A report by Research and Markets projected that the NFT (non-fungible token) market will hit an estimated $211.7 billion at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030. The rising market value of NFTs is driving the influx of projects to the NFT space. Nevertheless, there are currently numerous barriers in the NFT market, such as high gas fees, confusing user experiences, etc. and therefore exclude many from the technology.
myNFT recently announced a $7 million Series A funding from notable investors in the crypto and blockchain industry to act on their mission of changing this and making this revolutionary technology accessible to all.
Overview of myNFT
myNFT is a multi-chain NFT marketplace supporting low-cost transaction fees, multiple currency payment methods, and a bid-to-earn auction system called GBM. myNFT is built on the Moonbeam parachain, a part of the Polkadot Network. By leveraging the interoperable architecture of Polkadot, myNFT customers will eventually be able to migrate NFTs between different blockchain networks.
With its integrated fiat onramp feature, myNFT allows customers to buy and sell NFTs using Pounds, Dollars, Euros, and other fiat currencies. This is in line with the project’s mission to make NFTs available to all. Before creating the myNFT project, the founders successfully launched the Cryptograph Platform in 2020, which helped over 20 different charities and also brought many well-known Hollywood celebrities into the NFT space.
According to Hugo McDonaugh, co-founder, and CEO of myNFT, “Securing Series A funding is 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 beginning 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 the truly revolutionary technology.”
Innovative Features of myNFT
myNFT only charges customers 2% on any NFT they sell on the platform.
High gas fees are one of the major bottlenecks bedeviling the NFT industry. Based on the proof-of-stake network Moonbeam, the myNFT marketplace is far more scalable than Ethereum currently is and thus sellers and buyers will enjoy lower gas costs and faster throughput. This will ensure greater value and liquidity for the non-fungible tokens created.
myNFT will eventually support NFT trading on every available blockchain protocol, starting with the main Ethereum Virtual Machine (EVM) chains. This will enable customers to buy and sell NFTs that exist on all of these networks in one place and also make it possible for customers to be able to migrate their NFTs between multiple blockchain networks.
There is only one outcome in this innovative auction system – every bidder is a winner. The bidder makes money when they are outbid or they win the bidding contest. The bid-to-earn auction ensures that everyone’s a winner.
The Series A funding for myNFT is led by Scytale Ventures, followed by others like SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, Bruno Skvorc (founded RMRK), and other angel investors. The team also recently received a grant from the Moonbeam Foundation. The first version of myNFT will go live in June 2022.
myNFT is poised to chart a new course in the NFT industry, and their actions will undoubtedly reposition the market to a wider audience. The recently received Series A funding is the first of many to come. For more details about the project, kindly join the discord channel and to become one of the first people to use the new myNFT marketplace you can register here.