MoonPay is a crypto startup company that hopes to mint in a day, millions of NFTs. NFTs are digital or cryptographic assets that are based on blockchain technology and represent real-life objects. Previously, operations such as minting NFTs took weeks or even months to achieve using blockchain technology. This begs the question; how will they achieve such a feat in a short time?
MoonPay CEO Ivan Soto-Wright recently announced at Radio City Music Hall that his company had plans to launch what is known as “Hypermint” which is a new NFT platform in partnership with others such as Universal Pictures, and Snoop Dogg’s Death Row Records, Fox Corporation, and other brands.
This will provide a great opportunity for the big brands to mint NFTs. In the past few months, big brands have initiated NFT as part of their marketing initiatives. They include brands from top industries such as Coca-Cola, Gucci, McDonald’s, National Football League, Nike, etc. Before we go into all the details, let’s talk about a brief history of MoonPay and what they do.
MoonPay – History & what they do
MoonPay, already 3 years old, started in 2018 as a financial technology company that allows you to buy and sell crypto using your mobile wallets, credit cards, and bank transfers. It has gone on to process about $2 billion worth of financial transactions. Miami-based, selling their technology to a host of businesses, non-fungible token marketplace, and websites such as Bitcoin (dot) com is part of what they do. The same way video conferencing apps like Zoom made it a helluva lot easy to make calls on the internet is the same way MoonPay also hopes to make their technology and crypto readily accessible to everyone. Currently, it has about 10 million customers across 160 countries.
The full story on Hypermint
In the words of MoonPay CEO, Ivan Soto-Wright, “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.”
Though crypto has suffered a beating recently, with Bitcoin losing more than 60% of its value and Ethereum dropping to more than half of its value. Sales of NFTs have hit an all-time low as well. And, some country’s Government policies do not help matters; the future of crypto seems murky at the moment.
However, Soto Wright doesn’t see it that way. He sees it as an opportunity for large organizations to invest.
He said, “I’ve seen many of these different cycles before. I’ve seen this movie. There are always going to be periods of volatility. It’s a brand new asset class, and we have a brand new subset of that asset class, which is NFTs.”
MoonPay hopes that its latest launch brings in new investors for the company because, obviously, NFTs are in high demand already. Big brands such as Coca-Cola, National Football League, Gucci, Nike, McDonald’s, and a host of others have already invested in it.
Furthermore, MoonPay has about 60 celebrity investors on its balance sheet. They include Justin Bieber, Ashton Kutcher, Snoop Dogg, Gwyneth Paltrow, and a host of others.
Some months back, an $87 million fundraiser led by celebrities was closed by the company.
It appears the future of MoonPay is not as grim as others who have suffered layoffs in the past few months, such as Gemini Trust Co., Coinbase Global Inc., and BlockFi Inc.
The company seems to be in its expansion phase as it expands further into NFTs.
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