MoonPay’s cryptographic startup announced on Tuesday that it was working with Universal Pictures, Fox Corporation and Snoop Dogg’s Death Row Records, among other companies, to set up a new NFT platform called HyperMint.
With the new platform, large companies, organizations and organizations can create hundreds of millions of NFT every day. This speeds up a process that took many months and used blockchain technology. It will be told to the public about MoonPay CEO Ivan Soto-Wright in his keynote address at Radio City Music Hall on Tuesday night. The talk is part of this week’s NFT.NYC conference in New York City.
Universal and Fox, which have decades of intellectual property rights, have a lot to gain from the platform and the technology that drives it.
NFT are digital assets that cannot be copied and are based on real objects such as art, music and real estate. In recent months, large companies from all kinds of industries, such as Coca-Cola, McDonald’s, Nike, Gucci and the National Football League, have used NFT in their marketing.
“It is more important that NFT documents are useful than that they are collected. Over time, you can program pretty much anything in these NFTs, so we chose to focus on this new product, “Soto-Wright told CNBC. “It simply came to our notice then. To go beyond collecting skills and give these NFT usability, we need enterprise-class tools.
MoonPay was founded in 2018 and allows people to buy and sell cryptocurrencies with credit cards, wire transfers and mobile wallets such as Apple Pay and Google Pay. Soto-Wright calls this “crypto-as-a-service”. It also gives its technology to other companies, such as the cryptocurrency website Bitcoin.com and the unchanged symbol market OpenSea.
Soto-Wright has previously said that the company’s goal is to make encryption easy for everyone to use, such as how video conferencing tools like Zoom have made it easy for people to call each other online.
MoonPay’s proposal to investors is that it is a “gateway” to digital assets. For now, it consists of bitcoin, ether and other digital tokens like NFT. Crypto trading has suffered from market instability and investors who do not want to take risks. Soto-Aim Wright’s goal is to expand the platform to include everything from digital fashion to highlighted stocks.
The company’s latest product is coming out at a time when cryptocurrencies have been falling for a long time. Investors are worried about the Central Bank’s aggressive interest rate hikes and the growing bottleneck in liquidity, both of which have caused large companies to have money problems. The $ 60 billion loss in two major currencies last month is still hurting the cryptocurrency market.
“The last few months have been tough for cryptocurrencies,” said Soto-Wright. “I have seen a lot of these clear cycles in the past. I’ve watched this movie. There are always times when things go crazy. This is a brand new type of property and NFT is a brand new type of property.
MoonPay says it has been making money since its platform launched in 2019. The service is used by more than 10 million people in 160 countries now. Last month, more than 60 celebrities invested in MoonPay. Among them were Justin Bieber, Gwyneth Paltrow, Snoop Dogg, Ashton Kutcher and more. It was already known that Tiger Global and Coatue led a $ 555 million investment round, to which new investors added $ 87 million, or $ 3.4 billion.
Bitcoin got back on track on Monday after trading up to $ 17,601.58 over the weekend, which was below its peak in 2017. Bitcoin is still 70% below its historic high, which was reached in November, and has fallen by 57% so far is a year. On Monday, the price of Ether also rose.
“I think it makes sense that we will go through a period of price discovery and irrational conceit,” Soto-Wright said. “Eventually, people will start questioning the value of things, and I think that’s why it will be very, very important to stop thinking about NFT as a collector’s item and start programming a utility into it. “We have to take this set of tools and give them to the biggest companies and innovators so they can go through the use cases that are important.
Mail Bonus – #Crypto #startup #MoonPay #launches #NFT #platform #Universal #Fox