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myNFT operates as a multi-chain NFT marketplace, providing a platform for users to buy and sell non-fungible tokens. The company emphasizes enabling transactions using traditional fiat currency, aiming to simplify access to the digital asset space. Its technical approach focuses on supporting multiple blockchains, facilitating broader interoperability and aiming to reduce transaction costs for participants within the NFT ecosystem.
The company was established in 2021 in the United Kingdom. It was founded with an insight into the evolving landscape of digital collectibles, aiming to address perceived inefficiencies and accessibility barriers within existing NFT market structures. The initial impetus was to create a more inclusive and user-friendly environment for engaging with digital assets.
myNFT serves individuals interested in digital ownership and creative expression through NFTs. Its vision is centered on fostering a more accessible and adaptable NFT economy, allowing users to seamlessly create and exchange digital assets across various blockchains and with diverse payment methods, thereby expanding the reach and utility of NFTs.
myNFT has raised $7.0M across 1 funding round.
myNFT has raised $7.0M in total across 1 funding round.
myNFT has raised $7.0M across 1 funding round. Most recently, it raised $7.0M Series A in May 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| May 1, 2022 | $7M Series A | — | KR1 | Announced |
myNFT is a blockchain-based NFT marketplace and product development team that empowers creators, voters, and collectors through a unique voting and reward mechanism on the Flow blockchain. It builds products like Mynft.io (an NFT marketplace with staking-based voting for creator rewards) and Suia.io, solving the problem of equitable exposure and monetization for NFT creators by letting $MY token stakers vote on reward distribution while earning incentives themselves.[1][2] The platform serves creators (who mint NFTs for 1 FLOW, with fees going to a community vault), voters (who stake $MY to influence rewards), and collectors (who buy NFTs with $FLOW and share rewards), with $MY as its utility token (total supply: 100M, used for governance, voting fees, minting, and transaction fees).[1]
Backed by seed investors including HashKey, Dapper Labs, SevenX, EVG, and Y2Z, myNFT demonstrates strong early growth momentum in the NFT space, positioning it as a community-driven alternative to traditional marketplaces.[1]
myNFT emerged from Perpetual Altruism, a team recognized as a leader in the NFT space focused on decentralized technologies for creating, trading, and discovering NFTs.[2] The idea crystallized around building a marketplace that decentralizes power, turning it into a "creative workshop, trading platform, and discovery engine" to help users tell their stories through NFTs.[3] Key early traction includes seed funding from prominent crypto funds like HashKey and Dapper Labs, signaling validator confidence in its model.[1] A pivotal moment was its public showcase, such as presenting an NFT vending machine demo at NFT.London, highlighting mainstream ambitions.[4]
myNFT rides the wave of community-governed Web3 marketplaces, capitalizing on post-hype NFT maturation toward utility-driven models amid blockchain scalability improvements like Flow.[1] Timing aligns with rising demand for creator economies, where traditional platforms undervalue artists; market forces like token incentives and low entry barriers (e.g., 1 FLOW mints) favor it against high-fee competitors.[1] It influences the ecosystem by pioneering voting-based curation, potentially inspiring similar mechanics in DeFi and social tokens, while investor backing from Dapper Labs (Flow creators) strengthens blockchain interoperability.[1][2]
myNFT's trajectory points toward expanded governance via $MY and potential Suia.io integrations, scaling as NFT adoption rebounds with mainstream events like its NFT.London demo.[1][4] Trends like AI-NFT hybrids and multi-chain support will shape it, amplifying its voter-creator loop if Flow's ecosystem grows. Its influence could evolve from niche marketplace to ecosystem hub, especially with strong seed backers—watch for reward epoch expansions and collector tools to drive retention. This community vault model redefines NFT fairness, echoing its founding mission to empower users directly.[1][2]
myNFT has raised $7.0M in total across 1 funding round.
myNFT's investors include KR1.
