PROOF, the Web3 media company behind popular blue-chip tier non-fungible token (NFT) collections Moonbirds, has raised $50 million in a Series A funding round to support its anticipated new NFT launch.
Kevin Rose, the CEO of PROOF, announced the successful completion of its Series A funding round, which raised $50 million, in a short live-streamed community event on August 30.
a16z spearheaded the funding round.
PROOF has received $50 million in Series A funding.
Notable capital ventures also participated in the funding initiative, including Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.
Rose made the following remark about the successful funding:
“It’s fantastic to have this vote of confidence from some of the most reputable investors in Web3, as well as capital to continue delivering great products and services as we mature this business over time.”
During the community live-stream event, the company’s top executive revealed that the secured funds would be used to help launch the anticipated new Moonbirds digital collectibles and an exclusive social platform for all NFT collectors.
According to Rose, PROOF expects to release a new limited edition of 20,000 PFP (profile pic) NFT collections in the first quarter of 2023. Its decentralized autonomous organization, Moonbirds DAO, will oversee licensing, grant trademark rights, and distribute funding to the highly anticipated NFT project.
The CEO also revealed plans to build an exclusive social platform for all NFT collectors. The much-anticipated social platform will enable NFT holders to showcase their collections while providing data-driven insights into the NFT industry.
Before summarizing, Rose revealed plans to launch an eponymous token, “PROOF token,” promising more details in 2023. “When we do something, it should be uniquely ours, with real utility, pushing what’s possible in new and exciting directions,” Rose said.
The Moonbird NFT collection made headlines earlier this year after setting a new trading volume record. At the time, the NFT project with 10,000 PFPs had more than $200 million in sales, far outpacing popular NFTs like Azuki and Bored Ape Yacht Club.
Tamadoge (TAMA) is another NFT-related project that has recently made headlines in the crypto industry. Tamadoge’s presale has already raised more than $9.5 million, with less than 40% of its tokens remaining.