Fair.xyz NFT Minting Service Backed By OpenSea in a $4.5 Million Round
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Current Minting Process Has Flaws
The existing method of minting NFTs 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,
"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."
Fair's Approach To Quickly Establish NFT Collections
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 MoonPay, allowing companies and creators to mint up to 100 million NFTs simultaneously.