Quick take:
- Fair founders say creators can launch NFTs in minutes via the platform.
- Its smart queuing technology helps reduce gas bills and failed transactions.
- The platform plans to monetize by taking a 6% commission through major NFT sales.
New NFT mining platform Fair.xyz has raised $4.5 million in seed funding led by venture capital firm Eden Block. OpenSea, NFX and First Minute Capital also invested in the round, according to The Block.
After completing the seed round, the startup was valued at $33 million. Although the platform has not officially launched yet, murmured Over 15,000 people have signed up for early access.It also launched in partnership with the Ukrainian government NFTs Fund the war with Russia.
Fair founders Isaac Kamlish, Isaac Bentata Chocron, and Nathan Cohen are all former engineers at Meta and Goldman Sachs. They told The Block that the current process of creating NFTs is broken and that developer lack of knowledge, gas prices and failed transactions are discouraging people from creating their own NFTs. Told.
In an interview with The Block, Bentata Chocron said: “For large launches, such as 10,000, he would have to deploy his own smart contract, build a website to fully integrate his NFT, generate artwork and decentralize it. It’s a very elaborate process that takes weeks for a rich team.”
The founders say creators can launch NFTs in minutes through the platform, and its smart queuing technology prioritizes real collectors and removes malicious actors, scripts, and bots.
“Every collection deployed on Fair.xyz is built to avoid high gas fees and failed transactions through a combination of optimized contracts and LiveMint’s smart queuing system,” said Fair. I am writing. blog post.
who want to launch NFT Collection on Fair only requires artwork and a crypto wallet, and the platform provides the necessary infrastructure. This includes collection homepage, mining integration, on-chain deployment, pre-sale access, metadata generation, marketplace loyalty, reveal experience and whitelist. The platform plans to monetize by taking a 6% commission through major NFT sales.
Staff layoffs have occurred at various crypto and NFT companies despite the recent market downturn. high seasa new platform is still in development to remove barriers to entry into the space.
May, Niftables announced All-in-One Platform The all-in-one NFT platform allows brands and creators to launch NFT projects regardless of their coding expertise. MoonPay launched in June hyper mintis a tool that allows creators to mint up to 100 million NFTs at once.
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