Cryptocurrency payments startup MoonPay has joined forces with Fox Corporations, Universal Pictures and Death Row Records to launch a non-fungible token platform. A feature called HyperMint will allow companies and individuals to mint millions of digital collectibles per day using blockchain technology.
MoonPay enters the NFT universe
In a recent interview to CNBC, Ivan Soto-Wright, CEO of MoonPay, revealed that HyperMint’s main goal is to enable agencies, businesses, and big brands to join the NFT sector by releasing their own digital images.
“The potential of NFTs goes beyond collection; it’s utility. Basically, over time, you can program anything into these NFTs, which is why we decided to focus on this new product offering. This really makes this shift possible; to go beyond the collectability and usefulness of the program into these NFTs, and there must be enterprise-grade tools,” he commented.
The executive also argued that the initiative would particularly benefit MoonPay partners Fox Corporations and Universal Pictures, as well as American record label Death Row Records.
Founded in 1991 by Dr. Dre and other musicians, Death Row has released albums of rap icons including 2Pac and Tha Dogg Pound. Earlier this year, Snoop Dogg bought the label, intending to revive it to its former glory.
For its part, MoonPay allows customers to buy and sell cryptocurrencies using bank transfers, credit cards, or mobile wallets such as Apple Pay and Google Pay. Despite the current bleak state of the digital asset market, Soto-Wright remains optimistic, stating that this phase is part of its nature:
“It has been a tough few months for crypto. I have seen many such different cycles before. I saw this movie. There will always be periods of volatility. This is a completely new asset class, and we have a completely new subset of this asset class, which is NFTs.”
Notable MoonPay Investors
Two months ago, the startup completed an $87 million fundraiser led by a host of celebrities including former tennis champion Maria Sharapova, Canadian singer Justin Bieber, Hollywood actor Bruce Willis and rapper Snoop Dogg.
In addition, MoonPay has interacted with many other celebrities over the years and has often acted as an intermediary when such people purchase NFTs.
In early 2022, the company acquired the zombie-themed CryptoPunk for 900 ETH, which was worth roughly $3 million at the time. MoonPay created a poll on Twitter where users could “guess” who the real owner of the digital artwork was. Predictions ranged from popular basketball players to celebrity chef Gordon Ramsay.
In 2021 TV presenter – Jimmy Fallon – and American rapper – Post Malone – talked about buying Bored Ape NFT through MoonPay.
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Credit : cryptopotato.com