Kevin Rose’s Web3 startup, Proof, announced plans to launch a token and the Moonbirds Mythics collection in 2023 while revealing a $50 million Series A funding.
Kevin Rose’s Web3 startup, Proof, announced during its Future Proof streaming presentation on Tuesday that it had raised a sizable Series A funding worth $50 million in a round led by Andreessen Horowitz (a16z). The firm also revealed plans to launch a token and a new Moonbirds NFT project, Moonbirds Mythics, in 2023, along with other initiatives.
Proof is the firm behind the PROOF Collective NFT membership club and the widely popular Moonbirds NFT collection.
Proof’s Funds at a Glance
Proof announced during the streaming presentation that it had raised $50 million in a Series A funding round led by venture capital firm a16z. It follows an April $10 million seed round from Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six after Moonbirds’ scorching launch.
Ohanian’s Seven Seven Six likewise participated in the Series A fundraising with True Ventures, where Rose is a partner. Other participants in the funding round were Flaming DAO, Collab + Currency, SV Angel, and entrepreneur Gary Vaynerchuk’s VaynerFund. Proof did not disclose a valuation.
Proof’s Moonbirds Mythics and Other Initiatives
On Tuesday’s stream, Rose confirmed that Proof is developing a utility token for its community. While Rose did not divulge specifics, he said that “designing and launching a token is both a technological lift and also a legal one as well.” Proof’s token initiative might have a full reveal in the first quarter of 2023.
“We are well aware that the world doesn’t need another token for speculation,” Rose explained. “So when we do something, it should be uniquely our own with real utility, and something that we believe pushes what’s possible in new and exciting directions. Otherwise, why would we be doing it? There’s just no reason at all.”
At this time, it is unclear whether or not Proof would follow ApeCoin’s lead in their token initiative. ApeCoin is an Ethereum-based token developed explicitly for the Bored Ape Yacht Club (BAYC) NFT ecosystem. What is noteworthy is that ApeCoin was launched in March by the ApeCoin DAO and was not an official creation of Yuga Labs, the startup behind BAYC.
Another revelation during Tuesday’s stream was Proof’s plans to launch a spinoff collection from Moonbirds called Moonbirds Mythics. The collection will launch in early 2023 and will have 20,000 NFTs. It will be Proof’s third NFT profile picture (PFP) project after Moonbirds and its recent spinoff, Oddities.
Moonbirds is among the most valuable PFP NFTs today, generating over $588 million of secondary sales since its launch in April.
Moonbirds Mythics will sport an entirely new look based on samples shared during the stream (check out the feature image). Whereas the original Moonbirds had a pixelated aesthetic, Moonbirds Mythics would be hand-drawn.
Moreover, Proof will apparently launch Moonbirds Mythics with a model allowing Moonbirds NFT holders to “nest” or stake their NFT to receive a Moonbirds Mythics NFT reward. Meanwhile, Oddities NFT holders can burn (effectively destroy) their NFT in exchange for Moonbirds Mythics NFT.
Proof also revealed during the stream that it would put the original Moonbirds NFT artwork on chain. The move was so that the NFT project’s smart contract—a code that performs set instructions—wouldn’t have to call any external servers. To simplify, if a Moonbirds NFT owner also has a PROOF Collective NFT pass in the same wallet, he’ll automatically enable a unique backdrop behind the owl avatar.
Among other Proof initiatives revealed during the stream were “Proof X” collaborations with artists that utilize unique smart contract functionality and a “Curated” brand allowing notable creators to release the work of some of their favorite artists. There will also be a “Genesis” brand, which will launch established traditional artists’ maiden NFT projects.
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