FungyProof Raises $1 Million in a Pre-Seed Round and then Improves NFT Efficiency and Transparency

• – FungyProof maker CR3 Labs obtains USD 1 million in pre-seed investment to enhance their unrivaled NFT efficiency testing technology. The tool, which the researchers describe as a “Carfax for NFTs,” improves the finding development by creating an instant score spanning key elements of NFT archives.
• – Cadenza Ventures, Hypersphere Ventures, ZMT Capital, Red Beard Ventures, HanDAO, Branson Bollinger, and Daniel Hwang are some of the shareholders. The funding will be used to add an audience coin review process, funding for future blockchain technology, and the availability of an API to the team’s offers. The club is also on the lookout for more world-class talent.

“Red Beard Ventures seeks to engage in startups that help the web3 environment as a whole gain traction.” Drew Austin, the Managing Partner of Red Beard Ventures, stated. “FungyProof is the epitome of a firm that is a strong current that lifts all boats.” A large amount of fraud and safety concerns is one of the most significant barriers to entry for new users into the NFT industry. Consumers now have more knowledge to decide educated and trustworthy choices because of FungyProof.”

• -Scammers, check, and badly constructed NFTs abound in the NFT environment, making it extremely difficult to manage for newcomers and professionals alike. “Over 80% of the goods generated with this [NFT creation] tool were pirated works, false collections, and spam,” according to OpenSea, the largest NFT marketplace. Many NFTs are vulnerable to cracking due to weaknesses in smart contract coding and incorrect image storage, in addition to frauds and copycats. Cutting through the noise to find high-quality NFTs is difficult, and it takes effort and technical expertise that the ordinary customer lacks.
• -FungyProof simplifies the process by providing a straightforward at-a-glance grade that allows anybody to quickly assess the quality of an NFT. To measure the legitimacy of the project’s staff and public, as well as currency qualities like permanency, tokenomics, clean energy, and financial stability, the FungyProof score mixes audience assessments with scientific research methodology.
• -Since the beginning of Ethereum, the firm’s creators, siblings Mike, Brandon, and Joe, have been developing Web3 goods collaboratively. Most importantly, in 2017, they founded Radar Relay, one of the cryptocurrency exchanges. The siblings hope to use their extensive experience in the industry in the NFT market through FungyProof.

To achieve its high ambitions, FungyProof is teaming up with a few of the finest in the business, including NFT. Storage, Ceramic Network, KlimaDAO, Defi Safety, BICOWG, and others. Their joint efforts are aimed at improving NFT development, rehabilitating existent NFTs, and lowering the environmental effect of NFTs.