Crypto start-up MoonPay has partnered with big-name brands Universal Pictures, Fox Corporation, and Death Row Records to launch a new NFT platform.
Ivan Soto-Wright, the CEO of crypto start-up MoonPay, recently announced the launch of a new NFT platform in partnership with Fox Corporation, Universal Pictures, Snoop Dogg’s Death Row Records, Selfridges, and music producer Timbaland’s BeatClub. The new NFT platform is called HyperMint.
Getting to Know HyperMint
According to Soto-Wright, HyperMint’s goal is to help large companies, brands, and creative agencies easily create, mint, and manage utility NFTs. He describes HyperMint as a “self-service, developer-focused platform” aiming to evolve Web3’s infrastructure.
As it is, scaling the creation, management, and sale of NFTs worldwide is challenging. It’s not surprising, then, that many brands and companies face difficulties developing their Web3 strategy. HyperMint intends to solve such issues.
Soto-Wright made the announcement in his keynote speech at Radio City Music Hall during the NFT.NYC conference.
“Utility NFTs are going to go way beyond collectibles and towards real-world functionality,” Soto-Wright said. “They will help companies, brands, and creative agencies move from using targeted advertising to reach customers to one based around long-term ownership, engagement, and authenticity. And MoonPay’s HyperMint is the enterprise-level infrastructure that will make that monumental shift possible.”
HyperMint can help bolster the NFT industry by allowing businesses to mint a considerable number of NFTs daily. Thus, it presents a wonderful opportunity for large brands such as Universal and Fox to utilize their digital assets to create hundreds of millions of utility NFTs in no time. Moreover, HyperMint can decrease the go-to-market times from roughly six months to a few days.
Also, a handful of people will manage the entire process through a proven solution. Soto-Wright believes in the potential of NFTs, hence, this undertaking.
“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 said in an interview with 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.”
MoonPay’s Big-Name Collaborators
MoonPay’s collaboration with several big names in the music, entertainment, fashion, and gaming industries will definitely help HyperMint with its goals. For instance, the partnership with BeatClub allows the platform to create NFTs with added utilities.
“Today’s biggest names, like J. Cole, Mike Dean, and Justin Timberlake, have signed onto our vision and know that Beatclub and HyperMint are where the future of ownership, engagement, and trust is headed,” said Timbaland.
On the part of Universal Pictures, they will leverage utility NFTs to foster customer engagement. On the other hand, Fox will use HyperMint for its Web3 development efforts down the line. British luxury department store Selfridges is releasing NFTs with HyperMint to honor Hungarian-French artist Victor Vasarely.
Oddly, HyperMint’s launch comes at such a challenging time for the crypto market. “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 are] 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.”
Many multinational luxury brands like Gucci, Nike, Coca-Cola, and McDonald’s have already invested in NFTs. Hence, Soto-Wright is bullish MoonPay’s partners in this endeavor will not only add many NFTs to their collection but also benefit from a growing industry.
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