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MoonPay launches NFT platform with Universal, Fox

June 21, 2022

MoonPay launches NFT platform with Universal, Fox
Crypto start-up MoonPay said Tuesday that 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.

The new platform enables 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. It’s being formally announced later on Tuesday during a keynote that MoonPay CEO Ivan Soto-Wright is giving at Radio City Music Hall as part of this week’s NFT. NYC conference in New York City.

The platform and its underlying technology present a big opportunity for legacy brands like Universal and Fox that are sitting on decades of intellectual property.

NFTs are digital assets that represent real-world objects such as art, music and real estate and can’t be replicated. In the past few months, big brands from every industry, including Coca-Cola, McDonald’s, Nike, Gucci and the National Football League, have brought NFTs into their marketing initiatives.

“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,” Soto-Wright told CNBC. “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.”

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