Crypto startup MoonPay launches NFT platform HyperMint with Universal, Fox, and Snoop Dogg
Late last year, we reported crypto startup MoonPay raised $555 million in funding at $3.4 billion as VCs pour billions into the cryptocurrency space. In addition to providing payment infrastructure for crypto companies, MoonPay also sells its technology to other businesses including crypto website Bitcoin.com and non-fungible token (NFT) marketplace OpenSea, a model CEO Ivan Soto-Wright calls “crypto-as-a-service.”
The half-a-billion war chest also gave the startup the funding it needed to pursue its NFT ambition. Now, the new funding appears to be bearing fruit as the company attracts attention from major brands, celebrities and global multinationals.
Today, MoonPay said it’s partnering with Universal Pictures, Fox Corporation, and Snoop Dogg’s Death Row Records, among other brands, to launch a new NFT platform called HyperMint. Moonpay CEO Ivan Soto-Wright announced the new platform during the NFT.NYC conference at the Radio City Music Hall.
As part of the agreement, Universal Pictures will use utility NFTs to foster customer engagement while The Fox Corporation will use HyperMint for its future Web3 development efforts. Selfridges, the British luxury department store, is already releasing NFTs with HyperMint to celebrate artist Victor Vasarely.
“Utility NFTs are going to go way beyond collectibles and towards real-world functionality,” the MoonPay CEO 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.”
What Does HyperMint Offer?
According to Soto-Wright, the new platform will enable large brands, agencies, and enterprises to mint hundreds of millions of NFTs a day, scaling up an operation that previously took months using blockchain technology.
“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.
Founded in 2018 by Ivan Soto-Wright and Victor Faramond, the Miami-based MoonPay enables users to buy and sell cryptocurrencies using conventional payment methods like credit cards, bank transfers, or mobile wallets like Apple Pay and Google Pay.