Proof Raises $50 Million in a Series A Fundraising Round Led by A16z

Proof has announced the successful completion of a $50 million Series A investment round led by Andreessen Horowitz.

Proof has recently completed a $50 million funding round headed by Andreessen Horowitz (a16z).

During the funding campaign, Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund also participated. Seven Seven Six already invested $10 million in PROOF back in April.

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

The company is now developing a platform to let NFT collectors collaborate with communities and unlock utilities.

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

Financing at a live-streamed community event. 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 capital to continue delivering outstanding goods and services as we mature this business over the long term."

PROOF is building a Web3 social platform that will be administered by the community as a whole via a voting system known as a DAO (decentralized autonomous organization).

Furthermore, platform users will obtain information on NFT that will help them make judgments.

When the platform's beta version is available, holders of PROOF Collective, Moonbirds, and Oddities tokens will be able to present their NFTs on the site.

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

This allows anyone to mix and match the characters for business purposes. Earlier this month, the company moved its two collections to the Creative Commons Zero (CC0) license.

With the launch of its new platform, it appears that the company is turning its attention away from the creator economy and into the blockchain infrastructure industry.

The owners of the two collections were dissatisfied with PROOF because they believed they should have been involved in the decision to move Moonbirds and Oddities to CCO. PROOF was chastised as a result of this.

Furthermore, the company revealed that it will put Moonbirds on-chain while also building a new collection entitled Moonbird Mythic, which is set to appear in early 2023.

Furthermore, PROOF will release a governance token for its ecosystem called Proof token. This launch is also expected to happen in 2023.

Kevin Rose stated at the Future PROOF event, "The world doesn't need another token for conjecture." When we do something, it should be unique to us, useful, and push the boundaries of what is possible in new and interesting directions."