The New NFT platform comes with some big names
NFTs are losing the crowd a bit lately but that has not stopped many companies and brands from wanting to get behind the technology. With the current success of markets such as Opensea and Magic Eden, many other developers and investors are excited about what the market can bring.
Moonpay is a company based in Miami that allows users to purchase crypto using normal payments like credit cards, bank transfers, Apple Pay, or Google Pay. Their technology has also been made available to other companies that would want to use it such as Bitcoin.com and Opensea. The CEO of Moonpay- Ivan Soto-Writght likes to call Moonpay crypto-as-a-service. The firm hopes to make crypto as accessible as phone calls made on Zoom. The company has seen profits since 2019 with over 10 million customers using the service in 160 countries. Moonpay has also added a roster of over 60 celebrity investors with some of the more notable ones being Justin Bieber, Gwyneth Paltrow, Snoop Dogg, and Ashton Kutcher. These celebrity investors added $87 million to a $555 million funding round led by Tiger Global and Coatue. The company is now valued at $3.4 billion.
This past Tuesday at NFT.NYC Soto-Wright’s company announced a partnership with many companies with Universal Pictures, Fox Corporation, and Death Row records being among the higher-profile ones. The partnership will see the creation of HyperMint — a new NFT platform that will enable large brands, agencies, and enterprises to mint hundreds of millions of NFT in a day thus increasing the efficiency of operations that took months using blockchain technology.
This of course gives companies that have years of intellectual properties a way to yet again make a profit from those IPs. Many companies have already begun their NFT journey since the beginning of this year, such as Coca-Cola, Mcdonald’s, Nike, Gucci, and the NFL. For those not too savvy on the whole NFT scene an NFT is a digital asset that represents real-world objects and that can’t be replicated. These NFTs can be used for membership, new deals, marketing and much more, utility is always the key to making a successful NFT project. Soto-Wright spoke on how NFTs go beyond collecting and the ability to program anything into the NFTs over time providing many opportunities for the future.
This new product comes at a time when there is a major selloff of crypto. Many coins and tokens are taking a huge drop in this bear market. Aggressive interest rate hikes and volatile liquidity pushing major players into a corner has investors reeling, especially after the TerraUSD debacle. Soto-Wright says this is nothing new and shows no concern over this current market.