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

PROOF, the personal group behind the Moonbirds nonfungible token (NFT) assortment, has introduced it’s shifting its blue-chip assortment fully “in chain” — permitting pictures to be absolutely contained throughout the underlying good contract. 

In a group livestream named Future PROOF on Tuesday, Harri Thomas, director of merchandise at PROOF, defined that the brand new method will imply that sooner or later, the viewable picture of a Moonbird NFT will probably be “constructed from the contract itself from artwork layers, that are going to be saved on the blockchain:”

“We’ve talked about placing the birds ‘on chain’, so what I’m right here to inform you in the present day is that they’re not solely going to be ON chain, they’re going to be put IN chain.”

Thomas defined that their Ethereum-based NFTs will probably be completely different from most different NFTs, that are merely tokens that time to the place the pictures are saved off-chain.

“That is an uncommon method. Definitely not distinctive,” defined Harris, including that one other instance of an NFT venture utilizing the identical method is OnChainMonkey, a 10K PFP NFT assortment launched in 2021.

Thomas declined to offer a date for when the NFT assortment will make this shift, however famous that it’s a “main focus” for the good contract workforce, so “hopefully not too lengthy.”

Co-founder and chief product officer Justin Mezzell, who was one of many hosts of the dwell stream, added:

“It’s cool to enter that rarefied house of a completely in-chain venture and ensuring that this venture is actually absolutely decentralized and viewable for simply generations.”

The livestream additionally revealed the primary official enlargement of PROOF’s Moonbirds assortment, often known as Moonbird Mythics, is anticipated to launch in early 2023.

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The gathering will span 20,000 NFTs, and is the group’s third NFT profile image (PFP) venture.

$50M in funding

PROOF has simply raised $50 million in a Collection A funding spherical led by enterprise capital agency Andreessen Horowitz (a16z), together with participation from Seven Seven Six, True Ventures, Collab+Foreign money, Flamingo DAO, SV Angel and VaynerFund.

“It’s nice to have this vote of confidence from a few of the most revered buyers in Web3, in addition to capital to maintain delivering nice services and products as we mature this enterprise over the long run,” mentioned PROOF founder Kevin Rose.

In April, the Ethereum-based Moonbirds NFT venture fully offered out its assortment of 10,000 computer-generated pixel owl avatars inside 48 hours of launch, netting $281 million in gross sales on the time.

Its success, regardless of the bear market, earned it a title as a blue-chip NFT.

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Based on OpenSea, Moonbirds is ranked at quantity seven when it comes to whole quantity traded at roughly 169,000 Ether (ETH) and is at the moment ranked primary within the 24-hour charts at a flooring value of 13.8 ETH, or $21,445 at present costs.

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Different bulletins made through the Future PROOF livestream included an upcoming launch of a PROOF social platform, the creation of a brand new decentralized autonomous group (DAO) that can oversee licensing of the Moonbirds title, and a brand new PROOF token that can have “actual utility” — with extra particulars anticipated in 2023.

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