NFT marketplace, myNFT, receives Series A funding to revolutionise sector

New London-based NFT marketplace platform, myNFT, has announced its upcoming launch with the news that it has received Series A funding from some of the most prominent investors in the blockchain industry.

myNFT aims to revolutionise the NFT industry in ways that no other platform has done before. 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.

myNFT’s main goal is to transform the way NFTs are created and traded, making them accessible to all. It has done this by allowing buyers to purchase NFTs on the platform using any type of currency, making it easier for newcomers to start engaging.

myNFT was founded by three university friends, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud. Having 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.

Working on Cryptograph, the founders have come across nearly every problem in the book from gas price inflation, clunky user experience to poor cryptocurrency exchange and much more. So, they decided to design myNFT as a solution to make the industry accessible to more people.

It is also 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.

Hugo McDonaugh, co-founder of myNFT, said: “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. 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.’’

The company raised over $7m in their Series A, led by Scytale Ventures, a leading investor in the blockchain industry. 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. The myNFT team has also received a grant from the Moonbeam Foundation for their work on important NFT infrastructure for Web3. This new investment will support the buildout and launch of the myNFT platform.

The first version of the myNFT platform will be released next month, allowing anyone to buy and sell NFTs on multiple chains in any currency and at low cost. After launch their NFT minting infrastructure will be released alongside some exciting new developments the NFT industry has yet to see.

You can register to be one of the first to use the myNFT marketplace when it launches and also enter the launch competition for a chance to win some fantastic NFT prizes.