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Proof, the Web3 startup behind the Proof Collective NFT membership club and the valuable Moonbirds NFT collection made a series of announcements today. Announcements include funding, new NFT initiatives, and plans for a new token.
The company co-founded by Kevin Rose and Digg has announced that it has raised $50 million in Series A funds led by VC Andreessen Horowitz. Series. It was preceded by a $10 million Seed Round from Seven Seven Six that was announced in April following the launch of Moonbirds.
Seven Seven Six also participated in the Series A fundraiser, joining True Ventures, a partner of Rose and Flamingo DAO, Collab + Currency, SV Angel, and entrepreneur Gary Vaynerchuk’s VaynerFund. Pricing information was not disclosed.
Additionally, Rose confirmed today that Proof is developing a utility token for its community. There are currently few details and Rose announced that the design and launch of a token is a technological step forward. Proof’s token initiative is scheduled for Q1 2023. Rose explains:
“We are well aware that the world does not need another token for speculation. So when we do something, it has to be our own with real utility and that we believe will push what is possible in a new and exciting direction. If not, why do we do it? There’s no reason. “
It’s unclear if Proof could follow the model of ApeCoin, an Ethereum-based token built for the Bored Ape Yacht Club NFT ecosystem. ApeCoin was launched on March 3 by ApeCoin DAO, rather than officially created by Yuga Labs, the startup behind Bored Apes. That approach clearly addressed legal concerns.
55/ The art is a collaboration of the art team.
Want to make more of a diverse, wild, mystical imagery.
This isn't the final but just sketches and the ideas. Things may change.
Love the idea of thinking of the Mythics as being collectors of art, culture and creativity. pic.twitter.com/aMyMNDDG4P
— bennyhsu (🥃,🦉) (@bennyhsu_xyz) August 30, 2022
Proof also revealed plans to launch a sub-collection of Moonbirds called Moonbirds Mythics with 20,000 NFTs in early 2023. Mythics is the company’s third NFT project, after the original Moonbirds and Oddities.
Unlike the original Moonbirds, the new Moonbirds Mythics collection will feature a hand-drawn interface based on the original patterns displayed during the live stream. Proof will launch this project with a model that allows NFT Moonbirds owners to receive NFT Mythics as rewards. They can also burn (or destroy) NFTs in exchange for Mythic Moonbirds.
NFTs are blockchain tokens that act as proof of ownership of an item, including digital goods such as avatars, artwork, and collectibles. Moonbirds is one of the most valuable avatar projects on the market and has generated more than $588 million in secondary revenue since its launch in April, according to data from CryptoSlam.
Proof will also put the original Moonbirds NFT artwork on the chain so that Ethereum’s Smart contract does not have to contact any external servers.
Additionally, the company has revealed several other upcoming NFT initiatives, including a “Proof X” collaboration with artists who exploit smart contract functionality. The project combines with a curated brand to release the work of some of their favorite artists. Meanwhile, the “Genesis” brand will launch the first NFT projects from long-standing traditional artists.
Decrypt recently spoke with Rose about the formation of Proof and the launch of the Proof Collective NFT community, the launch of the noisy Moonbirds, and the recent controversial move to open commercial rights to Moonbirds and Oddities to everyone.
