Crypto payments firm MoonPay has expanded into the non-fungible token (NFT) ecosystem through its digital collectibles minting platform, HyperMint. According to a Bloomberg report, the company will be partnering with major entertainment firms such as Universal Pictures and Death Row Records amongst many others, to create and release various NFTs.
While the cryptocurrency ecosystem is currently witnessing an intense nosedive, with various crypto firms laying off its staff and cutting down expenses, MoonPay has however now expressed great hopes for the future.
The Hypermint NFT minting platform that will be able to process over 100 million digital collectibles at a time.
The firm is not explicit about the kinds of non-fungible tokens that will be created on its platform. However, the CEO and cofounder, Ivan Soto-Wright hinted that the company has interests in fashion, sports, music and so on.
Further in the report, Ivan noted that the new development could aid entertainment companies like Universal Pictures in releasing non fungible tokens that are related to its movies. Added to this, the platform will enable music artists to gain more control over their records and music with an exclusive license. This will help the music icons to make more money from their productions.
A feature that is worthy of note on the HyperMint platform is a real life clothing asset that has been transformed to a virtual collection. The piece of clothing is a property of Selfridges, one of MoonPay’s partners.
Ivan expressed great hopes for the future of the digital collectables industry. He noted that the current situation of its market does not affect the promises of a bright future in any way. He added that NFTs will be much better at a later time than what the current tides of the market records.
MoonPay has always had an interest in digital collectibles. The emerging crypto exchange company also sponsors innovations in this aspect. Earlier in March, the firm won the bidding of a World of Women (WoW) NFT valued at $754,000 and purchased it for a client at the time. The proceedings of the auction were managed by Christie’s.