Fair.xyz, an end-to-end no code NFT launch platform, today announced its $4.55 million seed round from Eden Block, NFX, First Minute Capital, OpenSea and others. Fair.xyz's platform creates a fairer and more efficient minting process for both creators and collectors and will start with digital art, before expanding to digital wearables, social tokens, music, architecture, fashion, and more.
Today's Broken Minting Process: High Gas Fees and High Barriers
The NFT minting process is fundamentally broken today. Limitations in current blockchain technology create chaotic launches where gas fees skyrocket and many transactions fail. There are also major technical barriers that prevent creators from minting their collections themselves, and oftentimes need to hire expensive Web3 developers who take a high percentage of profits
Fair.xyz's Solution: No Code, No Gas Wars, and No Hassle
The company's no-code platform solves this with proprietary blockchain technology that allows creators to launch NFT collections in minutes while retaining full smart contract ownership. It also prevents gas wars and failed transactions by pioneering proprietary smart queueing technology. Fair.xyz's platform only takes 6% commission on primary sales, no royalties or sign-up fees.
“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”, explained 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.”*
Fair.xyz was founded by Isaac Kamlish, Nathan Cohen, and Isaac Bentata Chocron, three engineers previously employed at Instagram, Facebook, and Goldman Sachs, with experience in Web3 development. The trio set out to create fairer NFT launches after realising how difficult it was to create a collection, even with deep technical Web3 skills.
Since launching, Fair.xyz is now working with the biggest institutions, brands and movements to bring novel bespoke Web3 solutions to life for any user regardless of technical expertise. OpenSea participated in the Seed Round in one of their first-ever venture investments. The company already has over 15,000 users who have joined the waiting list to gain early access.
Lior Messika from Eden Block, the leading investor in the round explained: “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 core infrastructure to reach mass-adoption. Fair.xyz's products are the bridge between this exciting new world and the next billion users.”.
The company's debut involved partnering with the Ukrainian government in what became the first ever government-backed NFT, infamously withstanding a Russian-led cyberattack with over 20 billion malicious attempts at bringing down the platform during the sale, and just under $1 million raised for Ukraine in a matter of hours.
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 story was quickly picked up by NBC, The Guardian, XXL, Fortune, Business Insider, Forbes, Complex and many 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.
Fair.xyz was founded in 2022 to create more efficient and fairer NFT launches. Created by engineers from Meta and Goldman Sachs, the company's first project was helping the Ukrainian Government launch an NFT collection to raise funds for the war. The company's no-code, gas-war free platform is already helping creators launch their collections. The company is backed by leading web3 and tech investors including OpenSea, Eden Block, NFX, First Minute Capital, and others. Learn more at Fair.xyz.
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