As part of the multi-year agreement, LooksRare users will be able to buy and sell crypto currencies exclusively through MoonPay

LooksRare has announced a partnership with MoonPay. The non-fungible tokens (NFT) marketplace is expediting ecosystem growth by tapping into the user base of the web3 payments firm.

In accordance with the multi-year agreement, LooksRare users will be able to buy and sell crypto currencies exclusively via MoonPay.

MoonPay has been one of the major crypto payments platforms onboarding new users to web3. The firm’s industry-first solution, NFT Checkout permits non-crypto native users to purchase non-fungible tokens using debit and credit cards.

Users will also be able to top up the LOOKS token through MoonPay, according to a tweet by the crypto payments firm.

As per the announcement, there are plans to merge NFT Checkout with LooksRare, allowing credit card purchases for all primary and secondary sales on the non-fungible tokens marketplace.

LooksRare is a hugely incentivised non-fungible tokens marketplace started in January last year. The platform acquired fame, surpassing OpenSea in terms of transaction volume.

Though, after the discontinuation of some of the more attractive incentives, the platform had already began to lose ground on its major rival and X2Y2, which launched just a month after LooksRare.

According to the Dune Analytics dashboard, LooksRare now ranks fourth in terms of daily transaction volume among non-fungible tokens marketplaces, behind X2Y2, OpenSea, and Blur the current market leader.

LooksRare’s reward system permits users to stake their LOOKS tokens and become part of the community-focused platform.

The firm’s partnership with MoonPay speeds up the process of purchasing non-fungible tokens on LooksRare, by removing the requirement for a crypto wallet.

LooksRare is not the first non-fungible tokens marketplace to sign-up with MoonPay. In April 2022, OpenSea rolled out the crypto payment firm’s card payment feature for non-crypto natives.

MoonPay has also joined hands with ZEBEDEE, a bitcoin-based on-chain transactions firm powering gaming and metaverse platforms in December 2022, allowing users to top up their bitcoin balances using credit cards.

Talking about 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.