MoonPay, a crypto start-up, has joined hands with Universal Pictures, Death Row Records, and Fox Corporation to launch HyperMint, a new NFT platform.
All about HyberMint
HyberMint is designed to boost the NFT industry by allowing businesses to mint a huge number of NFTs a day.
The system presents an excellent opportunity for large brands such as Fox and Universal to make use of their available digital assets and create millions of NFTs in no time.
MoonPay CEO Ivan Soto-Wright announced this partnership at an event last week while talking about the potential of NFTs.
“The potential of NFTs goes beyond collecting; it’s the utility. You can essentially program anything into these NFTs over time, which is why we decided to focus on this new product offering,” he told CNBC. “That’s really making this shift possible; to go beyond collectability and program utility into these NFTs and there needs to be enterprise-grade tooling.”
Introduction to MoonPay and the Partnership
Founded in 2018, MoonPay is a fast-growing name in the world of NFTs. Headquartered in Miami, the business has introduced software that allows users to buy and sell digital coins using a variety of payment methods including digital wallets, credit cards, and wire transfers. In addition, the business offers technology to brands and works with a number of big names like OpenSea and Bitcoin.com.
The firm has a simple mission: to make crypto as popular and accessible as video-conferencing tools like Zoom. The company currently offers limited digital assets, however, it’s working to expand and include more options including tokenized stocks.
MoonPay has proven to be successful and has more than 10 million customers. It offers services in 160 countries and has been profitable since its launch.
It has attracted some big names to its list of clients including celebrities such as Justin Bieber, Snoop Dogg, Ashton Kutcher, and Gwyneth Paltrow.
Investors appear to have confidence in MoonPay’s vision and have added more than $87m into a previously announced $555m funding round, pushing the company’s value to $3.4b.
More about the Partnership
This launch comes at a time when the crypto market is facing one of its toughest challenges. Bitcoin has lost more than 60% of its value and is trading around $20,000 – a far cry from a high of over $60,000 last year. Other popular coins such as Ripple and Ethereum are also in red.
“It’s been a rough few months for crypto,” Soto-Wright said. “I’ve seen many of these different cycles before. I’ve seen this movie. There’s always going to be periods of volatility. It’s a brand new asset class and we have a brand new subset of that asset class, which is NFTs.”
Soto-Wright hopes that this new launch will help the company win new clients. NFTs are already in demand and big brands like Nike, Cucci, McDonald’s, and Coca-Cola are already invested in this new product.
With this partnership, Fox, Universal, Death Row Records, and other such brands will get a chance to add a large number of NFTs to their collection and benefit from this growing industry.