NFTs are everywhere. Major corporations like Ubisoft and Starbucks are investing in them, major celebrities are snapping them up or releasing their own collections, and everyone seems to be talking about them.
With the amount of financial and cultural relevance that NFTs have accrued in such a short time, many more people are looking to get involved with them.
But this is easier said than done. Even for those who want to take the bold step and start buying and selling NFTs, several roadblocks need to be overcome.
With this in mind, myNFT, a new NFT marketplace, has announced a new series A funding round that will aid them in their goal of making NFTs accessible for all.
The Roadblocks to NFTs
So, you want to buy an NFT. Everyone is talking about them, and it seems simple enough; sign up on a marketplace and begin buying. But there are a few other things to consider.
First, there are gas fees. You see, when you buy an NFT, a blockchain-based transaction needs to take place before you can take ownership of it and this can be expensive. This is especially true if the NFT you are buying is high in demand or from a top collection.
The recent Otherdeed sale, for example, saw people spending tens of thousands of dollars on minting fees alone. Given that most NFTs at the moment are minted on the Ethereum blockchain, this gas price inflation shows no signs of stopping.
Speaking of Ethereum, you can’t just pay for an NFT with your dollar or pound card the way you would for a pair of sneakers. Usually, you’d need to first buy a specific cryptocurrency, usually Ethereum, and then you can buy the token. Keep in mind that you’d need to navigate potential price fluctuations of the cryptocurrency as you buy it, and these values are often very volatile.
How myNFT is Helping
With all these challenges on the ground for NFT users, the whole process can be discouraging and this is where myNFT comes in. myNFT is a London-based NFT marketplace that is addressing many of the pain points faced by NFT buyers today.
One of the first things to note about myNFT is that it is based on the Moonbeam parachain which is a part of the Polkadot Network. The Polkadot network, in turn, was created by one of the Ethereum co-founders, Gavin Wood.
One of the major benefits of this parachain is that it allows for cross-chain interoperability, meaning assets and value can be moved from one chain to another within the Polkadot ecosystem. Additionally, the Moonbeam parachain is based on the proof-of-stake mechanism allowing for greater scalability whilst also still being highly secure.
How this translates for customers is that they can conduct their NFT transactions with far lower gas fees than they would have on the Ethereum network whilst also enjoying faster transaction speeds. As a bonus, it is far better for the environment as the energy consumption is far lower.
When it comes to buying and selling NFTs, myNFT customers will not be restricted to only cryptos. Instead, there will be a fiat onramp through which customers can trade NFTs using dollars, pounds, and other fiat currency.
With this in place, myNFT customers will enjoy an unprecedented level of freedom when it comes to how they buy and sell NFTs. The platform is also pioneering a new way to auction off NFTs called the GBM auction.
The GBM bid-to-earn auction goes against the typical grain of auctions by making sure that bidders walk away with something regardless of whether they win the asset or not. In the event that they are outbid, they will receive some monetary compensation.
If they are not outbid, obviously, they win the digital asset in question.
A New NFT Marketplace
NFTs are in an emergent stage of their existence and as such, it is important for a new ecosystem to be created that allows for greater accessibility. Marketplaces, where users struggle to bid for NFTs and are stressed by high gas fees, are not going to help bring the mainstream into the NFT space.
This is why there has been so much support for myNFT thus far, with $7 million being raised in a Series A funding round which saw participation from Scytale Ventures, SevenX Ventures, Future Perfect Ventures, Signum Growth Investments, and many more.
Hugo McDonaugh, the co-founder and CEO of myNFT, explains, “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.”
Register at myNFT.com to be one of the first to use the myNFT marketplace when it launches and to enter the launch competition for a chance to win some fantastic NFT prizes.
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