Fair.xyz, an NFT minting platform, announced that it has closed a $4.55M funding in Seed round from Eden Block, NFX, First Minute Capital, OpenSea, and others.
The funding round also included thought leaders and influencers from the NFT space, including Zeneca and 0xb1, and angel investors from Real Madrid, Youtube, TikTok, Meta, and Net-A-Porter.
How will the funding be used?
The capital will help the company to create a fairer and more efficient minting process for both creators and collectors. The platform will start with digital art before expanding to digital wearables, social tokens, music, architecture, fashion, and more.
“Fair.xyz’s platform has the potential to level the playing field for NFT creators ranging from the world’s largest brands to boutique artists”, explains Morgan Beller, General Partner at NFX. “I have full confidence in the team to deliver on this promise and create a paradigm shift in the NFT ecosystem.”
Fairer NFT launches
Isaac Kamlish, Nathan Cohen, and Isaac Bentata Chocron, three engineers previously employed at Instagram, Facebook, and Goldman Sachs, with experience in Web3 development, founded Fair.xyz in 2022.
The platform is on a mission to create fairer NFT launches after realising how difficult it was to create a collection, even with deep technical Web3 skills.
The company’s no-code platform with proprietary blockchain technology allows creators to launch NFT collections in minutes while retaining full smart contract ownership.
Pioneering proprietary smart queueing technology also prevents gas wars and failed transactions. Typically, Fair.xyz’s platform only takes a 6% commission on primary sales, with no royalties or sign-up fees.
Currently, the company has 15,000 users on its waitlist and has already helped the Ukrainian Government mint its first NFT collection.
Fair.xyz also created a massive viral market stunt last month at NFTNYC, the largest NFT conference in the world. Hiring a Snoop Dogg impersonator, ‘Doop Snogg,’ they disrupted the conference with a lookalike covered in the company’s merch.
The company is backed by leading web3 and tech investors, including OpenSea, Eden Block, NFX, First Minute Capital, and others.
Lior Messika from Eden Block, the leading investor in the round, explains, “We’re ecstatic to be backing Fair.xyz at this fundamental point in their journey. Over the last year, NFTs have onboarded millions of users to crypto, and we’re already seeing how central this movement is to the cultural revolution supercharging Web3. While the cultural and financial relevance of NFTs has exploded, the space is still missing the core infrastructure to reach mass adoption. Fair.xyz’s products are the bridge between this exciting new world and the next billion users.”.