After Moonbirds Launch, PROOF Raises $10 Million From Reddit Co-Founder Alexis Ohanian

Bishal Kumar Chanda
26.04.2022

Digg co-founder Kevin Rose's Web3 media startup, PROOF, has made waves in the NFT space. After the massive launch of its Moonbirds project, the firm has raised funds from Reddit co-founder Alexis Ohanian.

Today, Rose announced raising $10 million from Ohanian's VC firm Seven Seven Six. Moreover, Rose also mentioned that his own VC firm True Ventures participated in this funding round. However, he specifically said that the Reddit co-founder "invested $10 million" in a Twitter space.

The PROOF Collective and Moonbirds

As an offshoot from Rose's existing Modern Finance podcast, PROOF came to existence last year. Last December, the company decided to launch the PROOF Collective, a private community of 1,000 people. Also, the community was created via NFT access passes, unlocking NFT drops, access to future events, and much more.

Starting at 5 ETH, the PROOF Collective NFTs were sold in a Dutch auction format. However, their value has surged ever since, and the cheapest one is listed at 115 ETH on OpenSea, at the time of writing.

The massive price jump is thanks to the buzz around Moonbirds, PROOF's first generative PFP NFT collection. Launched on April 16, all proof NFT holders received two Moonbird NFTs each. In addition, 7,875 Moonbirds were sold to collectors who won a whitelist spot via a raffle.

Immediately after the launch, Moonbirds soared on the secondary market generating $280 million worth of total sales within the first two days. According to CryptoSlam, Moonbirds has a $456 million worth of total sales volume as of writing.

In a recent video interview, Rose mentioned that PROOF did not need to raise outside funding. But, he wanted the opportunity to collaborate with Ohanian. Besides releasing Web3 content, PROOF also plans to create Web3 content, launch a live conference in 2023, and take on other initiatives.

PROOF's COO Departs

However, PROOF's rise to success is accompanied by some controversy. Soon after the Moonbirds launch, Ryan Carson announced the launch of 121G, an NFT investment fund. In addition, the co-founder and COO also started to buy up the Moonbird NFTs on secondary marketplaces. 

In fact, the community started questioning whether Carson had bought the NFTs with any insider knowledge of Moonbirds' future plans. Following the questions, Rose announced that Carson has decided to leave PROOF to focus on his new fund.

In today's Twitter space, Rose answered questions from collectors about the timing of Carson's purchase and departure.

"I had an internal policy not to purchase any Moonbirds until after rarity counts were out to the public," she tweeted. "I can't control someone clicking a button to purchase, but I can put stronger controls in place for all future drops. e.g., no employee purchases for 7-days."

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