Published on: 31/05/2022
MyNFT secures $7M in funding to launch accessible-to-all NFT marketplace
MyNFT, a new NFT marketplace platform based in London, announced after receiving $7 million in Series A funding from leading blockchain investors that it would launch the first version of its platform in June. After the launch, the next development phase in their roadmap will be to release their next-generation NFT minting infrastructure and introduce a number of innovations, not yet seen in the NFT industry.
MyNFT claims that there are barriers in the existing NFT market, preventing everyone from accessing this revolutionary technology. The core mission of the platform is to solve this issue with innovative solutions by lowering costs and providing multi-chain payment methods such as fiat and many other features.
The platform will run on Polkadot Network’s Moonbeam Parachain. As Polkadot connects blockchains together, data can be sent across previously incompatible networks. Polkadot’s natively interoperable and multi-chain architecture will allow myNFT customers to create, trade, and migrate NFTs across any blockchain using any currency at a low cost.
The launch of an NFT marketplace with a viable fiat onramp, through which users can buy and sell NFTs with Pounds (£), Dollars ($), and other non-crypto currencies, is new to the NFT industry. MyNFT said this initiative aligned with its mission of making the technology available to everyone.
Obstacles in NFT technology adoption
The high gas fees associated with the Ethereum network are one of the main obstacles to the widespread adoption of the NFT technology. The costs of Ethereum gas have recently risen dramatically, leaving many prospective buyers out of the market.
The technology behind myNFT is stake-based, which is more scalable but as secure as Ethereum. As a result, there will be substantially reduced gas costs for buyers and sellers in addition to faster transaction speeds, resulting in better values and liquidities for the NFTs created.
MyNFT’s patent-pending bid-to-earn GBM auction system allows people to auction their NFTs on the platform. When a bidder is outbid by another bidder in a GBM auction, they can either make money or purchase the item in the auction. It is a completely new way for everyone to learn the values of their NFTs.
“Securing Series A funding is such a vital step for a fast-developing start-up like ours, and we’re delighted to receive the support from some of the smartest people in web3, and beyond. It gives us the freedom to focus on growing myNFT and delivering transformative features to the NFT industry to deliver on our core mission to make NFTs accessible to all,” said myNFT Co-founder and CEO Hugo McDonaugh.
“Thanks to blockchain technology and NFTs, we are witnessing the beginnings of a new internet: an internet based on value, ownership, and freedom. With this vote of confidence, myNFT will ensure no one gets abandoned from accessing this truly revolutionary technology.”
Leading blockchain investor Scytale Ventures led the Series A round. Others included Future Perfect Ventures, SevenX Ventures, Signum Growth Investments, RMRK Founder Bruno Skvorc, KR1 Co-founder George McDonaugh, as well as other family offices and angel investors. Moonbeam Foundation also awarded the team a grant for their efforts on important NFT infrastructure for Web3.
Those interested in being the first users of the platform can register on the myNFT website for a chance to win prizes at launch.