PROOF has announced it will be moving its blue-chip collection “in-chain.” It will allow images to be contained within the smart contract network. PROOF is the private community supporting the Moonbirds non-fungible token (NFT) collection.
Moonbirds to store NFTs on-chain
The director of products at PROOF, Harri Thomas, posted a community live stream known as “Future PROOF,” explaining that the new approach would mean that the image of a Moonbird NFT would be created on the contract itself from the art layers stored on the blockchain.
Thomas also said that Ethereum-based NFTs would be different from the other NFTs that are only used as tokens to show where these images would be stored off-chain. Harris also said that this was an unusual approach, adding that another type of NFT project that would also use the same approach is OnChainMonkey.
Thomas did not provide the date when the NFT collection would support the shift, adding it was the focus of the smart contract team, but not for long. The platform’s co-founder, Justin Mezzell, added that it was venturing into a unique space and ensuring that the project supported full decentralization.
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The live stream further said that the expansion of the Moonbirds collection would be launched in early 2023. The collection will involve 20,000 NFTs, the organization’s third NFT profile picture project.
PROOF raises $50M in a Series A funding round
PROOF secured $50 million in a Series A funding round spearheaded by the Andreessen Horowitz venture capital firm. The founder of PROOF, Kevin Rose, said that the funding round was proof of confidence in the project from some leading investors.
The Moonbirds NFT project was sold out in April. The collection involved 10,000 computer-generated avatars within 48 hours after the launch. The sale of the NFT collection generated $281 million.
OpenSea said that the Moonbirds NFT collection is ranked as the seventh-largest in terms of total volumes traded at around 169,000 Ether, with the floor price of each asset being 13.8 ETH.
The Future PROOF live stream also announced the upcoming launch of a PROOF social platform and created a new decentralized autonomous organization (DAO) to have oversight licensing of the Moonbirds title. It will also support the creation of a new PROOF token that has real utility. Additional details on this will be released in 2023.