FungyProof Raises USD 1M Pre-Seed Round to Bring Transparency and Credibility to NFTs

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Boulder, United States, 7th April, 2022, Chainwire

CR3 Labs, the creator of FungyProof, receives USD 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 that "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