Crypto company, MoonPay, has chosen to launch an NFT platform in collaboration with several brands. Among them are Fox Corporation and Universal Pictures.
According to the company, the NFT platform will be known as HyperMint. The CEO of the crypto firm announced the launch of the NFT platform on June 21st.
Basically, HyperMint would help companies and brands to create and mint NFTs. This would serve as an opportunity for several firms to scale their operations. Also, the platform is built using blockchain technology.
Among MoonPay’s partners are Selfridges, Beatclub, and others. The sole purpose of HyperMint is to allow brands to connect with users. Also, with HyperMint, companies would be able to monetize their intellectual properties.
MoonPay’s NFT Platform
The HyperMint platform will be a developer and self-service-focused platform. It aims to foster the infrastructure of web3.
Presently, it isn’t easy to improve the management of NFTs. Also, issues are involved with the development and sales of NFTs worldwide.
As a result, several big brands face difficulties developing their web3 strategy. However, this is one problem that MoonPay’s HyperMint will solve.
According to Ivan Soto-Wright Redington, the CEO of MoonPay:
“These utility NFTs will be far more than just collectibles. They would have real-world functionality and help more companies to change their strategy. Companies will do away with the use of targeted advertising to advance form of customer engagement.”
Redington also added that the new strategies would be centered on authenticity and long-term ownership of NFTs. These would be NFTs created by the company.
Furthermore, HyperMint would provide opportunities for brands like Fox and Universal Pictures. These brands have years of intellectual property that MoonPay can turn into NFTs.
It is noteworthy to say that no one can replicate NFTs. Several brands such as Coca-Cola, Gucci, and Nike are other companies entering the space. They have also incorporated NFT plans as part of their marketing strategies.
MoonPay’s NFT Platform, A Gateway To Virtual Assets
According to reports, MoonPay told investors that its platform would be a gateway to virtual assets. They include BTC, ETH, and other crypto-assets such as NFTs.
However, the recently risky environment and increased volatility have hampered crypto trading on MoonPay. As a result, the company wishes to expand the NFT initiative to include everything digital.
Also, Universal Pictures will use these NFTs to increase customer engagement. Fox Corporation will use the NFT platform to strengthen and foster web3 development strategies.
Furthermore, a luxury store, Selfridges, will use the platform to celebrate the popular artist Victor Vasarely.