NFT Minting Platform Fair.xyz Raises $4.5M Seed Round Backed By OpenSea – NFTgators
- 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 Th