Home » Crypto start-up MoonPay in NFT deal with Universal, Fox

Crypto start-up MoonPay in NFT deal with Universal, Fox

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MoonPay co-founder and CEO Ivan Soto-Wright at the Bitcoin 2022 conference in Miami.

MoonPay

Cryptocurrency startup MoonPay said Tuesday it is partnering with Universal Pictures. Fox Corporation Brands like Snoop Dogg’s Death Row Records have launched a new NFT platform called HyperMint.

The new platform will enable large brands, agencies and businesses to use blockchain technology to scale up operations that previously took months to create hundreds of millions of NFTs a day. . MoonPay’s CEO, Ivan Soto-Wright, will make the official announcement during his keynote address at his Radio City Music Hall as part of his NFT.NYC conference in New York City this week.

The platform and its underlying technology present huge opportunities for legacy brands such as Universal and Fox that have been stuck in intellectual property for decades.

NFTs are digital assets that represent real-world objects such as art, music, and real estate, and cannot be reproduced.In the last few months, big brands across all industries have coca cola, McDonald’s, NikeGucci, and the National Football League have incorporated NFTs into their marketing initiatives.

“The potential of NFTs goes beyond collecting. Sotolite told CNBC. “That’s exactly what makes this transition possible. Moving beyond collectability and programmatic utility to these NFTs requires enterprise-level tools.”

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Founded in 2018, Miami-based MoonPay’s software allows users to buy and sell cryptocurrencies using traditional payment methods such as credit cards, bank transfers, or mobile wallets. apple payment and Google payment.Also cryptocurrency websites Bitcoin.com and Non-fungible token It’s a model for the marketplace OpenSea, which Soto-Wright calls “crypto-as-a-service.”

Soto-Wright has previously said it aims to make cryptocurrencies accessible to the masses in ways like video conferencing tools. zoom Making calls over the Internet just got easier.

MoonPay’s pitch to investors is to provide a “gateway” to digital assets.for now, including Bitcoin, ether Other digital tokens like NFTs. Recent market volatility and risk-off investor environment have not been kind to trading cryptocurrencies, but Soto-Wright’s vision extends the platform to include everything from digital fashion to tokenized equities. is to

The company’s latest product launch comes amid prolongation selling cryptocurrenciesas investors continue to grapple with aggressive rate hikes by the Federal Reserve and a worsening liquidity crisis. It put major players in financial trouble. The crypto space is still $60 billion collapse of the two major tokens in the last month.

“It’s been a rough few months for cryptocurrencies,” said Sotolite. “I’ve seen a lot of these different cycles before. I’ve seen this movie. There’s always a period of volatility. It’s a whole new asset class and a whole new subset of that asset class. There is his NFT that is.”

MoonPay says it has been profitable since launching its platform in 2019. Its services now serve more than 10 million customers in 160 countries. Last month, MoonPay Added 60+ celebrity investors On a balance sheet that includes Justin Bieber, Gwyneth Paltrow, Snoop Dogg, Ashton Kutcher and more.Together, the new investors raised $87 million previously announced $555 million funding round led by Tiger Global and Coatue, The company is valued at $3.4 billion.

Bitcoin rebounded on Monday after falling below its 2017 high over the weekend to $17,601.58. Bitcoin is 70% below its all-time high set in November and is down 57% year-to-date. ether It was also higher in Monday’s trading.

“I think it makes sense that we are going through a period of price discovery and irrational frenzy…People will eventually start questioning the value of things. I think that’s the reason for the shift beyond cues.Programming them with utility is going to be very important,” said Soto-Wright. “We need to arm the biggest brands and the biggest creators with that toolset to tackle the use cases that really matter.”

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

MoonPay 44th place On this year’s CNBC Disruptor 50 list. sign up Beyond the annual Disruptor 50 list, see our original weekly newsletter detailing the companies making the list and their innovative founders.

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