Eden Block, OpenSea Invest in NFT Minting Platform Fair.xyz
In a round led by Eden Block, new NFT minting platform Fair.xyz raised $4.5 million at a $33 million evaluation. OpenSea, NFX, and First Minute Capital also participated in the round.
"We are pleased to share with you the announcement of our recent Seed Round at Fair.xyz," the team wrote on Twitter.
OpenSea has been experimenting with its own minting platform for Solana-based NFTs, but it has not yet found much success. It is currently unclear how this investment will help or hinder that development.
But investors are betting on improving the NFT minting experience with Fair.xyz.
"There's loads of no-code solutions out there that help but with only creating one- or two-piece collections," said former Meta engineer Issac Bentata Chocron. "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."
Fair.xyz attempts to solve this problem and allows creators to launch an NFT collection in minutes with smart queuing technology and lower gas fees.
"Our mission to democratize the web3 industry was the core reason we started Fair.xyz back in Feburary this year," the team wrote on Twitter. "And we're very thankful for the teams at Eden Block, NFX, First Minute Capital, and OpenSea who believed in us from an early stage to fulfill this vision."
The company also has angel investments from YouTube, TikTok, Meta, and Net-A-Porter employees, as well as opinion leader investment from Zeneca, 0XB1, and Optimista Capital.