London-based Fair.xyz, an NFT minting platform, announced on Tuesday that it has raised $4.5M (approximately €4.37M) in a Seed round of funding. The company is now valued at $33M (approximately €32M).
The investment was led by venture capital firm Eden Block. According to a LinkedIn post, the round also saw participation from OpenSea, NFX, and firstminute capital.
Speaking on the development, firstminute capital says, “We believe that NFTs will play a significant role in bringing the next million (billion?) people into web3, serving as a key part of onboarding web2 users into the decentralised world. Yet the current NFT infrastructure is lacking, resulting in a standard user experience which is fraught with issues that represent considerable hurdles to unlocking this next wave of users.”
Here’s what Fair.xyz offers
Fair.xyz was founded by a group of engineers from Meta, Instagram and Goldman Sachs, leveraging their industry experience to build consumer products in Web3.
For NFT producers and collectors, Fair.xyz claims to offer a new experience that is fair and accessible. The company wants to provide a one-stop shop for NFTs. Starting with digital art, the platform is moving on to social tokens, music, architecture, fashion, and more.
According to founders Isaac Kamlish, Isaac Bentata Chocron, and Nathan Cohen, the current process of minting NFTs is broken. Bentata Chocron, in an interview with The Block, says, “There are loads of no-code solutions out there that help but with only creating one- or two-piece collections. When you launch at scale — say 10,000 – you have to deploy your own smart contract, build a website and integrate the NFT fully into it, generate your artwork and decentralise it. It’s a very elaborate process that can take weeks for an experienced team.”
Through Fair’s solution, creators can launch NFT collections in minutes, according to the founders. Additionally, its technology lowers gas costs and the likelihood of unsuccessful transactions. The company hopes to make revenue by taking a 6 per cent commission on initial sales of NFTs produced via the service.
Fair.xyz’s platform has not been officially launched, but according to this tweet, over 15,000 people have already signed up for early access. The company has also partnered with the Ukrainian government to launch NFTs to fund the war against Russia.