NFT platform Fair.xyz has secured $4.5m (£3.7m) in new funding led by Eden Block, with participation from OpenSea, NFX, and Firstminute Capital.
The company aims to provide an NFT platform for creators to launch collections of digital art.
There are loads of no-code solutions out there that help but with only creating one- or two-piece collections,” said company co-founder Bentata Chocron.
Chocron said that for those wanting to launch a collection at scale, “it’s a very elaborate process that can take weeks for an experienced team.”
However, the company claims its smart queueing technology can launch NFT collections in minutes.
Those who want to launch NFT collections on Fair only need to have their artwork and crypto wallet, while the platform provides the necessary infrastructure, including collection homepage, minting integration, on-chain deployment, pre-sale access, metadata generation, marketplace royalties, reveal experience and allow lists.
The platform plans to monetise by taking a 6% commission fee through primary NFT sales.
“NFTs will play a significant role in bringing the next million people into web3, serving as a key part of onboarding web2 users into the decentralised world,” said a representative of Firstminute Capital.
“Yet the current NFT infrastructure is lacking, resulting in a standard user experience which is fraught with issues that represent considerable hurdles to unlocking this next wave of users.”
The closure of the seed round left the company at a valuation of $33m (£27.1m). Despite the platform having not been officially launched, the company claims more than 15,000 people have signed up for early access to the service.