- Fair.xyz, is a no-code NFT minting platform that solves the challenges of high gas fees and unfair practices.
- It offers a user-friendly interface, eliminates gas wars and failed transactions, and makes digital asset creation accessible for everyone to unlock a new economy for creators, artists, and brands.
- It has closed a $4.55M funding and plans for expansion, Fair.xyz is a groundbreaking solution for NFT creation.
Let's be honest; you and your friend have made millions of life-changing ideas while enjoying drinks in your favorite bar. We think about the issues, at the national and international levels, and to find solutions to global challenges, we always target recent problems. Well, know what, two best friends just made their dream real! This one is an interesting story.
The story behind the formation of Fair.xyz
First, let me introduce the heroes: Isaac Kamlish, a former web3 team member at Instagram; Nathan Cohen, a former software developer at Meta; and Isaac Bentata Chocron, a former credit algorithmic trader at Goldman Sachs. On an astonished night over birthday drinks in London's Soho district, the action plan came together.
The scene was that Russia's attack on Ukraine had already begun. The Ukrainian government had already abandoned a plan to collect money for the fight using NFTs. These crypto tokens have exploded in popularity over the past year and gathered billions of dollars globally.
And Isaac Kamlish advised his buddies that all Ukraine needed was the appropriate partner to close an NFT deal. And he actually mailed to every Ukrainian government mail account.
At the moment, Kamlish had very few plans for the firm but was certain of what he needed to achieve. However, to his own surprise, the Ukrainian authorities accepted his offer. They mailed him back for assistance. And then their lives changed; they suddenly found themselves participating in several Telegram groups and attending late-night meetings with government officials.
According to him, everything was crazy. The founder group's creator-focused innovations and humanitarian efforts are not uncommon in the .xyz community. Yes, actually, it's a community; just for the brief, Mojito. xyz makes the process of creating NFT marketplaces for companies and organizations.
Manifold. xyz, an Ethereum-based platform, enables developers to mint NFTs with smart contract technology built in. Artists can establish community-run NFT universes with the assistance of a DAO-governed Universe. xyz.
But all that aside, here we focus on the wonders of Fair.xyz was developed by three friends who dropped all their jobs to develop their project, so let us also have a look into it.
So what is Fair. xyz?
It is a no-code NFT platform designed to make the NFT launch process more effective and equitable for both creators and collectors. The London-based network uses a hybrid of smart contracts and exclusive queueing technology to reduce challenges like gas wars, botched transactions, and other issues.
There are many NFT launching apps, but this is different and better in terms of use and safety. They are handling one of the significant issues of gas fees. Gas fees are basically the amount that you need to pay to securely do your transaction on the Ethereum blockchain.
Interval (What was the issue?)
You wonder why this technology is developing in that direction. It is all a matter of privacy, transparency, and trust. Ethereum is a network made up of several communities and a set of technologies that let users engage and conduct transactions without being subject to the control of a single entity.
Using Ethereum doesn't require you to disclose your personal information because you control your own data and what is shared. Thus in critical conditions like this, Ukraine chose to work with this and decided to start NFT collection.
But there are some barriers, like Gas fees and fuel fees provide validators with a financial incentive to stake their ETH and protect the network. A gas fee is associated with every blockchain transaction, including the production, purchase, sale, and transfer of NFTs and cryptocurrencies.
Users must pay fuel charges to compensate those who stake ETH to become validators and validate transactions on a blockchain. This is similar to the processing charges that credit cards could tack on when you pay bills or move money between accounts.
Depending on the type of trade and the blockchain's popularity, the fuel fees for the Ethereum blockchain are now among the most expensive, ranging from $1 to $1000 or more.
For instance, on the same day as the launch, one user attempted to purchase a $25 NFT and paid $3,300 in fees alone.
Minting an NFT collection is a technical and difficult procedure that frequently requires artists to employ web3 developers who charge large fees and take a cut of future revenue.
Bots that purchase up big blocks of NFTs with the sole intent of flipping them at a higher price might also be a problem for launches. Passionate collectors lose out to resellers who have little ownership in or interest in the art as a consequence of this, which again results in unsuccessful deals and increasing fuel costs.
Because of the unfair structure, NFT creators and artists also suffer losses.
The Solution!
Fair.xyz launched its site as a one-stop shop that levels the playing field for creators and collectors to address these issues. Their software eliminates gas wars, failed transactions, and bots from the minting process by combining smart contracts and unique queueing technology.
Because the founders had enough knowledge about Web2 and Web3 they were able to make a proper bridge, thus their user interface is renowned and simple; all users need to do is link their web3 wallets, carry out a few quick steps, and they're ready to go.
You just need to have your artwork and wallet and once you give it to them, they keep the artwork secure, and deployable and make it easy to convert into NFTs. There is no need for coding; it's like using Amazon. This was the desired change in the NFT world. Numerous credible agencies have covered this topic.
Ukraine has accumulated nearly $66 million in donated cryptocurrency, the first public instance of a country funding a war through these digital assets. The upcoming NFT sale—and Fair.xyz's unlikely involvement—is the latest example of Ukraine's willingness to embrace novel technology in its efforts to win the war with Russia. - Forbes
Fair.xyz, an end-to-end no code NFT launch platform, today announced its $4.55 million seed round from Eden Block, NFX, First Minute Capital, OpenSea and others. Fair.xyz's platform creates a fairer and more efficient minting process. - Techfundingnews
And because of their secure and user-friendly system, they gained the trust of the government and they became the first ones to launch government-backed NFTs. They had 15,000 people signed up on the waiting list even before its launch.
Funding
Fair.xyz has secured $4.5 million in seed funding, with Eden Block, a venture capital firm, taking the lead. The Block claims that First Minute Capital, OpenSea, and NFX were among the investors in the round.
After the seed round's closure, the startup's worth was $33 million. The platform intends to generate revenue by charging a 6% commission on all initial NFT sales. Their new business has already gained widespread attention.
Speaking of attention, They have also pulled various stunts to get everyone to notice. There are numerous companies that charge other companies millions of dollars to advertise, and people also hire these firms.
However, these folks hired a Snoop Dogg impersonator and asked him to wear a cap with the words fair.xyz written on it. Several individuals took selfies with him. Well, that was a really clever trick. NBC, The Guardian, Fortune, Business Insider, UpRoxx, Mic, CoinTelegraph, and many other publications also wrote on them.
If, in any case, I have to create NFT, then I will definitely prefer this option, I mean, they provide the easiest method without coding to create NFT, and they also save us from gas fees; what else do you expect?
They will begin with digital art for both makers and collectors before moving on to digital wearables, social tokens, music, architecture, fashion, and other areas.
They work together to create ground-breaking and distinctive Web3 functionality, collaborating with the largest organizations, enterprises, and movements on Earth as well as artists and businesses.
Are you working on an innovative product? We would love to hear your story. Share it with us at [email protected]
Edited by Shruti Thapa
