume among NFT marketplaces, behind X2Y2, OpenSea, and Blur the current market leader.
LooksRare’s reward system allows users to stake their LOOKS tokens and come part of the community-focused platform.
The company’s partnership with MoonPay quickens the process of buying NFTs on LooksRare, by eliminating the need for a crypto wallet.
LooksRare is not the first NFT marketplace to sign-up with MoonPay. In April last year, OpenSea rolled out the crypto payment company’s card payment feature for non-crypto natives.
MoonPay has also partnered with ZEBEDEE, a bitcoin-based on-chain transactions company powering gaming and metaverse platforms in In December last year, enabling users to top up their bitcoin balances with credit cards.
Commenting on the partnership via a press release on Thursday, Oliver Jeffcott, senior business development manager at MoonPay said: “From day one, we’ve wanted MoonPay to be a platform that increases access and usability for the Web3 community and this partnership is another step in driving that vision.”
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
