NFT Collective Proof Raises $50M in Funding Round Led by a16z

Non-fungible token (NFT) vollective Proof has raised $50 million in a Series A funding round as it gears up for the launch of its latest NFT collection, the company revealed during a live-streamed community event on Tuesday.

This latest round was led by a16z, and included participation from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel and VaynerFund.

“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,” said Proof CEO Kevin Rose in a press release.

During Tuesday’s event, the company released new details about PROOF’s third NFT collection: Moonbirds Mythics, a 20,000 PFP (profile pic) collection slated to launch in early 2023. Moonbirds DAO, a decentralized autonomous organization, will oversee licensing of the company’s Moonbirds NFT brand, granting trademark rights and distributing funding to upcoming NFT projects.

The company’s leadership also shared its progress on the upcoming launch of the Proof social platform, which will enable users to showcase their NFT collections and provide data-driven insights into the NFT industry. Proof also revealed plans to release an eponymous token, with more details to come 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.

Earlier this year, Proof’s Moonbirds NFT project grabbed media headlines by hitting a record-setting trading volume. The collection of 10,000 PFPs clocked more than $200 million in sales, far outpacing Azuki and Bored Ape Yacht Club revenue.

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