In a $4.5 million investment led by venture capital firm Eden Block, <a href="https://www.cryptoknowmics.com/news/opensea-decided-to-reduce-the-number-of-employees/" target="_blank" rel="noopener">OpenSea</a> 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.

https://twitter.com/fairxyz/status/1556922504131780609
<h2>Current Minting Process Has Flaws</h2>
The existing method of minting <a href="https://www.cryptoknowmics.com/news/miami-mayor-to-offer-nft-partners-with-mastercard-salesforce-time/" target="_blank" rel="noopener">NFTs</a> 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,
<blockquote><em>"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."</em></blockquote>
<h2>Fair's Approach To Quickly Establish NFT Collections</h2>
The founders claim that with Fair's approach, creators may quickly establish NFT collections. Gas costs and the likelihood of unsuccessful transactions are also decreased thanks to its intelligent queuing system. By taking a 6% commission on the initial sales of NFTs produced using the service, the team intends to generate revenue. Even while the present NFT market is a far cry from the euphoric days of January 2022 when monthly trade volume reached $5.6 billion - last month it fell below the $700 million threshold - this hasn't stopped businesses from making progress in this area.

A similar service called HyperMint was introduced in June of this year by cryptocurrency payments company <a href="https://www.moonpay.com/" target="_blank" rel="nofollow noopener">MoonPay</a>, allowing companies and creators to mint up to 100 million NFTs simultaneously.

Fair.xyz NFT Minting Service Backed By OpenSea in a $4.5 Million Round

In a $4.5 million investment led by venture capital firm Eden Block, OpenSea has supported the NFT minting platform Fair.xyz.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Fair.xyz NFT Minting Service Backed By OpenSea in a $4.5 Million Round

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