NFT Marketplace LooksRare Inks handles MoonPay to get more users on board
Quick take:
- LooksRare has announced a partnership with MoonPay.
- The NFT marketplace utilizes MoonPay’s payment system to onboard non-crypto native users.
- The deal allows LooksRare users to buy crypto via MoonPay.
LooksRare has announced a partnership with MoonPay. The NFT market accelerates ecosystem growth by leveraging the web3 payment 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 payment platforms bringing new users to web3. The company’s industry-first solution, NFT Checkout allows non-crypto-native users to purchase NFTs using debit and credit cards.
Users will also be able to top up the LOOKS token via MoonPay, the crypto payment 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 market.
LooksRare is a highly incentivized NFT marketplace that launched in January 2022. The platform quickly rose to fame, surpassing OpenSea in terms of transaction volume.
However, after the expiration of some of the more lucrative incentives, the platform had already started losing ground to its main rival and X2Y2, which launched barely a month after LooksRare.
As shown 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 become part of the community-focused platform.
The company’s partnership with MoonPay speeds up the process of buying NFTs on LooksRare, eliminating the need for a crypto wallet.
LooksRare is not the first NFT marketplace to sign up with MoonPay. Last April, OpenSea rolled out the crypto payment company’s card payment feature for non-crypto natives.
MoonPay also partnered with ZEBEDEE, a bitcoin-based on-chain transaction company that operates gaming and metaverse platforms, in December last year, allowing 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 to drive this vision.”
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