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

Proof has announced that it has completed a $50 million Series A funding round that was spearheaded by Andreessen Horowitz.

Andreessen Horowitz spearheaded a $50 million funding round that Proof successfully completed (a16z).

During the funding process, participation was also received from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund. In April, Seven Seven Six had already invested $10 million in PROOF.

The company also revealed plans for the expansion of the entire ecosystem as well as information on the technology that powers its web3 platform.

The business is currently developing a platform to help NFT collectors interact with communities and gain access to utilities.

The announcement was made on the company's Series by Co-Founder and CEO of Proof Kevin Rose, Co-Founder and Chief Product Officer Justin Mezell, and Director of Product Harri Thomas.

Funding during a live-streamed community event. The fundraising prompted Kevin Rose to make the following statement: "It's terrific to have this vote of confidence from some of the most respected investors in web3, as well as capital to maintain delivering amazing goods and services as we mature this business over the long run."

A Web3 social network being created by PROOF will be administered by the general public using a DAO, a type of voting system (decentralized autonomous organization).

Users of the platform will also get information on NFT that will help them make judgments.

Once the platform's beta version is made available, owners of the PROOF Collective, Moonbirds, and Oddities tokens will be able to present their NFTs on the website.

The corporation has made this declaration shortly after deciding to put the characters from Moonbirds and Oddities into the public domain.

It makes it possible for anyone to mix the characters for profit. The company moved its two collections to the Creative Commons Zero (CC0) license earlier in the month of August.

With the introduction of its new platform, it appears that the company is changing its emphasis away from the creator economy and into the blockchain infrastructure market.

Because they believed they should have been involved in the decision to move Moonbirds and Oddities to CCO, the owners of the two collections were dissatisfied with PROOF. This led to condemnation of PROOF.

The business also disclosed that it would deploy Moonbirds on-chain while also developing a new line called Moonbird Mythic, which would make its debut at the beginning of 2023.

Additionally, PROOF will launch the Proof token, a governance token for its ecosystem. Additionally, 2023 is the predicted year for this launch.

Kevin Rose remarked at the Future PROOF event, "The world doesn't need another token for conjecture. When we do something, it should be wholly original, useful, and push the boundaries of what is conceivable in novel and intriguing ways.