PRESS RELEASE. A new London-based NFT marketplace, myNFT, has announced its upcoming launch, announcing 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 that block access to this revolutionary technology for everyone. Their core mission is to change that in a way no other platform has done before – lower costs and support multi-chain payment methods including fiat and many other 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” as it connects blockchains together, allowing value and data to be sent across previously incompatible networks. With Polkadot’s native interoperable and multi-chain architecture, myNFT clients will eventually be able to create, trade and transfer NFTs between any blockchain in any currency and at a low cost.
MyNFT, a game-changer for the NFT industry, is launching with a viable fiat ramp where users can buy and sell NFTs for Pounds (£), Dollars ($) and other non-cryptocurrencies. This is in line with myNFT’s overall mission to make this revolutionary technology available to everyone.
Currently, one of the main bottlenecks hindering the mass adoption of NFT technology is the high gas fees associated with the Ethereum network. The price of Ethereum gas has skyrocketed, excluding many new potential buyers from the market. The myNFT tech stack is proof-of-stake, much more scalable and as secure as Ethereum. Thus, buyers and sellers will have much lower gas costs and faster transaction speeds, which means more value and liquidity for the NFTs created.
People can sell their NFTs on the myNFT platform using their new proprietary staking to earn. GBM auction system. There are only two outcomes in the GBM auction: the bidder either earns money when his bid is outbid, or wins the auction lot! This is a completely new way to find out the value of your NFTs and make auctions more fun for everyone involved.
When creating the myNFT platform, the experience of its co-founders played a big role. Three university friends, Hugo McDonough, Édouard Bessir and Guillaume Gonnot, have been working in the NFT space since the industry’s earliest days. Previously, they successfully launched Cryptographic platform in 2020, allowing 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 have faced many challenges affecting the industry such as severe gas price inflation, clunky user interface, poor cryptocurrency exchange, and more. The team aimed to use this experience to create the best platform in the form of myNFT.
The successful completion of the Series A funding round, raising over $7 million, paves the way for a more accessible NFT industry. In this regard, Hugo McDonough, co-founder and CEO of myNFT, states:
Getting Series A funding is a vital step for a fast growing startup like ours, and we’re excited to have support from some of the smartest people in web3 and beyond. This allows us to focus on developing myNFT and delivering revolutionary 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 birth of a new Internet: an Internet based on value, property and freedom. With this vote of confidence, myNFT ensures that no one is left without access to 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 Skvorz (founder of RMRK), George McDonough (co-founder of KR1) and a number of other family offices and business angels. The team also received a grant from the Moonbeam Foundation for their work on the critical NFT framework for Web3.
myNFT is due to release its first version in June 2022.
The next step on their post-launch roadmap is the release of the next generation NFT mining infrastructure along with some exciting new developments that the NFT industry has yet to see.
You can already register for www.mynft.com be one of the first to take advantage of the myNFT marketplace when it launches, as well as enter the launch contest for a chance to win fantastic NFT prizes.
To learn more about myNFT or to speak with CEO Hugo McDonough or Head of Growth Sina Sadrzade, contact Lydia Drukarz (+447977 454180) or Will Jones (+447505 827569) at Wavelength PR or email: [email protected] or [email protected]
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