Kevin Rose, the CEO of PROOF, announced the completion of its Series A investment round, which raised $50 million, at a brief live-streamed community event. Leading the investment round was a16z.
PROOF’s Web3 Roadmap
Notable capital projects like Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund also took part in the funding endeavor. "It's terrific to have this vote of confidence from some of the most respected investors in Web3 as well as capital to maintain producing outstanding goods and services as we mature this business over the long term". Regarding the successful investment, Rose stated.
The company intends to use the cash gathered to help launch its expected new Moonbirds digital collectibles and a unique social platform for all NFT collectors, the top executive disclosed during the community live-stream event.
A new limited edition of 20,000 PFP (profile pic) NFT collections is planned for PROOF's first quarter of 2023, according to Rose. The NFT project will be managed by Moonbirds DAO, the decentralized autonomous organization in charge of licensing, trademark rights, and funding.
The top executive also disclosed goals for developing a unique social network for all NFT collectors. The much-anticipated social network will provide NFT owners the chance to display their collections and offer data-driven insights into the NFT market.
Prior to concluding, Rose also disclosed intentions to introduce the "PROOF token," an eponymous coin and promised to provide additional information somewhere in 2023. “When we accomplish something, it should be wholly original, and useful, and push the boundaries of what is conceivable in novel and exciting ways,” according to Rose.
This collection gained attention after reaching a record-breaking trading volume earlier this year. With 10,000 PFPs, the NFT project generated more than $200 million in sales, surpassing well-known NFTs like Azuki and Bored Ape Yacht Club.