Per a recent press release, a new NFT marketplace, myNFT, has received $7M in funding as it seeks to make non-fungible tokens available. In a conversation, Hugo McDonaugh—CEO and co-founder of myNFT—described this round as an essential leap in the development of the start-up. myNFT’s successful funding will aid its goal to build a transparent, scalable, cheaper, and readily attainable NFT market.
“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,” myNFT CEO and co-founder, Hugo McDonaugh.
The Series A round was piloted by Scytale Ventures, a key investor in the budding space. The other brands include Future Perfect, SevenX Ventures, Signum Growth Investments, George McDonaugh [co-founder of KR1], Bruno Skvorc [founder of RMRK], and a long list of other angel investors and family offices.
The myNFT Mission
The NFT sector, albeit experiencing an unprecedented rise in interest and valuation, is plagued by problems. Which includes the unavailability of fiat payments, exorbitant costs, delayed settlement, poor UX, and a lack of multi-chain migration.
These pain points create barriers to mass adoption, instituting a cordon to less tech-savvy individuals to delve into the industry. myNFT expressly aims to resolve these problems.
To abate the ubiquitous gas fee conundrum, myNFT will leverage the Moonbeam parachain—a proof-of-stake [PoS] network that differs completely from what Ethereum currently makes use of. PoS mechanism increases throughput whilst decreasing gas costs without compromising on security. With this newfangled algorithm, myNFT will deliver seamless, less expensive, and convenient buy/selling of NFTs.
Running on the Moonbeam Parachain, myNFT leverages Polkadot’s multi-chain and interplay infrastructure to empower users to move NFTs across various networks.
myNFT expressly aims to challenge the existing status quo, presenting a viable, scalable, and cheaper option for the budding NFT market. The goal is to completely revolutionize the industry, breaking all existing barriers and setting the sector on a path of global mass adoption.
Introducing Innovative, Robust, and Unconventional Features to the Market
In addition to addressing all incumbent problems facing the billion-dollar industry, myNFT will introduce a range of new features that will pave the way for a better and more rewarding market.
One of the first features is their fiat payments system. According to the mentioned source, myNFT integrates a system that will enable the buying and selling of NFTs with US Dollars, British Pounds, and other non-crypto fiat currencies. This is game-changing - no crypto required.
myNFT also incorporates a new auction system—the GBM system. This innovative patent-pending bid-to-earn system will enable bidders to earn money during an auction. Essentially, there are only two outcomes in a GBM auction—either you earn a reward when you are outbid or you win the auction. It is a win-win situation for the bidders. This revolutionary system is part of the platform’s goal to help NFT sellers maximize the value of their NFTs whilst making the auction process more exciting and rewarding for everyone involved.
myNFT Team and Roadmap
myNFT is led by three university friends with many years of experience in the NFT market. The founders, Hugo McDonaugh, Guillaume Gonnaud, and Edouard Bessire previously launched Cryptograph back in 2020, helping dozens of Hollywood celebrities and artists to create and sell their NFTs to support various charities of their choice. During this time, the founders encountered many of the market problems discussed above and so they sought to address them all with myNFT.
While the first version is due for release in June 2022, you can become one of the very first users by registering here. You can also win fantastic NFT prizes when you enter the launch competition. Register now!
After their launch, myNFT will release a next-gen NFT minting infrastructure alongside many other exciting innovations and features that are yet to be seen in the NFT industry.
