08 Jun New NFT Marketplace, myNFT, Seals $7m in Funding to Make NFTs Accessible to All
PRESS RELEASE. New London-based NFT marketplace platform, myNFT, has announced its upcoming launch with the news that it has received Series A funding from some of the most prominent investors in the blockchain industry.
myNFT believes that the current NFT industry is filled with barriers, blocking this revolutionary technology from being accessible to everyone. Their core mission is to change this in ways that no other platform has done before – lowering costs, and supporting multi-chain payment methods, including fiat and many more features.
The platform is built on the Moonbeam parachain which is a part of the Polkadot Network. Polkadot was founded by Ethereum co-founder Gavin Wood and is known as ‘the internet of blockchains’ as it connects blockchains together, allowing value and data to be sent across previously incompatible networks. Thanks to the natively interoperable and multi-chain architecture of Polkadot, myNFT customers will eventually be able to create, trade and migrate NFTs between any blockchain in any currency and at a low cost.
A gamechanger for the NFT industry, myNFT are launching with a viable fiat onramp, where users can buy and sell NFTs with Pounds (£), Dollars ($) and other non-cryptocurrencies. This is in line with myNFT’s overall mission of making this revolutionary technology accessible to all.
Currently one of the main bottlenecks stopping mainstream adoption of NFT technology is the high gas fees associated with the Ethereum network. Ethereum gas costs have skyrocketed, excluding many new potential buyers from the market. myNFT’s tech stack is proof of stake based – 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 bid-to-earn GBM auction system. In a GBM auction, there are only two outcomes, the bidder either makes money when they are outbid or they win the item in the auction! This is an entirely novel way for people to discover the value of their NFTs and makes auctions a 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 enabled Hollywood celebrities and artists to create their own NFTs and give a portion of the proceeds to a charity of their choice. During this time the co-founders encountered many issues affecting the industry such as severe gas price inflation, clunky user experiences, poor cryptocurrency exchanges, and more. The team has sought to use these experiences in order to create a better platform in the form of myNFT.
The successful completion of their Series A funding round, with over $7M raised, paves the way for creating a more accessible NFT industry. In this regard, Hugo McDonaugh, co-founder and CEO of myNFT, states:
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. 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.
The 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 a variety of other family offices and angel investors. The team has also received a grant from the Moonbeam Foundation for their work on important NFT infrastructure for Web3.
myNFT is due to launch their first version in June 2022.
The next stage in their roadmap after launch is to release their next generation NFT minting infrastructure alongside some exciting new developments that the NFT industry has yet to see.
You 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 competition for a chance to win some fantastic NFT prizes.
To find out more about myNFT or to speak to CEO, Hugo McDonaugh or Head of Growth, Sina Sadrzadeh, please contact either Lydia Drukarz (+447977 454180) or Will Jones (+447505 827569) at Wavelength PR or email: [email protected] or [email protected]
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