Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
So, the venture started out as a basic google map with thousands of points to show the clubs all around the world that were playing electronic music at that time.
This ‘Techno Traveller Map’ could be considered the MVP to the overall project and proved to be a good test case as it included a Google map with 1.6 million views and a private beta test on IOS and Android for 2000 users with maximum subscriptions filled in 1 hour.
Later, the idea came to create a mobile app based on this success with ‘Clubeling’, to help people find the best events in every city they visit.
This enabled the project to start mobile app development, but they soon saw many limitations with Web 2 in comparison to Web 3.
With these limitations in mind it since evolved again to become N8 on Web 3, in order to create new communities and enhance links between the public, events organizers, and electronic music artists.
Our main concepts are the party-to-earn mechanism, that rewards the people who go to electronic music events. Basically, if you buy a ticket on the N8 platform and then go to the event, you get rewarded in N8 tokens (N8coin) for that.
Pretty easy way for party people to make their experience more fun and affordable. We are also going to offer an NFT-ticket platform. With that new tool, events organisers will have the possibility to generate cool and unique NFT-tickets (instead of impersonal QR codes tickets), that will give access to the event.
This addresses the main issues that traditional ticketing systems face (fake tickets, black market, no control over secondary market…), and gives the opportunity to the crowd to collect tickets and trade them later on on the secondary market, creating new sources of revenues for the creators of the NFT : the organiser and possible designers (graphic, 3D, video..).
In the beginning, initial focus on the N8 application will cater to the intersection of 3 trending markets (web3, ticketing, electronic music). The mobile application will be an open to all global application with no borders (barring those enforced by external entities/organizations).
This initial market focus could be expanded in the future depending on success and metaverse integration has been identified as a potential avenue:
The Sandbox Metaverse is part of our ecosystem, and we plan to work on the integration of events in metaverses on this project.
So, How Did The Idea The Project Come To Life?
In the founders team, we are passionate about electronic music. Several of us have been djing for many years, in clubs and festivals, some of us have worked in clubs, some run music labels, or organise parties.
But most importantly, we know what partying is, from the crowd point of vue, therefore we know well the pains of the event sector, for the public, the organisers or the artists.
Parallel to that, we have been blockchain-enthusiast for several years, and we work on blockchain topics on a daily basis. So the idea came pretty naturally!
A Supportive Ecosystem
The N8 project has been supported by French blockchain venture studio, ERA2140 bringing expertise, advice, technical services, and opening their ecosystem.
ERA2140 help blockchain projects with consulting on business, tokenomics, game economics, brand, UX/UI, technical development, and marketing.
They are also working with some big players in the space including The Sandbox, Dogami, Nafstars, Bykep and more.
ERA2140 also worked with Dogami on UX/UI and development of their website, mint page & marketplace.
The N8 team are also receiving advice and support from Nomadic Labs and Pyratz Labs share the same ecosystem.
NFTs For Tickets
It has long been thought by many that NFTs could provide a good use-case for ticketing solutions and N8 share that view:
NFTs are a revolution for ticketing because they allow several things. The first is that they provide better protection against fake tickets and scams.
The second is that they allow for longer term revenues from collections, but also from secondary market sales.
The third is that they allow new business models like ours with the “Party to earn”.
On the question of why a blockchain was needed for the project, is was stated:
We want to offer our users an NFT ticketing solution and reward them for their participation in the party-to-earn mechanism. So we turned to blockchain technology to offer this.
We chose Tezos, because we needed a fast & eco-friendly blockchain and we are quite close to the French Tezos players thanks to ERA2140.
Breaking Through To Mainstream
One of the challenges for Web 3 projects so far has been breaking through to mainstream audiences.
N8 have the experience of these audiences already through the Techno Traveller Map and Clubeling that will stand them in good stead.
Mainstream audiences feature heavily in the project’s design thinking and strategy:
Our audience will definitely be mainstream, but we propose an avant-garde product that might look a bit futuristic. Therefore, to conquer that audience, we need to : – show that it is easy to use (even easier than other web2 or web3 platforms), without any friction. – show that it is beneficial for them and their community. – make them understand that for us, they are not customers, but actors of the scene and that our platform allows this switch – give them knowledge on how the platform works thanks to blockchain technology, and more widely how blockchain and web3 work
The team hope to make the ticketing experience seamless for the end-user, easing the audience into the world of Web 3 and blockchain, rather than forcing it on them.
Our solution is mass-market and we know that the road is long before the use of blockchain becomes commonplace. That’s why we are going to integrate blockchain, and therefore Tezos, in light and educational way.
We are lucky to have one of the best UX designers in France in our team, who will help us to optimise the user experience.
Our goal is to make the user experience as smooth as possible and also help newcomers to understand what is happening in the background and on the blockchain when they buy a ticket, and more widely how blockchain and NFT work. We also want to help the adoption of web3.
The Benefits Of Web 3 For The End User
It could be said that one of the reasons why Web 3 projects have struggled to break into mainstream as of yet is because projects have not provided a significant enough benefit for using the technology for the end user.
N8 hopes to change this:
This system is better for the end user because it allows more security of their purchases (authenticity, secondary market, etc.). It offers the possibility to earn money (tokens) using the solution and to get closer to their favourite artists.
We also want to make the public a real actor in the scene rather than a mere customer, and for example through the minting of special NFT series for clubs, people will be able to get real-life advantage, and participate in the rise of new artists.
The NCO Token
A new token called NCO is needed to incorporate the party-to-earn concept, so that people can be rewarded easily, and use it on the platform avoiding any bank transaction.
Some utilities of the token include:
To buy NFT-tickets to events.
To reward artists after an event to show support.
For crowd rewards as party to earn.
There are some tokenomics listed in the litepaper here, however more information about seed, presale and public rounds are coming out later.
The Next Steps?
So, what’s next for the N8 project?
We have just launched our community on Discord and Twitter and we now have a giveaway on the Discord to earn whitelists for the ICO and tokens.
We are also preparing the different phases of the ICO, and we will announce the schedule soon. In parallel, our tech team is working on the smart contracts and website.
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