myNFT: New NFT Marketplace Raises $7 Million to Expand Platform

By    14 Jul,2022

Following a successful Series A fundraising round, the new NFT marketplace myNFT has announced its forthcoming launch. The London-based NFT marketplace received money from some of the biggest names in blockchain today during the round. As a result, myNFT now has the resources it needs to carry out its aim of making NFTs available to everyone.


What you need to know about the myNFT marketplace

As previously said, myNFT’s major purpose is to make the NFT market more accessible. MyNFT acknowledges the numerous hurdles to entrance for newcomers to the NFT space. As a result, its new marketplace is attempting to remove these hurdles for NFT traders. This includes, among other things, cutting expenses through its 2% market charge, offering both multi-chain and fiat payment methods, and much more.

The platform’s fiat onramp is one such essential feature that will be available on launch day. To put it another way, consumers will be able to buy and sell NFTs using fiat currencies like as the British Pound Sterling (£) and US Dollars ($).

Furthermore, myNFT employs a whole new auction method known as GBM. Surprisingly, a GBM auction has only two outcomes. When a bidder is outbid, he or she either makes money or wins the auction. This possibly game-changing “bid-to-earn” auction system clearly adds a lot of excitement to NFT auctions.

Moonbeam Parachain on Polkadot is used in the new NFT platform.

MyNFT is notable for its use of the Moonbeam parachain. Polkadot is an open-source blockchain project founded by Ethereum co-founder Gavin Wood. Polkadot is dubbed “the internet of blockchains” since it connects blockchains.