London-based NFT minting platform Fair.xyz has raised $4.5 million in funding. The investment was led by VC firm Eden Block and saw participation from OpenSea, NFX, and firstminute capital.
Founded by Isaac Kamlish, Isaac Bentata Chocron and Nathan Cohen, the NFT platform is building consumer products in Web3. The company wants to provide a one-stop shop for NFTs. The company claims creators can launch NFT collections in minutes. Additionally, its technology lowers gas costs and the likelihood of unsuccessful transactions. Starting with digital art, the platform is moving on to social tokens, music, architecture, fashion, and more.
The company has also partnered with the Ukrainian government to launch NFTs to fund the war against Russia.
“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. 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,” firstminute capital said in a statement.
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