PROOF, the Web3 media firm behind popular blue-chip tier non-fungible token (NFTs) collections Moonbirds, has successfully raised $50 million in a Series A funding round to support its anticipated new NFT launch.
In an August 30 short live-streamed community event, Kevin Rose, the CEO of PROOF, announced the successful completion of its Series A funding round that has raised $50 million. The funding round was led by a16z.
PROOF Secures $50 Million From Series A Funding
The funding initiative also saw the participation of notable capital ventures, including Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund. While commenting about the successful funding, Rose remarked:
“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.”
During the community live-stream event, the top executive revealed that the firm plans to use the secured funds to help launch its anticipated new Moonbirds digital collectibles and an exclusive social platform for all NFT collectors.
According to Rose, PROOF anticipates launching a new limited edition of 20,000 PFP (profile pic) NFT collections in the first quarter of 2023. Moonbirds DAO, its decentralized autonomous organization, will oversee the licensing, grant trademark rights, and distribute funding to the highly anticipated NFT project.
The top executive has also revealed plans to create an exclusive social platform for all NFT collectors. The anxiously awaited social platform will allow NFT holders to showcase their NFT collection and provide data-driven insights into the NFT industry.
Before summarizing, Rose also revealed plans to launch an eponymous token, “PROOF token,” promising to share more details sometime in 2023. “When we do something, it should be uniquely our own, with real utility, something that will push what’s possible in new and exciting directions,” said Rose.
Moonbird NFT collection came into the spotlight earlier this year after hitting a record-setting trading volume. At the time, the NFT project featuring 10,000 PFPs amassed more than $200 million in sales, far outpacing popular NFTs, such as Azuki and Bored Ape Yacht Club, in revenue.
Tamadoge (TAMA) is another NFT-related project grabbing media headlines lately within the crypto industry. Tamadoge has already raised more than $9.5 million in its presale, with less than 40% of its tokens now remaining.
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