- Fair’s founders say that creators can launch NFTs in minutes via the platform.
- Its smart queuing technology helps reduce gas fees and failed transactions.
- The platform plans to monetise by taking a 6% commission fee through primary NFT sales.
New NFT minting 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 closing of the seed round. While the platform has not yet officially launched, it tweeted that over 15,000 people have signed up to its early access. It has also partnered with the Ukrainian government to launch NFTs to fund the 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 lack of developer knowledge, gas fees and transaction failures deter people from creating their own NFTs.
“There’s loads of no-code solutions out there that help but with only creating one- or two-piece collections,” said Bentata Chocron in an interview with The Block. “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 decentralize it. It’s a very elaborate process that can take weeks for an experienced team.”
The founders say that that creators can launch NFTs in minutes via the platform and its smart queuing technology prioritises real collectors and removes malicious actors, scripts and bots.
“All Collections deployed on Fair.xyz are built to avoid high gas fees and failed transactions through a combination of optimized contracts and a smart queueing systems for live mints,” Fair wrote in a blog post.
Those who want to launch NFT collections on Fair only need to have their artwork and crypto wallet, while the platform provides the necessary infrastructure, including collection homepage, minting integration, on-chain deployment, pre-sale access, metadata generation, marketplace royalties, reveal experience and allowlists. The platform plans to monetise by taking a 6% commission fee through primary NFT sales.
Despite the recent market downturn which led to staff layoffs in various crypto and NFT firms including OpenSea, new platforms are still being developed to remove barriers of entry into the space.
In May, Niftables announced an all-in-one platform all-in-one NFT platform, allowing brands and creators to launch NFT projects regardless of their coding expertise. In June, MoonPay launched Hypermint, a tool that allows creators to mint up to 100 million NFTs at once.
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