The new London-based nonfungible token (NFT) marketplace platform myNFT has announced its upcoming launch with Series A funding from some of the most prominent blockchain-industry investors.
MyNFT believes the current NFT industry holds barriers, blocking the revolutionary technology from widespread access. Its core mission is to lower costs and support multichain payment methods, including fiat and several other features.
The platform is built on the Moonbeam parachain and part of the Polkadot network. Polkadot was founded by Ethereum co-founder Gavin Wood and is known as “The internet of blockchains,” connecting blockchains to send data across previously incompatible networks. Thanks to the natively interoperable and multichain architecture of Polkadot, myNFT customers can eventually create, trade and migrate NFTs between any blockchain at low costs in any currency.
A gamechanger for the NFT industry, myNFT is launching with a viable fiat on-ramp where users can buy and sell NFTs with pound sterlings, United States dollars and other fiat. This fits myNFT’s overall mission of making the revolutionary technology accessible to all.
Currently, of the main bottlenecks halting mainstream adoption of NFT technology is high gas fees associated with the Ethereum network, which have skyrocketed and excluded many potential buyers from the market. MyNFT’s technological stack is proof-of-stake-based, albeit much more scalable, while remaining as secure as Ethereum. Buyers and sellers can experience much lower gas costs and faster transaction speeds, yielding greater value and liquidity for NFTs created.
People can auction their NFTs on the myNFT platform using its new, patent-pending, bid-to-earn GBM auction system. In a GBM auction, there are only two outcomes: The bidder either profits when they’re outbid, or they win the auction item. This is an entirely novel way for people to discover the value of their NFTs that makes auctions more fun for participants.
When creating the myNFT platform, the experience of its co-founders played a significant role: Three university friends — Hugo McDonaugh, Edouard Bessire and Guillaume Gonnaud — had been working in the NFT space since the earliest days of the industry.
Prior to myNFT, they successfully launched the Cryptograph platform in 2020, which lets Hollywood celebrities and artists create their own NFTs and give a portion of the proceeds to charities of their choice.
During this time, the co-founders encountered several issues affecting the industry, such as severe gas price inflation, clunky user experiences, poor cryptocurrency exchanges and more. The team has sought to learn from these experiences to create a better platform in myNFT.
Raising more than $7 million in a Series A funding round paves the way to a more accessible NFT industry.
McDonaugh, co-founder and CEO of myNFT, said, “Securing Series A funding is such a vital step for a fast-developing startup like ours, and we’re delighted to receive support from some of the smartest people in Web3 and beyond. It gives us the freedom to focus on growing myNFT and deliver transformative features to the NFT industry to deliver on our core mission to make NFTs accessible to all. Thanks to blockchain technology and NFTs, we are witnessing the beginning of a new internet — an internet based on value, ownership and freedom. With this vote of confidence, myNFT will ensure no one gets [prevented] from accessing this truly revolutionary technology.”
The Series A funding round was led by Scytale Ventures, a leading investor in the blockchain industry. Other investors include SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, RMRK founder Bruno Skvorc, KR1 co-founder George McDonaugh and other family offices and angel investors.
The team has received a grant from the Moonbeam Foundation for its important NFT-infrastructure work for Web3.
MyNFT launches its first version in June 2022.
The next stage in its roadmap is releasing its next-generation NFT-minting infrastructure alongside some exciting new developments the NFT industry has yet to see.
Register at myNFT.com to be one of the first to use the myNFT marketplace when it launches. Enter the launch competition for a chance to win some fantastic NFT prizes.
To learn more about myNFT or speak to CEO McDonaugh or head of growth Sina Sadrzadeh, contact these Wavelength Public Relations representatives: