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Crypto Entity MoonPay To Roll Out NFT Platform, Collabs With Universal, Fox

NFT

www.thecoinrepublic.com 21 June 2022 11:15, UTC
  
Reading time: ~2 m

MoonPay, a crypto start-up, has recently announced that it is collaborating with Universal Pictures, Fox Corporations, and Snoop Dogg’s Death Row Records, and some other brands to roll out HyperMint, a new NFT platform. 

The new platform provides large brands, enterprises, and agencies with the facility to mint hundreds of millions of NFTs per day, scaling up an operation that actually took months utilizing the blockchain technology earlier. 

Along with its underlying technology, the platform would present a great opportunity for legacy brands such as Universal and Fox. 

The industry of Non-Fungible Tokens (NFTs) has grown immensely since last year. NFTs are basically digital collectibles or tokens that represent tangible things from the real world like music, real estate, art, paintings, etc. One of the popular features of NFTs is that each NFT is unique with specific traits or characteristics. 

NFTs have previously attracted attention from prominent entities like McDonald’s, Nike, Coca-Cola, Gucci, etc., along with many celebrities like Justin Bieber, Snoop Dogg, Gwyneth Paltrow, Avenged Sevenfold, etc.  

MoonPay CEO Quite Inclined Towards The NFT Space

According to the MoonPay CEO Ivan Soto-Wright, who highlighted to CNBC that the potential of NFTs goes beyond collecting; it is the utility. You can program anything into the NFTs with time. And that is why they decided to focus on this new product offering. 

And that is really making this shift possible, to go beyond collectibility and program utility into these NFTs, and there needs to be enterprise-grade tooling. 

The Miami-based MoonPay’s software was founded in the year 2018, and it lets the users buy and sell digital assets utilizing the traditional payment methods such as credit cards, bank transfers, or even mobile wallets like Google Pay and Apple Pay. 

Furthermore, it also sells its technology to other businesses, comprising crypto website Bitcoin(dot)com and OpenSea, the significant NFT marketplace. 

Although the crypto market has witnessed a lot of bearish trends lately, with the two major tokens collapsing last month, but this product launch comes amidst that. As the CEO highlights that it has been a rough few months for digital assets, he has seen many of these varied crypto cycles. He has seen this movie. 

And there are always going to be phases of volatility, it is a brand new asset class, and they have a brand new subset of that asset class, NFTs. 

MoonPay now takes a step forward in the NFTs sphere and seems to be quite optimistic about the future of the asset class and Non-Fungible Tokens.


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