Mynft

Mynft is a London-based company operating a multi-chain non-fungible token (NFT) marketplace designed to increase accessibility to the NFT space. The platform was founded by three university friends, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud. Their journey into the NFT world began with their first platform, Cryptograph, which launched in 2020 and facilitated Hollywood stars in creating and selling NFTs for charitable causes. Through Cryptograph, the founders encountered challenges such as high gas fees, complicated user experiences, and poor cryptocurrency exchange processes, which inspired them to create Mynft as a more user-friendly and accessible solution.

The company positions itself as a low-cost, multi-chain marketplace, addressing key barriers to entry in the NFT market. It operates on the Moonbeam parachain, part of the Polkadot network, which utilizes a more energy-efficient proof-of-stake model compared to the proof-of-work model used by some other blockchains. This infrastructure allows for lower transaction costs and greater scalability while maintaining high security. A key feature of Mynft is its ability to support transactions in various currencies, including fiat currencies like US dollars and British pounds, which simplifies the process for newcomers who may not be familiar with cryptocurrencies. The platform is designed to work with a range of EVM (Ethereum Virtual Machine) networks, such as Binance Smart Chain and Polygon, with plans to integrate more blockchains over time.

Mynft's business model generates revenue through a 2% platform fee on transactions. The company has secured over $7 million in Series A funding, led by Scytale Ventures, with participation from other investors including SevenX Ventures, Future Perfect Ventures, and Signum Growth Investments. The company also received a grant from the Moonbeam Foundation for its contributions to Web3 infrastructure. A distinctive feature of the marketplace is its patent-pending "bid-to-earn" GBM auction system, where bidders either win the auction or earn a profit if they are outbid, creating a more engaging auction experience.

Keywords: NFT marketplace, multi-chain, low-cost NFTs, fiat on-ramp, Polkadot, Moonbeam, bid-to-earn, Cryptograph, Hugo McDonaugh, Edouard Bessire, Guillaume Gonnaud, Web3, digital collectibles, NFT trading, blockchain, crypto, NFT auction, proof-of-stake, EVM compatible, Binance Smart Chain, Polygon