As NFTs become more popular, one of the most important hurdles that has yet to be overcome is to make the industry more accessible to a wider audience. On paper, NFTs should be accessible to all, but there are many roadblocks preventing this from happening.
For example, many prospective NFT buyers are turned off by the complicated process of paying for them. A new NFT buyer often has to go to an exchange to buy the initial cryptocurrency they need and then, even after they have obtained the relevant cryptocurrency, the cost of transacting, gas fees and minting NFTs can be ridiculously high.
If NFTs are to become as mainstream and widely used as the industry hopes, these roadblocks need to be solved. Fortunately, a new platform, myNFT, is addressing them.
How myNFT Works
Fresh off a successful $7 million series A funding round that saw support from the likes of Scytale Ventures, SevenX Ventures, Future Perfect Ventures, and Signum Growth Investments, myNFT has unveiled its new features that will make the process of trading NFTs much easier. This first version of the platform is to be launched in June 2022.
The foundation for all of this is the Moonbeam parachain which is part of the Polkadot ecosystem. By building the marketplace on this, two of the biggest issues are addressed, which are speed and cost.
This is because many NFT marketplaces reside on the Ethereum blockchain. The downside of this is that they often pay significant amounts in gas fees. Take the recent issue with Yugalab’s Otherdeeds NFT drop, in which some buyers paid tens of thousands in gas fees alone. This massively puts people off the NFT market.
But with Moonbeam, customers can still enjoy fast transaction speeds while paying a fraction of the gas fees. Polkadot, the network which Moonbeam sits on top of, was created by Ethereum co-founder Gavin Wood.
Polkadot is known for its innovative interoperability architecture giving people the ability to move assets and value across chains and for those who deal in NFTs, this will be invaluable over the long term. In terms of paying for NFTs, myNFT also removes the hurdle of having to pay in cryptocurrency to make the process as simple as possible.
With myNFT’s viable fiat onramp, customers can easily pay for whatever NFT they are interested in with £, €, $, etc. There’s no need to buy crypto!
Some changes have also been made to the process of bidding, which is popular on NFT marketplaces. Usually, if someone bids on an NFT and loses their bid, they leave with nothing, even if they spent hours on the process. With myNFT’ patent-pending bid-to-earn auction system called GBM, the bidder will either win the asset or be rewarded with money for participating in the auction.
Why myNFT is Needed
There are many NFT marketplaces that already exist. The remarkable thing about myNFT is that they are on a mission to solve the underlying industry problems that exist and are blocking new people entering the space.
The team behind the platform knows much about this. Consisting of three University friends, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud. The trio had previously launched a philanthropic NFT platform for Hollywood celebrities called Cryptograph in 2020.
During the creation and launch, they came across many of the same issues plaguing the industry; clunky UX, difficult crypto to fiat exchange, high gas fees and so on. This is what led them to create myNFT – to tackle these issues and create a more inclusive NFT ecosystem.
Hugo McDonaugh, the co-founder and CEO of myNFT, explains about the team’s vision; “Thanks to blockchain technology and NFTs, we are witnessing the beginnings of a new internet: an internet based on value, ownership, and freedom. 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.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
