NFTs are everywhere. Big companies like Ubisoft and Starbucks are investing in them, major celebrities are snapping them and releasing their own collections, and everyone seems to be talking about them.
Due to the amount of economic and cultural relevance that NFTs have accumulated in such a short period of time, more people are trying to get involved in NFTs.
But this is not as easy as it sounds. Even for those who want to take a bold step and start buying and selling NFTs, some obstacles need to be overcome.
With this in mind myNFTThe new NFT Marketplace, has announced a new Series A funding round to support their goal of making NFTs accessible to everyone.
Obstacles to NFT
So you want to buy an NFT. Everyone is talking about them, and it seems simple enough. Sign up for the marketplace and start your purchase. However, there are some other things to consider.
First of all, it costs gas. If you buy an NFT, you need to perform a blockchain-based transaction before you can take ownership, which can be costly. This is especially true if the demand for NFTs to buy is high or if they are from the top collection.
For example, with the recent sale of Otherdeed, people were spending tens of thousands of dollars on casting fees alone. Given that most NFTs are currently made on the Ethereum blockchain, this gas price inflation is unstoppable.
Speaking of Ethereum, you can’t pay for NFTs with a dollar or pound card, as you can with sneakers. Usually you need to buy a specific cryptocurrency first, usually Ethereum, then you can buy tokens. Keep in mind that you need to navigate the potential price fluctuations of cryptocurrencies when you buy it, and these values are often very volatile.
How myNFT helps
All of these challenges are on-site for NFT users, which can discourage the entire process. This is where myNFT comes in. myNFT is a London-based NFT marketplace that addresses many of the challenges facing NFT buyers today.
One of the first things to note about myNFT is that it is based on the Moonbeam parachain, which is part of the Polkadot network. Next, the Polkadot network was created by Gavin Wood, one of the co-founders of Ethereum.
One of the main advantages of this parachain is that it allows interoperability between chains. That is, you can move assets and values from one chain to another within the Polkadot ecosystem. In addition, the Moonbeam parachain is based on a proof of stake mechanism that is highly scalable and yet highly secure.
How this is interpreted by customers is that they can execute NFT transactions at much lower gas rates than the Ethereum network, while at the same time increasing transaction speed. As a bonus, it consumes much less energy, so it’s much better for the environment.
When it comes to buying and selling NFTs, myNFT customers are not limited to cryptography alone. Instead, there are fiat bills that allow customers to trade NFTs using dollars, pounds, and other fiat currencies.
This gives myNFT customers an unprecedented level of freedom in how to buy and sell NFTs. The platform is also opening up new ways to auction NFTs. GBM auction..
GBM bid-to-acquisition auctions go against the normal auction granularity by ensuring that bidders leave with something, whether or not they acquire an asset. If they bid high, they will get some financial compensation.
Obviously, if they aren’t overpriced, they win the digital asset in question.
New NFT Marketplace
NFTs are at a new stage in their existence, so it is important to create a new ecosystem that enables greater accessibility. Marketplaces where users struggle to bid on NFTs and are stressed by high gas prices will not help bring mainstream to NFT spaces.
That’s why we have a lot of support for myNFT, raising $ 7 million in a Series A funding round, with participation from Scytale Ventures, SevenX Ventures, Future Perfect Ventures, Signum Growth Investments and more.
Hugo McDonaugh, co-founder and CEO of myNFT, explains: “Thanks to blockchain technology and NFTs, we are witnessing the beginning of a new internet of value, ownership and freedom based internet. With this vote of trust, myNFT is on the move to this truly innovative technology. Make sure you don’t give up access. “
Register at myNFT.com Use it first when launching myNFT Marketplace, take part in launch contests and get a chance to win a great NFT award.
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