Crypto payments company MoonPay is partnering with major entertainment brands as it expands further into the struggling nonfungible token market. Fox Corp., Universal Pictures, Creative Artists Agency and Death Row Records will create NFT collections using HyperMint, MoonPay’s platform for minting digital assets, the company plans to announce Tuesday.
MoonPay didn’t elaborate on exactly what kind of NFTs these brands would create, but Ivan Soto-Wright, MoonPay’s co-founder and chief executive officer, said the company is eyeing sports, film, music, fashion and gaming as areas that could benefit from the technology. For example, NFT tickets for football games could entitle fans to special experiences and memorabilia. And MoonPay could help companies like Universal Pictures release NFTs tied to movie releases. Soto-Wright is also interested in exploring NFT music licenses that would give artists more control over how they monetize their music.