Proof Collective Raises $50M In Series A Funding Round

Ayush Pande
31.08.2022
Kevin Rose, the founder of Proof Collective, said, “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.”

Proof Collective, the firm behind popular NFT collection Moonbirds, successfully raised $50M in a funding round led by venture capital firm Andreessen Horowitz. Moreover, according to the recent live stream titled “Future Proof,” the funds secured in the Series A funding will be used to expand the Proof ecosystem.

$50M Raised To Expand Proof's IPs

Proof Collective’s Series A funding round led by a16z saw participation from VC firm Seven Seven Six, the firm founded by Reddit’s co-founder Alexis Ohanian. The funding round also saw the participation of True Ventures, Flamingo DAO, and SV Angel, among others.

Moonbirds Mythics NFTs

Through the live stream, Kevin revealed that the firm plans to release a new PFP collection titled Moonbirds Mythics in early 2023. The spinoff collection will feature 20K NFTs in a “hand-drawn” aesthetic, as opposed to the pixel-based Moonbirds collection. Moreover, Proof Collective will allow Moonbirds users to stake their NFTs and receive a Moonbirds Mythics NFT as a reward.

Furthermore, Kevin stated that the Moonbirds collection would be embedded into smart contracts, thus shifting from off-chain to on-chain storage. 

Upcoming Web3 Platform

Proof Collective also revealed its plans to launch a Web3 platform that will allow members of the Proof community to connect, display their NFTs and participate in community decision-making. The beta version of the social platform will allow Moonbirds and Oddities owners to create “collector-curated galleries.”

Plans For A Utility Token

Lastly, the live stream confirmed that the Proof Collective team is developing a utility token for the Proof community. Although the token’s details remain shrouded in mystery, Kevin claimed that more information will be revealed in 2023.

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