Quick take:
- Newly launched NFT marketplace myNFT has announced a $7 million funding round led by Scytale Ventures.
- The fiat-based NFT platform will allow users to buy NFTs with Pound Sterling, US dollar and other fiat currencies.
- The UK-based platform’s goal is to make non-fungible tokens available for all.
UK-based non-fungible token (NFT) marketplace myNFT has announced a $7 million funding round led by Scytale. The fiat-based NFT platform wants to make NFTs available to all, by allowing users to buy using the pound sterling, the US dollar and other fiat currencies.
NFTs have emerged as an exciting alternative for artists and creators to generate income from their works. However, a lot of people do not understand the mechanics of blockchain technology and cryptocurrencies.
Therefore, while NFT adoption has been rapid within the crypto space, mainstream creators and investors have been reluctant to embrace the new technology. As a result, some NFT marketplace has introduced more payment options to onboard the non-crypto community.
Coinbase NFT teamed up with Mastercard to allow NFT purchases using credit cards, while the leading NFT marketplace OpenSea has also enabled credit card payments after partnering with MoonPay.
Now, MyNFT wants to go a step further by launching a platform that fully supports fiat payments.
Commenting on his company’s Series A fundraising, McDonaugh, co-founder and CEO of myNFT said: “Securing Series A funding is such a vital step for a fast-developing startup like ours, and we’re delighted to receive support from some of the smartest people in Web3 and beyond. It gives us the freedom to focus on growing MyNFT and deliver transformative features to the NFT industry to deliver on our core mission to make NFTs accessible to all.”
McDonaugh said NFTs have created a new internet based on value, ownership and freedom, adding that myNFT’s mission is to ensure that no one is prevented access to the benefits of this revolutionary technology.
The funding round was also backed by SevenX Ventures, Future Perfect Ventures, Signum Growth Capital, RMRK founder Bruno Skvorc, KR1 co-founder George McDonaugh and other family offices and angel investors.
The MyNFT team also announced receiving a grant from the Moonbeam Foundation for its vital NFT-infrastructure work for Web3. The MyNFT marketplace is scheduled to launch its first version in June.
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