FungyProof Raises $1M Pre-Seed Round to Bring Transparency and Credibility to NFTs
BOULDER, Colo., April 7, 2022 (Newswire.com) - CR3 Labs, the creator of FungyProof, receives $1M in pre-seed funding to advance its unparalleled NFT quality assessment platform. The team compares the platform to a "Carfax for NFTs," which simplifies the discovery process with an at-a-glance grade covering essential aspects of NFT collections.
Investors include Cadenza Ventures, Hypersphere Ventures, ZMT Capital, Red Beard Ventures, HanDAO, Branson Bollinger, and Daniel Hwang. The team will use the funds to expand their product offering with a crowd-sourced token review system, support for additional blockchains, and the release of an API. The team is also looking to hire additional top-tier talent.
"Red Beard Ventures looks to invest in companies that pave the way for further adoption of the web3 ecosystem at large," said Managing Partner at Red Beard Ventures Drew Austin. "FungyProof is the perfect example of a company that is the rising tide that can lift all boats. One of the biggest factors of resistance for new consumers to the NFT space is the high volume of scams and security issues. With FungyProof, consumers have more information available to them to make informed and trusted decisions."
The NFT ecosystem is rife with scams, knock-offs, and poorly constructed NFTs, making it a challenging landscape to navigate for new entrants and experts alike. OpenSea, currently the largest NFT marketplace, tweeted, "Over 80% of the items created with this [NFT creation] tool were plagiarized works, fake collections, and spam." In addition to scams and counterfeits, flaws in smart contract code and improper image storage make many NFTs susceptible to breaking altogether. Filtering through this noise to identify high-quality NFTs is complicated—requiring time and technical know-how that the average consumer doesn't have.
FungyProof removes this complexity with an intuitive at-a-glance grade making it quick and easy for anyone to evaluate the quality of an NFT. The FungyProof grade combines crowd-sourced reviews with technical data analysis to assess the credibility of the project's team and community as well as token attributes like permanence, tokenomics, energy efficiency, and market integrity.
The founders of the company, brothers Mike, Brandon, and Joe, have been building Web3 products together since the inception of Ethereum. Most notably, they created one of the first decentralized exchanges called Radar Relay in 2017. With FungyProof, the brothers plan to apply their breadth of industry knowledge to the NFT ecosystem.
FungyProof is joining forces with some of the industry's best to accomplish its lofty goals, including NFT.Storage, Ceramic Network, KlimaDAO, Defi Safety, BICOWG, and more. Together, their initiatives focus on encouraging better NFT construction, renovating existing NFTs, and reducing the ecological impact of NFTs.
"We're excited for what's ahead for FungyProof," said 3Box Labs Head of Business Development Lauren Feld. "We anticipate this to become a widely accepted standard for platforms aiming to provide authentic and high-quality NFTs."
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Source: CR3 Labs