Crypto payments firm MoonPay is partnering with major entertainment brands such as Universal Pictures, Fox Corporation, and Snoop Dogg’s Death Row Records, among other brands, to launch a new NFT platform called HyperMint.
Minting Up To 100 Million NFTs Per Day
According to a report from CNBC, MoonPay has launched a new NFT platform called HyperMint, which allows brands to mint up to 100 million non-fungible tokens (NFTs) a day.
While it is not exactly known what kind of NFTs these brands would create, the company’s CEO Ivan Soto-Wright, during a keynote as part of this week’s NFT.NYC conference said that the firm is eyeing sectors such as sports, film, music, fashion, and gaming for the new technology.
“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. 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,” Soto-Wright told CNBC.
Big Opportunity For Legacy Brands
HyperMint and its underlying technology present a big opportunity for legacy brands like Universal and Fox that are sitting on decades of intellectual property.
For instance, NFT tickets for football games could allow fans to have special experiences and memorabilia while companies like Universal Pictures can release NFTs tied to movie releases. NFT music licenses can also give artists more control over how they monetize their music.