A new NFT marketplace platform, myNFT, is to launch after receiving Series A funding from some of the most prominent investors in the blockchain industry.
As a multi-chain NFT marketplace, its vision is to allow people to create and trade NFTs on any blockchain in any currency and at low cost. The first version of the myNFT platform will be released next month.
The company raised over $7m in its Series A, led by Scytale Ventures. Other investors include SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, Bruno Skvorc (founder of RMRK), George McDonaugh (co-founder of KR1) and a variety of other family offices and angel investors.
myNFT was founded by three university friends, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud, who have been in the NFT space since the very early days. Their first platform, Cryptograph, helped Hollywood stars create and sell their first NFTs for charity.
They say they have come across nearly every problem in the book from gas price inflation, clunky user experience and poor cryptocurrency exchange. They therefore decided to design myNFT as a solution to make the industry accessible to more people.
The myNFT team has also received a grant from the Moonbeam Foundation. It is one of the first NFT trading platforms to be built on the Moonbeam chain, which is a part of the Polkadot Network.
Polkadot is often referred to as the ‘internet of blockchains’, and was built by Ethereum co-founder Gavin Wood. Polkadot and Moonbeam bring the same development environment and high security as Ethereum, but with significantly lower costs and environmental impact.
As the carbon footprint for some blockchains grows ever greater, myNFT is moving away from the energy-intensive ‘proof of work’ consensus model, to instead opt for the more eco-friendly ‘proof of stake’ model, which is what the Moonbeam and Polkadot networks use.
“Securing Series A funding is such 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,” said McDonaugh.
“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.”