We’re thrilled to announce that CR3 Labs, our parent product studio and the creator of FungyProof, raised $1M in Pre-Seed funding to advance the development of our NFT quality assessment platform. We couldn’t be more excited to bring on industry veterans, friends, and fellow NFT collectors to help us accomplish our goals. Our investors include Cadenza Ventures, Hypersphere Ventures, ZMT Capital, Red Beard Ventures (led by Drew Austin), HanDAO, Branson Bollinger, and Daniel Hwang.
We plan to use the funds to expand our product offering with a crowd-sourced token review system, support for additional blockchains, and the release of an API.
We’re currently a small team looking to hire anyone interested in a role with full autonomy to make fundamental decisions that shape the course of our future and the future of NFTs. To help us combat scams, counterfeits, and poorly built NFTs, apply on our careers page.
The NFT ecosystem is rife with scams, knock-offs, and poorly constructed NFTs making it a challenging landscape to navigate. OpenSea 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 significant time and technical know-how.
FungyProof removes this complexity with an intuitive at-a-glance grade that makes it quick and easy for anyone to evaluate the quality of an NFT. Our grade combines crowd-sourced reviews with technical data analysis to assess the credibility of a project’s team and community, as well as token attributes like permanence, tokenomics, energy efficiency, and market integrity.
We’re a brother trio who’ve been building Web3 products together since the inception of Ethereum. Most notably, we created one of the first decentralized exchanges called Radar Relay in 2017. With FungyProof, we hope to apply our industry knowledge to help others in the NFT ecosystem.
Our team is passionate about building a next-generation company by merging the best of traditional company building practices with the current paradigm shift of decentralized governance, community, and technology. Our team is composed of those inspired by the Web3 paradigm and digital ownership. We recognize the challenges and opportunities of this space and understand the level of pragmatism required to build products with integrity and longevity. If this sounds like you, reach out to us at [email protected] or view our open positions.
We’re also joining forces with some of the industry’s best, including NFT.Storage, Ceramic Network (3Box Labs), KlimaDAO, Defi Safety, BICOWG, and more. Together, our focus is on encouraging better NFT construction, renovating existing NFTs, and reducing the ecological impact of NFTs.
In a follow-up post, we’ll discuss our upcoming v2 release, which will include ways you can directly contribute to the success of NFTs as an expert reviewer and improvements to our NFT grading.
Learn more about FungyProof at fungyproof.com.
To help us bring transparency and credibility to NFTs, contact [email protected] or view our open positions.