SNEAK PEEK
- MoonPay is partnering with Universal Pictures, Fox Corporation, Snoop Dogg’s Death Row Records, and others to launch a new NFT platform called HyperMint.
- The new platform enables large brands, agencies, and enterprises to mint hundreds of millions of NFTs daily, scaling up an operation that took months
- Cryptocurrencies in which NFT purchases are made using, have suffered steep selloffs in recent trading, pushing some crypto players into financial difficulty.
MoonPay, a cryptocurrency payments company, announced Tuesday the debut of HyperMint, a new service that allows businesses to mint up to 100 million non-fungible tokens (NFTs) at once.
Using blockchain technology, the new platform allows large brands, agencies, and enterprises to mint hundreds of millions of NFTs every day, allowing them to speed up a process that previously took months. It will be introduced in front of a live audience at Radio City Music Hall later on Tuesday during MoonPay CEO Ivan Soto-Wright’s speech at the NFT.NYC conference in New York City.
Legacy companies with decades of intellectual property, such as Universal and Fox, see the platform and its underlying technology as a big opportunity.
Fox Corporation, Creative Artists Agency (CAA), Universal Pictures, Death Row Records, and the United Kingdom-based luxury store Selfridges are among the companies that have already signed up. According to Soto-Wright, one possible use case is proof of attendance tokens for capturing how many individuals attended an event.
These digital assets would be utility tokens, as opposed to security tokens, according to MoonPay. Security tokens must be registered with regulatory organisations such as the SEC in the United States.
MoonPay’s product portfolio already includes a fiat onramp infrastructure that allows people to buy NFTs using a debit or credit card and a concierge service that educates high-net-worth individuals about cryptocurrency. MoonPay has also been rumoured to be working on its wallet in the future.
The introduction of HyperMint comes at a time when many of the most popular NFT projects have seen significant price declines due to the crypto bear market.
Investors are sold MoonPay as a “gateway” to digital assets. For the time being, this includes Bitcoin, Ether, and other digital tokens such as NFTs. The recent market instability and risk-averse investor environment haven’t helped crypto trading. Still, Soto-plan Wright’s goal is to expand the platform’s breadth to include everything from digital fashion to tokenized securities.
