PROOF reveals it raised $50M in funding, plans for a new token and more!
During their recent Future PROOF livestream on Twitter, the PROOF collective revealed many new and exciting announcements. Here is everything discussed and revealed during Future PROOF that you should know about!
$50 Million In Funding
In a series A funding round led by Andreessen Horowitz, PROOF announced that it was able to successfully raise up to $50 million in funding.
This funding comes after the team also received a $10 million seed round from Seven Seven Six just earlier this year in April.
Today we announced PROOF has raised a $50 million Series A led by @a16z crypto with participation from @sevensevensix @trueventures @Collab_Currency @FLAMINGODAO @svangel and @garyvee. More info here https://t.co/h3Bq0BjL6B
— PROOF (🥃,🦉) (@proof_xyz) August 30, 2022
“It’s great to have this vote of confidence from some of the most respected investors in web3, as well as the capital to keep delivering great products and services as we mature this business over the long term,” PROOF CEO Kevin Rose said.
Upcoming PROOF Token
In their stream, PROOF also revealed that they are planning to create their very own utility token for its community soon. However, not much else is revealed about this token other than the fact that it is planned to be launched sometime in Q1 of 2023 along with their new upcoming Moonbirds Mythics collection.
“Designing and launching a token is both a technological lift and also a legal one as well.” Kevin Rose says, “We are well aware that the world doesn’t need another token for speculation“.
Another update important to know for those in the Moonbirds community is the fact that the Moonbirds collection is now officially “in chain”, meaning that the Moonbirds image and attributes will be coded directly into the smart contract.
Each Moonbird attribute will now be coded into the Solidity smart contract. They will exist as long as Ethereum does, rather than IPFS 🧠.
— shockerman (@shockermandan) August 30, 2022
“It’s cool to enter that rarefied space of a fully in-chain project and making sure that this project is really fully decentralized and viewable for just generations.” Co-founder of Proof, Justin Mezzell stated in the livestream.
Finally, PROOF also gave its community a special sneak peek at their long-awaited “project highrise” that’s been teased for many months now.
Rather than the “metaverse world” that many in the community originally thought it was going to be, project Highrise was revealed to be more of a social media type of platform for users to communicate, as well as have easier access to everything relating to Moonbirds, PROOF, as well as Web3 in general.
In the livestream, the team briefly showed a mockup of their platform in which they were working on creating a “personal gallery” where users will be able to display the NFTs that they hold and own.