PROOF Raises $50M in Series A Led by a16z
- PROOF has a collection of popular NFTs including the Moonbirds, and Proof Collective, which is all available on OpenSea.
- NFTs are a major building block to the metaverse and the GameFi industry.
- One of the projects at hand is the PROOF social platform, meant to unite the NFT community.
PROOF, a podcast for in-depth NFT coverage that is hosted by serial entrepreneur and technology venture capitalist Kevin Rose, has announced that it raised $50 million in Series A led by a16z. According to a press release published on Tuesday, PROOF also received funds from Seven Seven Six venture capital, which previously invested $10 million in the NFT platform.
Other notable investors that took part in the just concluded Series A include True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.
“It’s great to have this vote of confidence from some of the most respected investors in web3, as well as capital to keep delivering great products and services as we mature this business over the long term,” Rose noted.
PROOF has a collection of popular NFTs including Moonbirds and Proof Collective.
Notably, Moonbirds is a collection of 10,000 utility-enabled PFPs that feature a richly diverse and unique pool of rarity-powered traits. On the other hand, Proof Collective features a private group of 1000 dedicated NFT collectors and artists.
According to data provided by NFT marketplace OpenSea, Moonbirds have a floor price of 15.43 Ethereum (ETH). The Moonbirds currently enjoy the support of 6.6k members.
On the other hand, Proof Collective has a floor price of 60 ETH and currently has 934 owners. Notably, Proof Collective has a total volume of 19.7k Ethereum.
PROOF and the NFT Market Outlook
The NFT market has attracted a high level of trading speculation, mostly due to reports of wash trading to pump prices. However, the NFT market has a serious demand that makes institutional investors ready to fund the projects. Moreover, NFTs are a major building block to the metaverse and the GameFi industry.
The PROOF ecosystem is gearing up to build a robust network NFT community. One of the projects at hand is the PROOF social platform, meant to unite the NFT community. According to the company, the social platform will integrate content and actions specific to the PROOF ecosystem, including research reports, podcasts, and DAO proposals.
Sriram Krishnan, General Partner at a16z crypto, said “PROOF is an exciting combination of a seasoned team of founders building interesting technology and product experiences with a real focus on community. We couldn’t be more excited to partner with Kevin, Justin, and the entire PROOF team to help them develop into a leading web3 company.”
Another major project underway is the Moonbirds DAO. Notably, the Moonbirds DAO will oversee licensing of the Moonbirds name by granting trademark rights and deploying capital to projects that further the Moonbirds mission.
Additionally, the Moonbirds DAO will control the soon-to-be-formed DAO treasury, which will be bootstrapped with funding from PROOF and receive ongoing support from secondary Moonbirds royalties.
The PROOF network is also building a dedicated business development team that will focus on creating valuable partnerships for Moonbirds and Oddities.
To sum it up, Rose hinted that the team is developing its coin dubbed the PROOF token. According to Rose, the PROOF token will be released next year after further consultation.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
