-1662382617.jpg)
Proof has revealed that it has successfully closed a Series A funding round worth $50 million, which was headed by Andreessen Horowitz.
Proof has successfully concluded a fundraising round that totaled $50 million and was led by Andreessen Horowitz (a16z).
Participation was also received from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund during the funding effort. Seven Seven Six had previously made an investment of $10 million in PROOF back in April.
In addition, the firm disclosed details regarding the technology that is used to power its web3 platform, in addition to plans for the expansion of the complete ecosystem.
The company is now working on developing a platform that will assist NFT collectors in collaborating with communities and unlocking utilities.
Proof's Co-Founder and CEO Kevin Rose, together with Co-Founder and Chief Product Officer Justin Mezell, and Director of Product Harri Thomas, made the announcement on the company's Series .
Financing during a community event that was live-streamed. Kevin Rose made the following statement in response to the fundraising:
“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.”
PROOF is in the process of developing a Web3 social platform that will be governed by the community at large through a voting system known as a DAO (decentralized autonomous organization).
Additionally, users of the platform will receive insights regarding NFT, which will assist them in making decisions.
Holders of PROOF Collective, Moonbirds, and Oddities tokens will be able to present their NFTs on the site once the beta version of the platform is released.
Following close on the heals of the business's decision to release the Moonbirds and Oddities characters into the public domain, the company has made this announcement.
Which permits anybody to combine the characters for commercial purpose. Earlier in the month of August, the business switched its two collections under the Creative Commons Zero (CC0) license.
It would appear that the company is shifting its focus away from the creator economy and more into the blockchain infrastructure market with the launch of its new platform.
The owners of the two collections were unhappy with PROOF because they felt they should have been included in the decision to transfer Moonbirds and Oddities to CCO. This caused PROOF to face criticism.
In addition, the firm announced that it will be putting Moonbirds on-chain while simultaneously creating a new collection dubbed Moonbird Mythic, which is scheduled to make its debut in the beginning of 2023.
In addition, PROOF is going to issue a governance token for its ecosystem that will be called Proof token. This launch is also anticipated to take place in 2023.
During the Future PROOF event, Kevin Rose said “The world doesn’t need another token for speculation. 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,” .
