Moonbirds will store NFT art ‘in chain’ — Raises $50M in Series A funding

Moonbirds will store NFT art ‘in chain’  — Raises $50M in Series A funding

Storing an NFT “in chain” means that the NFT can be generated completely off the underlying smart contract, without any need for an off-chain storage provider.

PROOF, the private community behind the Moonbirds NFT collection, has announced it is shifting its blue-chip collection completely “in chain” — allowing images to be fully contained within the underlying smart contract. 

In a community live stream named “Future PROOF” on Aug. 30, Harri Thomas, director of products at PROOF explained that the new approach will mean that in the future, the viewable image of a Moonbird NFT will be “constructed from the contract itself from art layers, which are going to be stored on the blockchain.”

$50M in funding

PROOF has just raised $50 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z), along with 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 founder Kevin Rose.

In April, the Ethereum-based Moonbirds NFT project completely sold out its collection of 10,000 computer-generated pixel owl avatars within 48 hours of launch, netting $281 million in sales at the time.

Its success despite the bear market earned it a title as a “blue-chip” NFT.

According to Open Sea, Moonbirds is ranked at number seven in terms of total volume traded at approximately 169,000 Ether (ETH) and is currently ranked number one in the 24-hour charts at a floor price of 13.8 ETH ($21,445 at current prices).

Other announcements made during the Future PROOF live stream included an upcoming launch of a PROOF social platform, the creation of a new decentralized autonomous organization (DAO) that will oversee licensing of the Moonbirds name, and a new PROOF token that will have “real utility” — with more details expected in 2023.

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