Some Important Points About Nfts: MoonPay CEO

Some Important Points About Nfts: MoonPay CEO

NFT Opinion
October 31, 2022 by Diana Ambolis
639
When asked about Monday’s future cooperation with Universal Parks & Resorts, MoonPay’s CEO, Ivan Soto-Wright, could not help but recall his childhood trips to the theme park, particularly to the park’s long-running Halloween Horror Nights event. When asked about Monday’s proposed cooperation with Universal Parks & Resorts, Ivan Soto-Wright could not help but go back
NFT Blockchains Proliferate. The Best of Web3

When asked about Monday’s future cooperation with Universal Parks & Resorts, MoonPay’s CEO, Ivan Soto-Wright, could not help but recall his childhood trips to the theme park, particularly to the park’s long-running Halloween Horror Nights event. When asked about Monday’s proposed cooperation with Universal Parks & Resorts, Ivan Soto-Wright could not help but go back to his childhood trips to amusement parks.

“It seems like everything has come full circle. Soto-Wright said in an exclusive video interview that he “never really accompanied my father back then.”

MoonPay, a provider of bitcoin payment services, has strengthened its position as a significant player in the NFT industry by forming several agreements. The mission of the firm is to simplify Web3 transactions. Among its partners are the cryptocurrency exchange CoinGate and the market leader for non-fiat currencies, OpenSea.

But why would MoonPay want to be linked with an event whose only objective is to frighten theme park guests? Is the crypto space moving maliciously? In contrast, Monday’s partnership with Universal Parks & Resorts can potentially be the most enormous mass IRL Web3 onboarding event in the industry’s history. Nonetheless, park visitors will be ignorant of this throughout their stay.

“The daily number of people who frequent amusement parks is substantial. Millions of people visit these Universal theme parks annually; thus, MoonPay’s objective is to get the whole globe onto the Web3 platform. He said, “we aim to bring billions of individuals into the ecosystem; thus, we consider this a wonderful pilot.”

The relationship between Universal and MoonPay

Numerous individuals devoted significant effort to acquiring new members into the Web3 community. one of them, for instance, has recently produced several collaborations with well-known pop culture figures and had a notable presence at this year’s Grammy Awards. To attract customers to Web3, it is essential to accommodate how they now use the Internet. When this occurred, MoonPay initiated negotiations with Universal Parks & Resorts. It all began with some treasure hunting.

On September 15, MoonPay buried QR codes in various locations around Universal Studios Hollywood and Universal Orlando Resort. These locations include park amenities. Guests of the amusement park will get exclusive non-fake trinkets (NFTs) featuring Halloween Horror Nights-themed character artwork by scanning these QR codes with their mobile devices. If visitors can locate all of the QR codes hidden around the park, they will be eligible for a special gold medal in NFT.

MoonPay anticipates millions of people will take their first steps into Web3 throughout the campaign’s 1.5-month run, regardless of whether they know this fact. Soto-Wright said, “This is perhaps the greatest NFT reduction in the history of the proof of attendance method.” Attendance verification is meant by “Protocol NFT drop.” which will provide proof of attendance NFTs during the event. Proof of Attendance NFTs has a similar but not identical function to POAP. MoonPay wants to sell a product analogous to a POAP. However, the company has not yet issued POAPs and is not using them now. Soto-Wright predicted that as many as seven million NFTs would be built on the HyperMint platform. HyperMint technology is essential to the success of this endeavor since it enables the quick minting of what might become millions of NFTs.

Soto-Wright concurs that the majority of firms would benefit from using NFTs. In addition, the great majority of other businesses share a similar viewpoint. For instance, Netflix used NFTs to measure viewers’ feelings about the most recent Love Death + Robots season. In contrast, “the person who sprints across the park and scans all of the QR codes” may attract tourists to Universal. It is conceivable that you are curious about that individual’s identity since it is clear that they are enjoying themselves. And as a result, you now have a new contact point to communicate with this individual, even if you did not previously have this information, correct? You now have access to one more data point. “This is a new tool available to them, and it makes it more exciting to discover your brand’s most fervent followers—the men and women who are enthused about your product,” he added. A win-win situation exists.

 

Also read: How To Produce NFT Art Without Any Prior Coding Knowledge.

 

Tomorrow, NFTs will occur.

The seamlessness of the coin minting experience is essential to the process, and both HyperMint and MoonPay facilitate this with their intuitive user interfaces. Even an elderly individual, according to Soto-Wright, can effectively scan a QR code. This is irrelevant to your identity.

According to Soto-Wright, Web3 newbies are not the only users who should emphasize usability. Soto-Wright feels that ensuring the usability of Web3 technologies and platforms will be essential to the future expansion of the industry. This is true whether you are a novice or a seasoned Web3 veteran.

Soto-Wright said, “Everything I’ve done has been about usability,” when asked about the link between MoonPay’s most recent project and the company’s mission statement. Instead of only seeing cryptocurrencies as a financial asset class, our organization has concentrated on the practical applications of blockchain technology. How do you plan to use this data? How can you incorporate this into your regular life?

The Soto concept of Wright did not end with the simplicity of getting cryptocurrency. You do not need to visit a cryptocurrency exchange, buy the fair coin, and then transfer it to your wallet. Therefore, MoonPay designed user-friendly entry and exit points for buying and selling in popular cryptocurrency wallets. These ramps may be purchased using MoonPay. As he explained, he can accomplish it quickly and with little effort. Similarly, he envisioned a similar future for organizations that were not financial.

“If consumers want to acquire NFTs, it makes no sense for them to purchase Ethereum from an exchange and deposit it in a wallet, only to find that they lack sufficient gas to interact with the smart contract and acquire the NFT,” he said. “If customers want to buy NFTs, it may not be prudent for them to purchase Ethereum on an exchange and deposit it in a wallet,” he said. OpenSea’s new NFT checkout feature, which allows users to buy NFTs using fiat currencies, was built in response to a pain point identified while acquiring NFTs. Soto-Wright characterized this brand-new function as “a smooth operation.”

The Winter of Cryptocurrencies

Soto-Wright also discussed potential future options for the advancement of NFTs. Community leaders want to make non-fungible tokens (NFTs) as user-friendly as possible and to encourage widespread adoption. What else may conceivably exist? Soto-Wright believes offering customers unique and enjoyable experiences is essential to the NFT industry’s continuing progress.

Soto-Wright believes that the Universal Studios treasure hunt provides a taste of what is to come. “At this point, isn’t our imagination the only thing holding us back?” That seems to be the situation for the whole NFT industry. Indeed, this is accurate “Now that the bear market is in full swing, creativity seems to be the new currency of the area. Recent events have shown the validity of this possibility. These developments include step-to-earn programs powered by NFTs, massive NFT giveaways with unique procedures, and, for some reason, goblins.

Additionally, Soto-Wright is confident that MoonPay will play a part in Web3’s future.

He considers the company’s current arrangement with Universal Parks & Resorts as the first of many market expansions. We’re going to continue to push the envelope. We’re going to continue experimenting with brands, and I believe we’re going to show the world what we’re capable of rather than tell them, “He proceeded. We will continue to do brand testing. When assessing what will occur, it is essential to have a long-term viewpoint or mindset. This degree of change is sufficient to be considered transformative. Participation is open to anybody who has ever used the Internet. It effectively levels the playing field in several industries where only a limited number of individuals can compete.