Start-up in crypto MoonPay is working with Universal Pictures, Fox Corporation, and Snoop Dogg’s Death Row Records, among other companies, to launch a new NFT platform called HyperMint.
With the new platform, big companies, agencies, and brands can create hundreds of millions of NFTs every day. This speeds up a process that used to take months and used blockchain technology.
In recent trading, there have been big drops in the value of cryptocurrencies, which are used to buy NFTs. This has put some crypto players in financial trouble.
Start-up in crypto MoonPay announced on Tuesday that it will launch a new NFT platform called HyperMint with Universal Pictures, Fox Corporation, and Snoop Dogg’s Death Row Records, among other companies.
With the new platform, big companies, agencies, and brands can create hundreds of millions of NFTs every day. This speeds up a process that used to take months and used blockchain technology. It will be officially announced later on Tuesday at Radio City Music Hall by the CEO of MoonPay, Ivan Soto-Wright. The speech is part of the NFT.NYC conference in New York City this week.
The platform and the technology that runs it offer a big chance for brands like Universal and Fox that have been around for a long time and have a lot of intellectual property.
NFTs are digital assets that represent real-world things like art, music, and real estate and can’t be copied. In the past few months, big brands from every industry, including Coca-Cola, McDonald’s, Nike, Gucci, and the National Football League, have started using NFTs in their marketing.
“The use of NFTs is more important than collecting them. You can put almost anything into these NFTs over time, which is why we chose to focus on this new product,” Soto-Wright told CNBC. “That really makes this shift possible; to go beyond collectability and program utility into these NFTs, there needs to be enterprise-grade tooling.”
MoonPay, which was started in 2018 and is based in Miami, has software that lets people buy and sell cryptocurrencies with credit cards, bank transfers, or mobile wallets like Apple Pay and Google Pay. It also sells its technology to other companies, like the cryptocurrency website Bitcoin.com and the marketplace for non-fungible tokens, OpenSea. Soto-Wright calls this model “crypto-as-a-service.”
Soto-Wright has said in the past that the company wants to make crypto easy for everyone to use, like how video-conferencing tools like Zoom made it easier for people to call each other over the internet.
Investors are told that MoonPay is a “gateway” to digital assets. For now, this includes bitcoin, ether, and other digital tokens like NFTs. Crypto trading hasn’t been doing well lately because of market volatility and investors who don’t want to take risks. However, Soto-Wright wants to expand the platform to include everything from digital fashion to tokenized stocks.
The company’s newest product comes out at a time when cryptocurrencies have been going down for a long time. Investors are still dealing with the Federal Reserve’s aggressive interest rate hikes and a worsening liquidity crunch, which has put major players in financial trouble. The $60 billion loss of two major tokens last month is still making waves in the crypto space.
Soto-Wright said, “Crypto has had a rough few months.” “I’ve been through a lot of these cycles before. I’ve seen this movie. There will always be times when things change a lot. It’s a brand-new class of assets, and NFTs are a brand-new subset of that class.
MoonPay says that it has been making money since 2019 when it launched its platform. Now, more than 10 million people in 160 countries use its service. Last month, MoonPay got money from more than 60 famous people, including Justin Bieber, Gwyneth Paltrow, Snoop Dogg, and Ashton Kutcher. Together, the company’s new investors put $87 million into a $555 million funding round led by Tiger Global and Coatue. This means that the company is now worth $3.4 billion.
Bitcoin went back up on Monday after trading as low as $17,601.58 over the weekend, which was below its high point for the year. Bitcoin is still 70% below its all-time high, which was reached in November, and is down 57% so far this year. On Monday, the price of Ether went up when it was traded.
“I think it makes sense that we’ll go through periods of price discovery and irrational exuberance,” Soto-Wright said. “People will eventually start to question the value of things, and I think that’s why it’s going to be very, very important to stop thinking of NFTs as collectibles and start programming utility into them.” “We need to take that set of tools and give them to the biggest brands and creators so they can figure out the use cases that will really matter.”