A cryptocurrency payments company, MoonPay, announced the launch of HyperMint, a new service that will allow businesses to mint up to 100 million non-fungible tokens (NFTs) at once.
Creators and companies can use the new service to attach photos, music, video, and other metadata to a token on their own platform.
MoonPay had been expanding its service since April, according to The Block. Its official debut is another step in the company’s strategy to build a full suite for businesses looking to release their own digital assets, which it previously referred to as “Amazon Web Services for NFTs”.
“If you’re Dolce & Gabbana, Selfridges or Death Row Records, why take your intellectual property and list it on a secondary platform first? You may want to control that issuance yourself,” MoonPay CEO Ivan Soto-Wright said in an interview.
Fox Corporation, Creative Artists Agency (CAA), Universal Pictures, Death Row Records, the United Kingdom-based luxury store Selfridges, lifestyle and gaming platform FaZe Clan, and music artist Timbaland’s Beatclub are among the companies that have already signed up.
Proof of attendance tokens, for capturing how many individuals attended an event, is one possible use case, according to Soto-Wright.
These digital assets would be utility tokens, as opposed to security tokens, according to MoonPay. Security tokens must be registered with regulatory organisations such as the Securities and Exchange Commission in the United States.
MoonPay’s product portfolio already includes a fiat onramp infrastructure that allows people to buy NFTs using a debit or credit card. Earlier it was also reported that MoonPay hired a Meta executive & built a celeb concierge service that educates about cryptocurrency.
MoonPay has also been rumoured to be working on its own wallet in the future.
The introduction of HyperMint comes at a time when many of the most popular NFT projects have seen significant price declines due to the crypto bear market.
Because of their use cases, Soto-Wright believes NFTs will become shielded from broader market situations.
“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.”
