Show Me The Money: fx(hash) Doubles Down With Successful $5M Funding Round
Tezos-based generative art marketplace, fx(hash), secures an oversubscribed $5 million seed funding, signaling strong confidence in its future.
550 words, 3 minute read
On August 8th 2023, when Tezos-powered generative art marketplace fx(hash) announced the completion of an oversubscribed $5 million seed funding round, ears perked up across the Tezos ecosystem. Multiple noteworthy venture capital firms signed on to help fx(hash) build on the amazing success it has experienced during its short time on the global stage.
Founded in the tail end of 2021 by generative artist Ciphrd, fx(hash) has quickly emerged as a leader in the rapidly expanding generative art space. The platform’s “artists-focused” approach to minting, selling, and profiling generative art has resonated with many in the space, and has driven artists, collectors, and enthusiasts toward fx(hash) in droves.
Generative art has become a hot topic across the art world over the past couple of years. While not a completely new concept by any measure (in fact, it dates back to the earliest days of computing), generative art has been experiencing a renaissance of sorts of late, with blockchain technology, NFTs, and NFT marketplaces enabling creators to market their work to fans, enthusiasts, and collectors from every corner of the globe.
ciphrd — fx(hash): RGB Elementary Cellular Automaton
It’s an art movement that has only just begun to pick up steam, and one that holds the potential to become a significant (and potentially lucrative) one moving forward. These facts were very likely not lost on the VCs who moved to claim a stake in fx(hash)'s future, and they’re certainly not lost on the fx(hash) team themselves, something fx(hash)'s COO Paul Schmidt spoke about during his recent appearance on TezTalks Radio. Here are a few excerpts from Paul:
"It’s new and exciting, especially for the younger generation that doesn’t have the money to collect art but has grown up in a digital world, might be able to know and understand code, and can also create code and create artworks on their own. It’s opened up a lot of new groups to be able to appreciate art. I think that’s what’s driving — and what will continue driving — generative art.
We internally, and I personally, think that generative art is, or can be, the art movement of our era." — Paul Schmidt, COO, fx(hash)
Now, with the funding in place to help make fx(hash)'s ambitious vision a reality, fx(hash) appears poised to help keep the Tezos art ecosystem at the very bleeding edge of the global generative art movement, where it belongs.
In its statement about the completion of this $5M seed funding round, the fx(hash) team laid out a lofty vision for the platform’s next iteration…
“…This raise enables us, the team + community together, to aim higher than ever, opening the door to a not-so-secret ambition: evolve fx(hash) into the world’s premier generative art hub.”
And, if the stunning progress this groundbreaking platform and the talented team behind it have shown in their journey to prominence thus far are any indication, it’s a fairly safe bet that fx(hash) might just achieve that lofty vision in the very near future.