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myNFT Ready to Make NFTs Available to All With Recent $7 Million Series A Funding – Coincheckup Blog - India Blogger

A report by Research and Markets estimated that the NFT (fungible token) market will reach an estimated $211.7 billion from 2022 to 2030 at a compound annual growth rate (CAGR) of 33.9%. The rising market value of NFTs is driving inflows. For the NFT space of projects. Nevertheless, the NFT market currently faces several constraints, such as high gas charges, confusing user experience, etc. and therefore many are excluded from the technology.

myNFT recently announced $7 million Series A funding from notable investors in the crypto and blockchain industry to work on its mission to change that and make this revolutionary technology accessible to all.

myNFT . overview of

myNFT is a multi-chain NFT marketplace that supports low-cost transaction fees, multiple currency payment methods, and a bid-to-earn auction system called GBM. myNFT is built on Moonbeam Parachain, a part of the Polkadot network. By leveraging Polkadot’s interoperable architecture, 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 of making NFTs available to all. Prior to creating the MyNFT project, the founders successfully launched the Cryptograph platform in 2020, which helped over 20 different charities and also brought many famous Hollywood celebrities into the NFT space.

According to Hugo McDonagh, co-founder and CEO of MyNFT, “Securing a Series A is an important step for a fast-growing start-up like ours, and we’re delighted to have support from some of the smartest people in Web3 and beyond. This gives us the freedom to focus on growing myNFT and provide transformative features to the NFT industry to fulfill our core mission of making NFTs accessible to all. Thanks to blockchain technology and NFTs, we are witnessing the beginning of a new Internet, the Internet based on value, ownership and freedom. With this vote of confidence, MyNFT will ensure that no one is denied access to the truly revolutionary technology,

Innovative Features of MyNFT

myNFT charges only 2% on any NFTs sold by customers on the platform.

High gas charges are one of the major constraints of the NFT industry. Based on proof-of-stake network Moonbeam, the myNFT marketplace is far more scalable than Ethereum and thus sellers and buyers will enjoy lower gas costs and faster throughput. This will ensure greater value and liquidity for the created non-fungible tokens.

myNFT will eventually support NFT trading on every available blockchain protocol, starting with the main Ethereum Virtual Machine (EVM) chain. This will enable customers to buy and sell NFTs on all these networks in one place and also make it possible for customers to migrate their NFTs between multiple blockchain networks.

This innovative auction system has only one result – every bidder is a winner, The bidder earns money when they place a bid or they win a bidding contest. The bid-to-earn auction ensures that everyone is a winner.

Leading Investor

The Series A funding for MyNFT is led by Skytel Ventures, followed by SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, Bruno Skovork (founded RMRK), and other angel investors among others. The team also recently received a grant from the Moonbeam Foundation. The first version of myNFT will go live in June 2022.

conclusion

myNFT is set to take a new course in the NFT industry, and their actions will undoubtedly restore the market to a wider audience. The recently received Series A funding is the first of many to come. For more information about the project, please join the Discord channel and be one of the first to access the new myNFT Marketplace, which you can register here.



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