NFT Minting Platform Fair.xyz Raises $4.5M Seed Round Backed by OpenSea
Quick take:
- Fair’s founders say creators can launch NFTs in minutes via the platform.
- The smart queuing technology helps reduce gas charges and failed transactions.
- The platform plans to make money by taking a commission fee of 6% through primary NFT sales.
New NFT mining platform, Fair.xyz, has raised $4.5 million in seed funding, led by venture capital firm Eden Block. According to The Block, OpenSea, NFX and First Minute Capital also invested in the round.
The startup was valued at $33 million after the conclusion of the seed round. Although the platform has not yet officially launched, it is tweeted that over 15,000 people have registered for early access. It has also partnered with the Ukrainian government to launch NFTs to fund its war against Russia.
Fair’s founders, Isaac Kamlish, Isaac Bentata Chocron and Nathan Cohen, are all former Meta and Goldman Sachs engineers. They told The Block that the current process of minting NFTs is broken and that a lack of developer knowledge, gas fees and transaction errors are discouraging people from creating their own NFTs.
“There are a ton of no-code solutions out there that help, but with just making one- or two-part collections,” Bentata Chocron said in an interview with The Block. “When you launch at scale – say 10,000 – you need to deploy your own smart contract, build a website and fully integrate NFT into it, generate your artwork and decentralize it. It’s a very elaborate process that can take weeks for an experienced team.”
The founders say creators can launch NFTs in minutes via the platform, and its smart queuing technology prioritizes genuine collectors and removes malicious actors, scripts and bots.
“All collections distributed on Fair.xyz are built to avoid high gas fees and failed transactions through a combination of optimized contracts and smart queuing systems for live coins,” Fair wrote in a blog post.
Those wishing to launch NFT collections on the Fair only need to have artwork and a crypto wallet, while the platform provides the necessary infrastructure, including collection homepage, minting integration, on-chain distribution, pre-sale access, metadata generation, marketplace royalties, reveal experience and approval lists. The platform plans to make money by taking a commission fee of 6% through primary NFT sales.
Despite the recent market downturn that led to layoffs at various crypto and NFT firms, including OpenSea, new platforms are still being developed to remove barriers to entry into the space.
In May, Niftables announced an all-in-one all-in-one NFT platform, which allows brands and creators to launch NFT projects regardless of their coding expertise. In June, MoonPay launched Hypermint, a tool that allows creators to create up to 100 million NFTs simultaneously.
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