myNFT: New NFT Marketplace Raises $7M to Bolster Its Platform

July 12, 2022

By Murtuza Merchant

The new NFT marketplace myNFT has announced its upcoming launch, off the back of a successful Series A funding round. 

In the round, the London-based NFT marketplace secured funding from some of the biggest names in blockchain today. 

As a result, myNFT has the resources to work toward its mission of making NFTs accessible to all.

Everything you need to know about the myNFT marketplace

As mentioned above, the primary goal of myNFT is to make the NFT market more accessible. 

Indeed, myNFT notes the many barriers to entry for newcomers to the NFT space. Thus, its new marketplace is working to remove those barriers for NFT traders. 

This includes lowering costs through its 2% market fee, supporting both multi-chain and fiat payment methods, and much more.

One such key feature available on launch day is the platform’s fiat onramp. To explain, this will allow people to buy and sell NFTs using fiat currencies like the British Pound Sterling (£) and US Dollars ($).

myNFT is also utilizing a brand new auction system called GBM. Amazingly, a GBM auction only has 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 adds a lot of fun to NFT auctions.

The new NFT platform uses Moonbeam Parachain on Polkadot

Significantly, myNFT is built on the Moonbeam parachain. For those who don’t know, Polkadot is an open-source blockchain founded by Ethereum co-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 alongside myNFT’s own technical architecture, myNFT users will be able to use Ethereum, Moonbeam & Moonriver, Polygon, and Binance Smart Chain at launch.

Clearly, building on Polkadot enables myNFT to offer its users an array of unique features. 

For example, myNFT users will eventually be able to create, trade, and migrate NFTs between any blockchain. And all at low costs. Users on myNFT would not have to deal with anything like the massive gas fees that Ethereum users have to pay for many transactions.

myNFT’s successful Series A funding round

The experience of myNFT’s three co-founders played a huge role in shaping the platform. 

To clarify, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud have been working in the NFT space since the very early days.

Most recently, they launched the platform Cryptograph. To sum up, the platform enabled Hollywood celebrities and artists to create their own NFTs and give a portion of the proceeds to a charity of their choice. 

About the author

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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