In a $4.5 million investment led by venture capital firm Eden Block, OpenSea has supported the non-fungible token (NFT) minting platform Fair.xyz. In the round, there were more investors from NFX, First Minute Capital, and Fair.xyz. After the round ended, the startup, which collaborated with the Ukrainian government to help establish its own NFTs to finance the conflict with Russia, was valued at $33 million. Our mission to democratise the Web3 industry was the core reason we started https://t.co/XsfP5JZgzc back in Feb this year – and we’re very thankful for the teams at @eblockventures @NFX @firstminutecap and @opensea who believed in us from an early stage to fulfil this vision. pic.twitter.com/DVJaKdyWB6 — Fair.xyz (@fairxyz) August 9, 2022 Current Minting Process Has Flaws The existing method of minting NFTs is flawed, claim the company’s founders Isaac Kamlish, Isaac Bentata Chocron, and Nathan Cohen, all former Meta, and Goldman Sachs engineers. They explain how the vast majority are prevented from developing their NFTs due to a lack of developer knowledge, gas costs, and transaction failures. Bentata Chocron said in a conversation, “When you launch at scale – say 10,000 – you have to deploy your 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’s Approach To Quickly Establish NFT...
