1kx leads $5 million seed round for generative art NFT platform fxhash

Generative art platform fxhash raised $5 million of seed funding in a round led by early-stage web3 investment firm 1kx. 

Additional participants included Fabric Ventures, Bright Opportunities DAO, Union Square Ventures, the Tezos Foundation, Tane Labs, Daedalus, Everyrealm, PunkDAO, KRPDM, Casey Reas, Thefunnguys, Lemonde2d and Gus Lee.

"To date, fxhash has been entirely self-funded/bootstrapped," fxhash COO Paul Schmidt told The Block. "We have scaled the platform to this point solely through revenue from our artist and collector-friendly, industry-low platform fees." 

The company intends to use the funding to grow its team, as well as to launch a major platform upgrade in the next six months that integrates Ethereum minting.

Tezos-based platform

“We believe that art is just the start for generative media and that we'll see unique 1 of 1 generative designs proliferate through all creative verticals,” pet3rpan, a partner at 1kx, said in a statement. “fxhash is a real community and home to some of the most talented generative creators, and we're incredibly excited to support the team here to continuing their journey to bring generative art and media to the rest of the world.”

fxhash is a Tezos-based platform that allows artists to make generative art, or creative work produced using computer code, and sell them as NFTs.