All investment / financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any kind of investment.
New NFT Marketplace raises $ 7 million to strengthen the platform
The new NFT marketplace myNFT has announced its upcoming launch, following a successful Series A funding round. In the round, the London-based NFT marketplace secured funding from some of the biggest names in the blockchain today. As a result, myNFT has the resources to work towards its mission of making NFTs accessible to all.
Everything you need to know about the myNFT marketplace
As mentioned above, the main goal of myNFT is to make the NFT market more accessible. MyNFT actually notes the many barriers to entry for newcomers to the NFT area. Thus, the new marketplace is working to remove these barriers for NFT traders. This includes reduce costs through the 2% market fee, support both multi-chain and fiat payment methods and much more.
One such key feature available on launch day is the platform’s fiat ramp. To explain, this will allow people to buy and sell NFTs using fiat currencies such as the British pound (£) and the US dollar ($).
In addition, myNFT also uses a completely new auction system called GBM. Amazingly, a GBM auction has only two outcomes. Either the bidder makes money when they are outbid, or they win the auction. This potentially revolutionary “bid-to-earn” auction system obviously brings a lot of fun to NFT auctions.
The new NFT platform uses Moonbeam Parachain on Polkadot
MyNFT is significantly built on Moonbeam parachain. For those who don’t know, Polkadot is an open source blockchain founded by Ethereum founder Gavin Wood. In fact, Polkadot is known as the “internet of blockchains” because it connects blockchains.
This allows people to send data across networks that would otherwise be incompatible. Thanks to the combination of using Polkadot with myNFT’s own technical architecture, myNFT users will be able to use Ethereum, Moonbeam & Moonriver, Polygon and Binance Smart Chain at launch.
Building on Polkadot makes it clear that myNFT can offer its users a number of fantastic features. For example, myNFT users will eventually be able to create, trade and migrate NFTs between all blockchains. And all at low cost. In fact, users on myNFT will not have to deal with anything like the huge gas fees that Ethereum users have to pay for many transactions.
myNFT’s successful Series A funding round
Of course, the experience of myNFT’s three co – founders played a major role in the design of the platform. To be precise, Hugo McDonaugh, Edouard Bessire and Guillaume Gonnaud have been working in the NFT room since the very first days.
Most recently, they launched the platform Cryptograph. To summarize, the platform made it possible for Hollywood celebrities and artists to create their own NFTs and donate a portion of the proceeds to a charity of their choice. It was while building Cryptograph that the three founders began to encounter the problems that myNFT is now looking to solve.
Series A for myNFT 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 number of other family offices and angel investors. The team has also received a grant from the Moonbeam Foundation for its work on important NFT infrastructure for Web3.
For those who can not wait to experience myNFT’s incredible features, do not worry! The platform will be launched later this month. Until then, you can register on the myNFT website to be one of the first users. In addition, be sure to follow it Twitter and Instagram accounts to stay up to date on any updates.
