Fair.xyz is an NFT mining platform, and has closed a $4.55M funding in Seed round from Eden Block, NFX, First Minute Capital, and OpenSea, among others.
Zeneca and 0xb1 were among the thought leaders and influencers who contributed to the funding round, along with angel investors from Real Madrid, TikTok, Meta, and Net-A-Porter Youtube.
How will the money be used?
The company will use the capital to create a more fair and efficient minting process for both collectors and creators. The platform will start with digital art, and eventually move into other wearable tech, music, architecture, fashion, and social tokens. The capital will help the company build the capital city where the platform will be housed.
NFX General Partner Morgan Beller believes that Fair.xyz can help even the playing field for NFT creators, from huge brands to smaller artists. The platform’s platform can change the NFT world, according to Beller.
Three engineerswith experience in web 3 development: Isaac Kamlish, Nathan Cohen, and Isaac Bentata Chocronstarted Fair.xyz in 2022. They all had worked for Goldman Sachs, Instagram, and Facebook before setting up their joint venture.
After realizing how hard it is to create a collection of NFTs, even for people with strong Web 3 skills, the platform has set out to make launches more fair.
The company has created a no-code platform using blockchain technology, which allows creators to launch NFT collections very quickly, keeping full smart contract ownership.
Fair.xyz has developed unique smart queuing technology, which prevents gas wars and failed transactions. The commissions on primary sales is only 6%, with no sign-up fees or royalty payments.
The Ukrainian Government minted its first numismatic collection with the help of the company, which has 15,000 people on its waitlist.
Fair.xyz hired a Snoop Dogg impersonator called Doop Snogg at NFTNYC, the biggest non-fintech conference in the world. The impersonator was covered in their merchandise, creating a huge buzz.
Many investors who support the latest technologies have invested in the company, including OpenSea, Eden Block, NFX, and First Minute Capital.
NFTs (non-fungible tokens) have brought millions of users into crypto, and Lior Messika from Eden Block (the lead investor in this round) says that he is excited to be backing Fair.xyz at this key point in their history. While the space for NFTs has grown in both cultural and financial relevance, there is still a lack of basic infrastructure needed to get mainstream adoption. Fair.xyz’s products fill in that gap, creating the bridge between Web3 and the next billion internet users.