MoonPay Landing into The NFT Realm Despite Ongoing Crypto Slump

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Image Source: The Information

MoonPay has brought major entertainment brands under one umbrella for beginning its NFT minting services. The brand has risen to become a major company in payments. The crypto payment company has decided to expand its operations in the NFT market and facilitate the struggling market.  Many major brands including Universal Pictures, Fox Corp., Death Row Records, and Creative Artist Agency will begin to create NFTs using MoonPay’s HyperMint platform for digital assets minting. This announcement came out on Tuesday.

The company is yet to release more information on what type of NFTs will these brands create. The Co-founder and CEO of Monday, Soto Wright, mentioned that the company is looking forward to acquiring NFTs revolving around the film, sports, fashion, and gaming. The company believes that these industries could benefit more from the NFT technology. For instance, football games can offer NFT tickets to provide fans with a special and memorable experience.  While the brands like Universal Pictures could release NFTs related to movie releases. The company is also interested in exploring options in music licenses and NFTs. MoonPay believes this could give more control to the artists and how they can explore more monetizing options for their releases.

Image Source: Payment Expert

The company released this announcement while the NFT prices are facing a serious backlash due to the ongoing crypto downturn. NFT sales have plummeted to a great extent owing to the decreasing value of cryptocurrencies, like Ether and Bitcoin. NFT reached $ 3 billion in monthly global sales in May 2022, witnessing a drop of 35% compared to its January sales, according to CryptoSlam.

Soto-Wright says that the NFT market still has the potential to grow despite its current volatility. The company has created HyperMint to add more real-world NFT technology because the NFT market is still evolving and can have a completely new face in the future.

The Monday CEO further added that HyperMint a clothing NFT collection that will give digital clothing options corresponding to its UK departmental store. The company has also formed a partnership with FaZe Clan to include NFTs relating to online gaming. MoonPay is based in Miami to create a platform to make the process of purchasing NFTs easier by using a credit card. The platform is capable of minting hundreds of millions of NFTs in a single day and it is compatible with multiple blockchains.

In light of recent incidents, where crypto companies have laid off their employees, MoonPay is picking up the laid-off talent from the competitors and preparing itself for the evolving industry.

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