Proof raised $50M in a Series A Funding

Proof raised $50M in a Series A Funding

PROOF has successfully closed an investment round worth $50 million, which was headed by Andreessen Horowitz (a16z).

In April, Seven Seven Six made an initial investment of $10 million in the PROOF company.

Additionally, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund were investors in this round of fundraising.

PROOF made the announcement of their Series A funding at a community event that was live-streamed and attended by their Co-Founder and CEO Kevin Rose, as well as their Co-Founder and Chief Product Officer Justin Mezzell, and their Director of Product Harri Thomas.

In reaction to the indications that have been given recently, PROOF's CEO Kevin Rose said on stream that the company will be developing a utility token for its community.

During the presentation, Rose mentioned that "making and issuing a token is both a technological lift and a legal one."

However, there is not much information available at this time.

The details of PROOF's token project are expected to become public in the first quarter of 2023.

PROOF also revealed that they will be releasing the Moonbirds Mythics branch collection in the beginning of 2023.

This collection will cover 20,000 NFTs. The startup's third NFT profile image initiative is named Mythics, and it comes after the initial Moonbirds project as well as a recent spinoff that was called Oddities.

The news occurred not long after the firm made the decision to place the characters from Moonbirds and Oddities into the public domain.

This opens the door for anybody to mix the characters for use in commercial settings.

In the beginning of August, the company made the transition to using Creative Commons Zero for both of its collections (CC0).

It would appear that the company is transitioning away from the creator economy and into the blockchain infrastructure industry with the launch of its new platform.

The new venture is also introducing its third NFT collection, which will be known as the Moonbirds Mythics and will consist of 20,000 PFPs and be distributed at the beginning of 2023.

The owners of the two collections had a negative reaction to PROOF because they believed that they should have been involved in the decision to transfer Moonbirds and Oddities to CCO.

During the live stream Rose 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,". 

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