NFTs are becoming more popular. One of the biggest hurdles to overcome is making the industry more accessible to a wider range of people. NFTs should be available to everyone, but many obstacles prevent this from happening.
Many potential NFT buyers are put off by the complex process of buying them. New NFT buyers often have to visit an exchange to purchase the first cryptocurrency they require. Once they have the cryptocurrency, it can be costly to transact, pay gas fees, and even mint the NFTs.
These roadblocks must be overcome if NFTs are going to be as widespread and widely used as industry hopes. MyNFT, a new platform that focuses on these issues, has made progress.
How myNFT works
myNFT, which just completed a $7 million Series A funding round, has announced its new features to make trading NFTs easier. The platform’s first version will be available in June 2022.
All of this can be attributed to the Moonbeam parachain, which is part the Polkadot ecosystem. This marketplace addresses two major issues: speed and cost.
Because many NFT marketplaces are based on Ethereum blockchain, this is why. However, they are often required to pay large amounts of gas fees. Consider Yugalab’s NFT drop. Some buyers paid thousands of dollars in gas fees. This puts people off of the NFT market.
Moonbeam allows customers to still benefit from fast transaction speeds and only pay a fraction of the fuel fees. Moonbeam’s network, Polkadot was founded by Gavin Wood, an Ethereum co-founder.
Polkadot’s innovative interoperability architecture allows people to transfer assets and value across multiple chains. This will prove invaluable for NFT traders over the long-term. MyNFT makes it as easy as possible to pay for NFTs.
Customers can pay with myNFT’s fiat onramp to easily purchase any NFT they want using PS, EUR or $. You don’t even need to purchase crypto!
Bidding has been simplified to make it more popular on NFT marketplaces. It is common for someone to lose their bid on an NFT, even though they have spent hours preparing it. MyNFT’s patent-pending bid to-earn auction system, GBM, allows bidders to win the asset or receive money for their participation in the auction.
Why myNFT is Important
Many NFT marketplaces exist already. MyNFT’s remarkable feature is their mission to address the industry issues that are preventing new people from entering the space.
This is something that the team behind the platform knows a lot about. The platform is comprised of Hugo McDonaugh and Edouard Bessire University friends, as well as Guillaume Gonnaud, Guillaume Gonnaud, and Edouard Belssire University friends. In 2020, Cryptograph was a philanthropic NFT platform that the trio launched for Hollywood celebrities.
During their creation and launch, they encountered many of the same problems plaguing the industry, including clunky UX and difficult crypto-to-fiat exchange. They created myNFT to address these issues and create an inclusive NFT ecosystem.
Hugo McDonaugh is the co-founder of myNFT and the CEO. He explains the team’s vision: “Thanks to Blockchain technology and NFTs we are witnessing a new Internet: An internet based upon value, ownership and freedom. MyNFT will make sure that everyone has access to this revolutionary technology.
Register at myNFT.com now to be the first to use myNFT Marketplace when it launches. Also, enter the launch competition to win amazing NFT prizes.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.