Proof of Kevin Rose Raises $50M, Plots Token, and Moonbirds NFT Expansion

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In short

  • Startup Web3 Proof has raised $50 million in Series A funding, led by Andreessen Horowitz.
  • The company also revealed plans for a new Moonbirds NFT token and project, along with other new initiatives.

Evidence, Web3 start-up behind Proof Collective NFT Membership Club and Valuable Lunar birds NFT collection, made a slew of announcements today during its Future Proof Streaming Presentation— including significant funding, new NFT initiatives and plans for a token.

The company, which was co-founded by Digg creator Kevin Rose, announced it raised $50 million in Series A funding in a round led by venture capital giant Andreessen Horowitz. It follows a $10 million seed round from Seven Seven Six—the venture capital firm of Reddit co-founder Alexis Ohanian—which was announced in April following the Moonbirds hot launch.

Seven Seven Six has also been involved in Series A fundraising, as well as with True Ventures – where Rose is a partner – alongside Flamingo DAO, Collab+Currency, SV Angel and entrepreneur Gary Vaynerchuk’s VaynerFund. A valuation was not disclosed.

Additionally, following recent teasing, Rose confirmed in today’s stream that Proof is developing a utility token for its community. Details are scarce at this time, and Rose said on the stream that “designing and launching a token is both a technological lift and also a legal one.” A full reveal of Proof’s token initiative is scheduled for Q1 2023.

“We are well aware that the world does not need another token to speculate,” Rose explained. “So when we do something, it should be uniquely our own with real utility, and something that we believe pushes what is possible in new and exciting directions. Why else would we do it? there is simply no reason.

It is unclear if Proof can follow the pattern of ApeCoina Ethereumbased on a token built for the Bored Ape Yacht Club NFT ecosystem. ApeCoin was launched in March by the ApeCoin DAO, rather than being officially created by Yuga Laboratories, the startup behind the Bored Apes. This approach was apparently taken for the sake of regulation.

Proof also revealed plans to launch a Moonbirds spin-off collection called Moonbirds Mythics, which will span 20,000 NFTs and launch in early 2023. Mythics is the startup’s third NFT profile image project, after the original Moonbirds. and recent spinoff, Oddities.

Unlike the pixel aesthetic of Moonbirds, the new Moonbirds Mythics collection will have a hand-drawn look, based on the first samples shown during the stream. Proof will launch them with a pattern that allows owners of Moonbirds to “nest” (or bet, indeed) their NFT to receive a Mythics NFT as a reward. Oddity owners can also burn (or destroy) their NFT in exchange for a Moonbirds Mythic.

An NFT is a blockchain token that functions as proof of ownership for an item, including digital assets such as profile pictures, artwork, and collectibles. Moonbirds is one of the most valuable profile picture projects on the market and has generated more than $588 million in secondary sales since its launch in April, according to data from CryptoSlam.

The proof will also put the original Moonbirds NFT artwork fully on-chain, so the Ethereum project smart contract– that is, code that executes defined statements – does not need to call external servers. If a Moonbirds NFT owner also holds a Proof Collection NFT pass in the same walletthey will automatically activate a unique backdrop behind the owl avatar.

Additionally, the company revealed a number of other upcoming NFT initiatives, including “Proof X” collaborations with artists that leverage unique smart contract functionality, as well as a “Curated” branding allowing notable creators to publish the work of some of their favorite artists. Meanwhile, a “Genesis” brand will launch the first NFT projects from established mainstream artists.

Decrypt recently spoke to Rose about the formation of Proof and the launch of the closed community Proof Collective NFT, the buzzing launch of Moonbirds and the controversial recent move at open commercial rights to Moonbirds and Oddities to everyone.

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