On Tuesday, a cryptocurrency firm MoonPay announced that it would introduce a new NFT platform dubbed HyperMint in collaboration with Universal Pictures, Fox Corporation, Snoop Dogg’s Death Row Records, and other companies. This new platform allows huge brands, agencies, and businesses to produce hundreds of millions of NFTs per day. It speeds up a procedure that previously took months utilizing blockchain technology. The service will be publicly unveiled on Tuesday at Radio City Music Hall during MoonPay CEO Ivan Soto- Wright’s address as part of the NFT.NYC conference in New York City.
What is the function of HyperMint?
Creators and businesses can use the new service to attach photos, music, video, and other data to a token on their platform. These digital tokens would be utility assets instead of security tokens, according to MoonPay. These security tokens have to be listed with regulatory organizations such as the Securities and Exchange Commission in the United States. Soto-Wright stated that the company aims to make crypto more accessible to the general public.
MoonPay had been expanding its service since April and Hypermint’s official debut is another step in the company’s strategy to build a full suite for businesses looking to release their digital assets. NFTs are non-replicable digital assets representing real-world artifacts like art, music, and real estate. Coca-Cola, McDonald’s, Nike, Gucci, and the National Football League are a few prominent corporations that have recently incorporated NFTs in their marketing campaigns.
Many firms have signed up for the HyperMint platform. It includes Fox Corporation, Creative Artists Agency (CAA), Death Row Records, lifestyle and gaming platform FaZe Clan, Universal Pictures, the United Kingdom-based luxury store Selfridges and music artist Timbaland’s Beat Club. Furthermore, Legacy businesses like Universal and Fox, which have decades of intellectual property, see the platform’s underlying technology as a huge opportunity.
MoonPay is a company launched in 2018. It enables users to buy and trade cryptocurrencies using standard payment methods like credit cards. Also, they assist in money transfers through the bank or mobile wallets like Apple Pay and Google Pay. It also sells its software to other companies, such as Bitcoin.com and OpenSea. These both are an NFT marketplace. MoonPay is also rumored to be working on its wallet in the coming years.
MoonPay asserts to have been profitable since the launch of the platform. Over 10 million clients in 160 countries are using their service. Last month, MoonPay announced the addition of more than 60 celebrity investors. It includes Justin Bieber, Gwyneth Paltrow, Snoop Dogg, and Ashton Kutcher. New investors contributed $87 million to the company’s disclosed $555 million investment round. Tiger Global and Coatue headed the round, valuing it at $3.4 billion.
Current Market Condition
After falling below its 2017 high over the weekend, Bitcoin traded as low as $17,601.58. But it rallied again on Monday. However, it is still 70% behind its all-time high of November and is down by 57% (press time). On Monday, the price of Ether was up in trade.
To conclude, the launch of HyperMint comes amid when many of the most prominent NFT projects have seen significant price declines due to the crypto bear market. But Soto-Wright believes that more significant market conditions will protect NFTs because of their use cases.