Although the introduction of non-fungible tokens or NFTs offers a tremendous opportunity for digital artists, to create artworks and then auction them off, many issues remain. Low support for multiple chains; high transaction costs and high gas fees; fraudulent NFTs; inability to use multiple payment options like fiat or other currencies.

These points are limiting the adoption of NFTs, which have already been sold for billions of dollars.

Do you know of a way to solve this problem? Absolutely!

myNFT, the London-based NFT market, recently announced its launch after it raised $7 million in Series A funding. This was in addition to the support of some of the most prominent investors in Web3 and NFT. myNFT thinks that obstacles are hindering growth in the NFT market.

MyNFT Marketplace aims to transform certain areas of NFT, while simultaneously addressing existing problems within the industry through innovative concepts that will propel the NFT space forward.

NFT Space: Innovative Features

MyNFT is built on the Moonbeam Parchain as a component of the network. Customers will be able to migrate their NFTs seamlessly across different blockchains.

MyNFT has many innovative features, such as their fiat Onramp System, where customers can purchase and sell NFTs using British Pounds or US Dollars. This is in keeping with myNFT’s long-term goal to make NFTs more accessible for all.

Solutions to NFT problems

The high gas prices are one of the main problems in the NFT market. According to YCharts.com. the average gas cost is $24.16 [at the time of writing]Most experts predict an increase in the price of oil before the weekend ends. According to reports, they can reach the $000s. New investors trying to access the NFT markets face a serious problem.

MyNFT is built upon the Moonbeam Parachain, which runs a proof of stake. [PoS]This mechanism is just as reliable and scalable as the Ethereum network. Customers will be able to purchase NFTs quicker and for lower fees by deploying this parachain myNFT. It is also far less energy-intensive and environmentally friendly than other options.

Their patent-pending bid–to-earn GBM system powers myNFT. GBM assists NFT sellers in determining the best market value for their NFTs. This makes the bidding and auction process much more enjoyable for everyone. GBM’s auction system allows bidders to either win a monetary award if they lose or receive the item. It’s a win-win situation!

Series A and myNFT Funding

myNFT was built by a team of experienced entrepreneurs —Hugo McDonaugh, Guillaume Gonnaud, and Edouard Bessire. These three friends from university have been active in NFT since its inception. In 2020 they launched Cryptograph, which allows celebrities and artists worldwide to start NFTs and donate the proceeds to charities of their choosing.

They raised $7M in Series A funding, which enabled them to build a more accessible and open 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. We are able to continue to grow myNFT, and deliver transformative features to NFT to help us fulfill our core mission. We are now witnessing the birth of a new internet thanks to NFTs and blockchain technology. An internet that is based on ownership and value. 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.

MyNFT is launching its first version of their marketplace this month. However, anyone can register on their website to become one of their first users. This will allow you to enter their launch contest for the chance to win amazing NFT prizes.

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