MoonPay, a Web3 financial technology firm specializing in payments infrastructure for cryptos, has entered into a strategic agreement with LooksRare, an Ethereum network-based NFT marketplace. This partnership will allow MoonPay to expand its payment services.
According to the statement, LooksRare will allow its customers to purchase and trade various crypto currencies such as LOOKS, ETH, and wETH by utilizing the MoonPay payments infra.
MoonPay's industry-first solution, known as NFT Checkout, enables anybody to buy NFTs with a credit card, which the two organizations want to incorporate in the not-too-distant future.
Notably, LooksRare came to the attention of the crypto currency world after the marketplace reported non-fungible token (NFT) sales of more than one billion dollars within the first week of its introduction in December 2017.
Any user of OpenSea, a prominent NFT marketplace, who had spent more than three ethers in the second half of 2021 was eligible to get a free airdrop of the company's native token, LOOKS. This was done as part of the company's marketing plan.
In addition, the corporation presented its NFT traders with attractive incentives, which resulted in the acquisition of an enormous volume in a very short time.
"With the planned integration of NFT Checkout, customers of LooksRare will be able to effortlessly purchase an NFT by using a debit or credit card, circumventing the requirement first to obtain bitcoin."
MoonPay mentioned (1) that this makes buying easier and attracts a larger audience to the marketplace.
👀💎 🤝 🟣 https://t.co/n7f3lC2l4N
— LooksRare (@LooksRare) February 9, 2023
It is anticipated that MoonPay would get additional Web3 users for its payment network due to its partnership with LooksRare. In addition, the expansion of Web3's user base will inevitably increase the company's overall income.
Oliver Jeffcott, a senior BDM at MoonPay, stated in a press statement that "since day one, we've wished MoonPay to be a system that enhances access and functionality for the Web3 society," and this collaboration is a step in that direction.
Collaboration between LooksRare and MoonPay
It is anticipated that the Web3 business will experience explosive growth over the next few years as the widespread use of technology becomes more commonplace. Institutional investors and individual traders alike are interested in having exposure to the crypto currency market provided by well-managed Web3 initiatives within their investment portfolios.
In addition, crypto currency assets such as Bitcoin and Ethereum have outperformed conventional financial assets such as market stocks and precious metals.
Consequently, the collaboration between LooksRare & MoonPay will assist the former's native token, $LOOKS, in gaining the attention of more traders.
On Friday, the LooksRare governance token had a market value of around $0.252 and had a total supply of one billion tokens.
It is anticipated that LOOKS, which now has a market value of roughly 118,337,405 dollars, will be among the top performers when the next crypto bull market occurs.
Notably, MoonPay has recently signed several high-profile collaborations with BitPay, Uniswap, TRLab NFTs, and Brazilian football team Flamengo, among many others. These are just some of the partnerships that have been announced.
