Proof Completes A $50 Million Series A Fundraising Round Led By A16z

Proof has announced that it has successfully secured a $50 million Series A investment round led by Andreessen Horowitz.

Andreessen Horowitz led Proof's $50 million funding round, which was successfully concluded (a16z).

Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund also participated in the fundraising campaign. In April, Seven Seven Six announced a $10 million investment in PROOF.

In addition, the company provided information about the technology that powers its web3 platform, as well as expansion plans for the entire ecosystem.

Currently, the company is creating a platform that will aid NFT collectors in interacting with communities and releasing utilities.

Kevin Rose, co-founder and CEO of Proof, along with Justin Mezell, co-founder and chief product officer, and Harri Thomas, director of product, made the Series announcement.

During a live-streamed community event, funding was raised. In reaction to the funding, Kevin Rose stated, "It's terrific to have this vote of confidence from some of the most respected investors in web3, as well as the capital to continue delivering outstanding goods and services as we mature this business over time."

PROOF is in the midst of constructing a Web3 social network that will be administered by the entire community via a DAO-style voting system (decentralized autonomous organization).

In addition, users of the platform will receive NFT-related insights that will aid them in decision-making.

Once the beta version of the platform is published, holders of PROOF Collective, Moonbirds, and Oddities tokens will be able to show their NFTs on the website.

This statement follows closely on the heels of the company's decision to put the Moonbirds and Oddities characters into the public domain.

Which allows anyone to combine the characters commercially. The company migrated its two collections to the Creative Commons Zero (CC0) license at the beginning of August.

With the debut of its new platform, it appears that the firm is turning its attention from the creator economy to the blockchain infrastructure industry.

The owners of the two collections were dissatisfied with PROOF because they believed they should have been consulted prior to the transfer of Moonbirds and Oddities to CCO. This resulted in PROOF receiving criticism.

In addition, the company said that it will bring Moonbirds on-chain while simultaneously launching a new collection called Moonbird Mythic at the start of 2023.

Moreover, PROOF will issue a Proof token governance token for its ecosystem. This launch is likewise expected to occur in 2023.

Kevin Rose stated at the Future PROOF event, "The world does not need another speculative token. When we do something, it should be distinctively ours, have actual utility, and push the boundaries of what is possible in exciting new areas."