Moonbirds Will Store NFT In Chain – Raises $50 Million In Funding

Moonbirds will store NFT in chain , by allowing pictures to be fully housed within the underlying smart contract. This mitigates the need for off-chain storage and a provider.

PROOF, the private community that created the Moonbirds NFT collection, has announced that it is moving its blue-chip collection entirely “in chain”.

On August 30, Harri Thomas, director of products at PROOF, revealed in a community live broadcast titled “Future PROOF” that the new technique will imply that in the future, the visible picture of a Moonbird NFT will be “built from the contract itself from art layers, which are going to be recorded on the blockchain.”

Moonbirds will store NFT in chain, which is great news.

“We’ve talked about putting the birds ‘on chain’, so what I’m here to tell you today is that they’re not only going to be ON chain, they’re going to be put IN chain.”

Thomas highlighted that his Ethereum-based NFTs will be distinct from most other NFTs, which are just tokens pointing to where photos are kept off chain.

“This is an unusual approach. Certainly not unique,” explained Harris.

Harris further added that another example of an NFT project using the same approach is OnChainMonkey, a 10K PFP NFT collection launched in 2021.

Thomas declined to say when the NFT collection will undergo this change, but said it is a “key emphasis” for the smart contract team, so “hopefully not too long.”

One of the hosts of the live webcast, co-founder and chief product officer Justin Mezzell, added:

“It’s cool to enter that rarefied space of a fully in-chain project and making sure that this project is really fully decentralized and viewable for just generations.”

The live stream also stated that the first official extension of PROOF’s Moonbirds collection, Moonbird Mythics, will be released in early 2023.

This is the organization’s third NFT profile picture (PFP) project, spanning 20,000 NFTs.

Short Moonbird recap:

New collection called Mythics

Mythics burn oddities or nested moonbirds have a go at it everyday

50m$ raise led by @a16z

Highrise way to showcase/explore art on any chains 👀 $PROOF token incoming (ticker not finalized) pic.twitter.com/bYDmRn6x5i

— 0xMaki 🦇🔊⌐◨-◨ (@0xMaki) August 30, 2022

Funding Of About $50 Million

PROOF just secured $50 million in a Series A fundraising round headed by Andreessen Horowitz (a16z), with participation from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.

“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,” said PROOF founder Kevin Rose.

Within 48 hours of becoming live in April, the Ethereum-based Moonbirds NFT project sold out all 10,000 of its computer-generated pixel owl avatars, generating $281 million in sales at the time.

Its performance in spite of the bad market earned it the moniker “blue-chip” NFT.

According to Open Sea, Moonbirds is ranked seventh in total volume traded, with around 169,000 Ether (ETH), and is now ranked first in the 24-hour charts, with a floor price of 13.8 ETH ($21,445 at current pricing).

Other announcements made during the Future PROOF live broadcast included the imminent launch of a PROOF social platform, the formation of a new decentralized autonomous organization (DAO) to manage licensing of the Moonbirds name, and the introduction of a new PROOF token with “actual use”; more information is anticipated in 2023.

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