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OpenSea supports NFT minting platform in $4.5 M round

OpenSea supports NFT minting platform in $4.5 M round

OpenSea has supported NFT minting platform Fair.xyz in a $4.5 N round led by venture capital firm Eden Block.

Other investors in the round involved NFX and First Minute Capital, Fair.xyz said to The Block. The startup, that has collaborated with the Ukrainian government to support release its own NFTs to fund the war against Russia, was priced $33 M after the round closed.

As reported by the co-founders Isaac Kamlish, Isaac Bentata Chocron and Nathan Cohen – all former Meta and Goldman Sachs engineers – the present process of mining NFT is broken. They explain how a shortage of developer knowledge, gas fees, and transaction failures prevent the wide majority from creating their own NFTs.

“There are many no-code solutions which back create but with just one- or two-piece series’,” Bentata Chokron stated in an interview. “When you launch at scale, for example 10,000 – you need to deploy your smart contract, create a website and integrate the NFT completely into it, produce your artwork and decentralize it. This is a very complex process which can continue for weeks for an experienced team.”

According to the founders, via Fair solution, creators can release NFT series’ in minutes. In addition, Its smart queuing technology helps to decrease gas fees and the chance of failed transactions. The team aims to monetize a 6% commission on the initial sales of NFTs generated via the service.

As the present NFT market is a far cry from the heady days of January 2022, when monthly trading volume reached $5.6 billion — down from just under $700 million the previous month — which hasn’t stopped companies from developing in the field.

In June of the current year, crypto payment company MoonPay released a similar service called HyperMint, that enables brands and creators to mint up to 100 million NFTs simultaneously. On Sunday, American luxury jewelry brand Tiffany sold out its first NFT 250 series in twenty minutes.

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