Moonbirds to Store 'On-Chain' NFT Art - Raises $50M in Series A Funding

PROOF, the private community behind the Moonbirds NFT collection, has announced that it is transferring its blue chip collection complete...

PROOF, the private community behind the Moonbirds NFT collection, has announced that it is transferring its blue chip collection completely “on-chain” – allowing the images to be fully contained within the underlying smart contract.

In a community live stream dubbed “Future PROOF” on August 30, Harri Thomas, Chief Product Officer at PROOF, explained that the new approach will mean that in the future, the visible image of a Moonbird NFT will be “built from the contract itself from layers of art, which are going to be stored on the blockchain.

“We talked about putting the birds ‘on the chain,’ so what I’m here to tell you today is that they’re not just going to be ON the chain, they’re going to be on the chain.”

Thomas explained that their Ethereum-based NFTs will be different from most other NFTs which are simply tokens indicating where images are stored off-chain.

“It’s an unusual approach. Certainly not unique,” ​​Harris explained, adding that another example of an NFT project using the same approach is OnChainMonkey, a 10K PFP NFT collection launched in 2021.

Thomas declined to provide a date when the NFT Collection will make this change, but noted that this is a “primary goal” for the smart contracts team, so “hopefully not too long.”

Co-founder and chief product officer Justin Mezzell, who was one of the hosts of the live stream, added:

“It’s cool to step into this rarefied space of a fully blockchain project and make sure that this project is truly fully decentralized and visible to only generations.”

The live stream also revealed the first official expansion for The PROOF Moonbirds Collectionknown as Moonbird Mythics, is set to launch in early 2023.

The collection will cover 20,000 NFTs and is the organization’s third NFT Profile Picture Project (PFP).

$50 million in funding

PROOF has just raised $50 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z), with participation from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel and VaynerFund.

“It’s great to have this vote of confidence from some of Web3’s most respected investors, as well as the capital to continue providing great products and service as we grow this business for the long term,” said PROOF founder Kevin Rose.

In April, the Ethereum-based Moonbirds NFT project completely exhausted his collection of 10,000 computer-generated pixel owl avatars within 48 hours of launch, achieving $281 million in sales at the time.

His success despite the bear market earned him a title like a blue-chip NFT.

Related: Bored Ape prices are down, but the NFT market is heading for new highs

According to Open Sea, Moonbirds is ranked seventh by total volume traded at around 169,000 Ether (ETH) and is currently ranked number one on the 24-hour charts at a price floor of 13.8 ETH ($21,445 at ETH). current prices).

Other announcements made during the Future PROOF live stream include the upcoming launch of a PROOF social platform, the creation of a new Decentralized Autonomous Organization (DAO) that will oversee the licensing of the Moonbirds name and a new PROOF token that will have “real world utility” – with more details expected in 2023.