New NFT marketplace, myNFT, seals $7 million in funding to make NFTs accessible to everyone


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London, UK–(Newsfile Corp. – May 30, 2022) – New London-based NFT marketplace platform myNFT has announced its upcoming launch with news that it has received Series A funding from some of the most important investors in the blockchain industry.

myNFT will allow users to buy and sell NFTs with fiat currency, such as US dollars.

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myNFT believes that the current NFT industry is filled with obstacles, preventing this revolutionary technology from being accessible to everyone. Their main mission is to change that in a way that no other platform has done before – reducing costs and supporting multi-channel payment methods including fiat and many more features .

The platform is built on the Moonbeam parachain which is part of the Polkadot network. Polkadot was founded by Ethereum co-founder Gavin Wood and is known as the “Internet of Blockchains” because it connects blockchains together, allowing value and data to be sent over previously incompatible networks. Thanks to Polkadot’s natively interoperable and multi-chain architecture, myNFT customers will eventually be able to create, exchange and migrate NFTs between any blockchain in any currency and at a lower cost.

A game-changer for the NFT industry, myNFT launches with a viable fiat on-ramp, where users can buy and sell NFTs with pounds (£), dollars ($), and other non-crypto -currencies. This is in line with myNFT’s overall mission to make this revolutionary technology accessible to everyone.

Currently, one of the main bottlenecks preventing the widespread adoption of NFT technology is the high gas fees associated with the Ethereum network. Ethereum gas costs have skyrocketed, shutting many potential new buyers out of the market. myNFT’s technology stack is based on proof-of-stake – much more scalable and just as secure as Ethereum. Thus, buyers and sellers will have much lower gas costs and faster transaction speeds, which means greater value and liquidity for the NFTs created.

People can auction their NFTs on the myNFT platform using their new patent-pending GBM auction system. In a GBM auction, the bidder can either make money when outbid by another bidder, or end up buying the item at the auction. This is a whole new way for people to find out the value of their NFTs and makes bidding a whole lot more fun for everyone involved.

When creating the myNFT platform, the experience of its co-founders played a big role. Three university friends, Hugo McDonaugh, Edouard Bessire and Guillaume Gonnaud, have been working in the NFT space since the very early days of the industry. Previously, they successfully launched the Cryptograph platform in 2020, which allowed Hollywood celebrities and artists to create their own NFTs and donate a portion of the proceeds to a charity of their choice. During this time, the co-founders encountered many industry-affecting issues such as high gas price inflation, clunky user experiences, poor cryptocurrency exchanges, and more. The team sought to use these experiences to create a better platform in the form of myNFT.

The success of their Series A funding round, with over $7 million raised, paves the way for the creation of a more accessible NFT industry. In this regard, Hugo McDonaugh, co-founder and CEO of myNFT, says:

Securing Series A funding is a vital step for a rapidly growing startup like ours, and we’re thrilled to have the backing of some of the smartest people in web3, and beyond. This gives us the freedom to focus on growing myNFT and delivering transformative features to the NFT industry to fulfill our core mission of making NFT accessible to everyone. Thanks to blockchain technology and NFTs, we are witnessing the beginnings of a new internet: an internet based on value, property and freedom. With this vote of confidence, myNFT will ensure that no one is left behind to access this truly revolutionary technology.

Series A was led by Scytale Ventures, a leading investor in the blockchain industry. Other investors include SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, Bruno Skvorc (founder of RMRK), George McDonaugh (co-founder of KR1) and various other family offices and angel investors. The team also received a grant from the Moonbeam Foundation for their work on a major NFT framework for Web3.

myNFT is expected to launch its first version in June 2022.

The next step in their post-launch roadmap is to release their next-generation NFT keystroke infrastructure alongside some exciting new developments the NFT industry has yet to see.

Interested parties can already register at www.mynft.com to be one of the first to use the myNFT marketplace when it launches and also enter the launch contest for a chance to win fantastic NFT prizes.

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To find out more about myNFT or to speak to CEO, Hugo McDonaugh or Head of Growth, Sina Sadrzadeh, please contact Lydia Drukarz (+447977 454180) or Will Jones (+447505 827569) at Wavelength PR or by email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125786

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