LooksRare and MoonPay Announce Strategic Partnership to Enable Fast Crypto Purchases

UTC by Steve Muchoki · 3 min read
LooksRare and MoonPay Announce Strategic Partnership to Enable Fast Crypto Purchases
Photo: Depositphotos

Following the partnership with MoonPay, LooksRare’s NFT Checkout will be available for all primary and secondary trades in the future.

MoonPay, a Web3 financial technology company that focuses on payments infrastructure for crypto assets, has announced a strategic partnership with LooksRare, an Ethereum network-based NFT marketplace. According to the announcement, LooksRare will allow users to buy and sell crypto assets including LOOKS, ETH, and wETH through the MoonPay payment infrastructure. In the future, the two entities intend to integrate MoonPay’s industry-first solution that enables anyone to buy NFTs with a credit card dubbed NFT Checkout.

Notably, LooksRare gained the crypto community’s attention after the marketplace registered NFT sales of over $1 billion within the first week of launching last year. As a marketing strategy, the company airdropped its native token LOOKS to any OpenSea – a leading NFT marketplace – a user who had spent more than 3 Ethers in the second half of 2021.

Additionally, the company offered appealing incentives to its NFT traders, thus attracting huge volume within a short period.

“With the upcoming NFT Checkout integration, LooksRare users will be able to easily purchase an NFT using a debit or credit card, sidestepping the need to first acquire cryptocurrency. This simplifies the purchasing process and opens up the marketplace to a wider customer base,” MoonPay noted.

MoonPay is expected to mutually benefit from LooksRare by gaining more Web3 users in its payment network. Moreover, more Web3 users will reciprocate to future revenue growth for the company.

“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,” Oliver Jeffcott, senior business development manager at MoonPay, said in a press release.

LooksRare and MoonPay Partnership

The Web3 industry is expected to grow exponentially in the coming years as mainstream adoption kicks in worldwide. Institutional investors and retail traders want to have their investment portfolio exposed to the crypto market through well-managed Web3 projects. Moreover, crypto assets led by Bitcoin and Ethereum have outdone other investment assets including market equities and precious metals.

As such, the partnership between LooksRare and MoonPay will help the former’s native token $LOOKS gain more traders’ attention. The LooksRare governance token has a total supply of 1 billion and traded at around $0.252 on Friday. With a market capitalization of approximately $118,337,405, LOOKS is expected to be among the top performers during the next crypto bull market.

Notably, MoonPay has inked several high-profile partnerships in the recent past including one with BitPay, Uniswap, TRLab NFTs, and Brazilian football club Flamengo, among many others.

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