While the advent of non-fungible tokens, or NFTs, presents a massive opportunity for digital artists to create and auction off artworks, a ton of problems still exist. Lack of support for multiple chains, high transaction costs, high gas fees, fraudulent NFTs, the unavailability of multiple payment methods like fiat and other currencies, etc.
With NFTs sales already worth billions of dollars at the moment in its infancy, these points have hindered further adoption of this technology.
Is there a solution? Absolutely!
In a recent press release, London-based NFT marketplace, myNFT, has announced the launch of its platform after raising $7m in Series A funding from some of the leading investors in the Web3 space. myNFT believes that the current NFT market is full of obstacles that are slowing the growth of the emerging market.
The myNFT marketplace aims to revolutionize certain aspects of the NFT market, whilst addressing many of the incumbent problems in the industry with innovative concepts that will drive the NFT space forward.
Introducing Innovative Features to the NFT Space
Built on the Moonbeam Parachain, a part of the Polkadot network, myNFT will eventually enable customers to seamlessly migrate NFTs across blockchains as well as allow customers to create, buy and sell NFTs at a lower cost and with best in class UX.
myNFT is introducing various innovative features like their fiat onramp system where customers can buy and sell NFTs with British Pounds, US Dollars, and other fiat currencies, in line with the long-term vision to make NFTs accessible to all.
A Solution to Existing NFT Problems
One of the core problems of the NFT market is the high cost of gas fees. According to YCharts.com, the average Ethereum gas fee is $24.16 [at the time of writing], with most experts predicting an increase in price before the end of the week. They have been recorded to go into the $000s. This presents a huge problem for new investors seeking to enter the NFT market.
The myNFT platform is built on top of the Moonbeam parachain which operates a proof-of-stake [PoS] mechanism that is more scalable and just as secure as the Ethereum network. By deploying on this parachain myNFT will allow customers to buy NFTs faster and at lower gas fees. As a bonus, it is far more environmentally friendly too as it is less energy intensive.
myNFT is also powered by their patent-pending bid-to-earn GBM auction system. GBM helps NFT sellers to discover the truest market value for their NFTs whilst also making the auction and bidding process a lot more fun for everyone involved. Through the GBM auction system, bidders will either earn a monetary reward when they are outbid or they will receive the item. It’s a win-win situation!
The myNFT Team and Series A Funding
myNFT was built by a team of experienced entrepreneurs —Hugo McDonaugh, Guillaume Gonnaud, and Edouard Bessire. Active players in the NFT space since the very early days of the industry, these three university friends launched the Cryptograph platform in 2020, enabling an array of Hollywood celebrities and artists to create NFTs and give proceeds to various charities of their choice.
Their Series A funding raised over $7 million which helped pave the way for building a more accessible, open, and affordable NFT industry.
“Securing Series A funding is an important 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 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,” Hugo McDonaugh, co-founder and CEO of myNFT.
While myNFT will launch its first version this month, you can already become one of the first people to use this new marketplace by simply registering on their website, this will also enter you into their launch competition for a chance to win some fantastic NFT prizes.