MoonPay has officially launched HyperMint, a utility NFT minting service

MoonPay, a cryptocurrency payments company, announced Tuesday the launch of HyperMint, a new service that allows brands to mint up to 100 million non-fungible tokens (NFTs) at once.

The new service enables creators and brands to associate images, music, video, or other metadata with tokens on their own platform.

The Block first revealed in April that MoonPay has been building out the service. Its official debut is another step in the company's strategy to build a full suite for companies looking to unleash their own digital assets, with the goal of becoming what it previously referred to as the "Amazon Web Services for NFTs."

"If you're Dolce & Gabbana, Selfridges, or Death Row Records, why would you first list your intellectual property on a secondary platform?" You may want to control that issuance yourself,” MoonPay CEO Ivan Soto-Wright told The Block 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 producer Timbaland's Beatclub are among the companies that have already signed on.

Soto-Wright suggested that proof of attendance tokens may be used to track how many individuals attended an event.

MoonPay highlighted that these digital assets would be utility tokens, which are distinct from security tokens. Security tokens must be registered with regulatory organizations such as the Securities and Exchange Commission in the United States.

The service adds another string to the bow of MoonPay's product portfolio, which includes fiat onramp infrastructure that allows individuals to acquire NFTs using a debit or credit card, and a concierge service which educates high net worth purchasers on crypto. There has also been speculation that MoonPay would introduce its own wallet in the future.

HyperMint’s launch comes at a time when many of the most prominent NFT projects have witnessed large floor price decreases during the crypto bear market.

Soto-Wright argues that because of their use cases, NFTs will become immune to broader market conditions.

"I believe NFTs will be unpaired [because to crypto market conditions]." But part of the reason I believe that will be unpaired is the innovation that will accompany this asset class - you'll see a slew of various NFTs where we're not simply focused on the price movement of these assets."