A new service called HyperMint, which lets businesses create up to 100 million non-fungible tokens (NFTs) at once, was launched by cryptocurrency payments company MoonPay on Tuesday.
The new service enables brands and creators to add additional metadata to a token on their own platform, such as images, music, or videos.
The Block first revealed that MoonPay had been expanding the service in April. The company previously referred to it as the "Amazon Web Services for NFTs." but with its official launch, it has taken another step toward developing a full suite for companies that wish to release their own digital assets.
Why list your intellectual property on a secondary platform first if you are Dolce & Gabbana, Selfridges, or Death Row Records? Ivan Soto-Wright, CEO of MoonPay, said in an interview with The Block that you might want to manage that issuance yourself.
Fox Corporation, Creative Artists Agency (CAA), Universal Pictures, Death Row Records, the upscale retailer Selfridges in the United Kingdom, the gaming and lifestyle brand FaZe Clan, and Timbaland's Beatclub are just a few of the companies that have already signed on.
Soto-Wright suggested that proof of attendance tokens, which are used to count the number of attendees at an event, could be one potential application.
The utility tokens that these digital assets would be, as opposed to security tokens, was stressed by MoonPay. Security tokens must be registered with regulatory organizations like the Securities and Exchange Commission of the United States.
The service is an addition to MoonPay's product line, which already includes a concierge service for high net worth customers and a fiat onramp infrastructure that enables people to buy NFTs with debit or credit cards. Additionally, there have been rumors that MoonPay will soon introduce its own wallet.
The launch of HyperMint coincides with significant floor price declines in many of the most well-known NFT projects due to the current bear market in cryptocurrencies.
Soto-Wright thinks that because of their use cases, NFTs will be protected from broader market conditions.
"I think NFTs are going to be unpaired [from crypto market conditions]. But part of the reason I think that will be unpaired is the innovation that will go behind this asset class — You're gonna see a bunch of different NFT's where we're not just focused on the price movement of these assets."
By fLEXI tEAM