PROOF, the private community that created the Moonbirds digital collection, has announced that it is moving its blue-chip collection entirely "in chain," allowing images to be completely enclosed within the underlying smart contract.

On Aug. 30, Harri Thomas, director of products at PROOF, explained in a community live stream titled "Future PROOF" that the new approach will mean that in the future, the viewable image of an NFT will be "constructed from the contract from its own art layers, which are going to be preserved on the blockchain."

"We've talked about putting the birds 'on chain,' but I'm here to tell you today that they're going to be put in the chain as well."

Thomas clarified that their Ethereum-based digital asset would be distinct from the majority of other NFTs, which are merely tokens that point where the images are housed off-chain.

"This is a novel approach. "Certainly not unique," Harris explained, adding that OnChainMonkey, a 10K PFP collection launched in 2021, is yet another example of an NFT project that employs the same approach.

Thomas refused to specify when the collection will undergo this change but said it is a primary focus for the smart contract team, so hopefully, not too long.

Justin Mezzell, co-founder and chief product officer and one of the live stream's hosts, added, "It's exciting to be able to enter the rarefied space of a fully in-chain project and ensure that this project is truly decentralized and viewable for future generations."

The live stream also revealed that Moonbird Mythics, the first official expansion of PROOF's collection, will be released in early 2023.

This is the organization's third NFT profile picture (PFP) project, with a collection of 20,000 digital assets.

$50 million in funding

PROOF recently raised $50 million in a Series A funding round led by Andreessen Horowitz (a16z), with engagement from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund.

"It's fantastic to have this vote of confidence from some of Web3's most respected investors, as well as capital to continue delivering great products and services as we mature this business over time," PROOF founder Kevin Rose said.

In April, the Ethereum-based NFT project sold out of its collectibles of 10,000 computer-generated pixel owl avatars in 48 hours, netting $281 million in sales. Because of its success despite the bear market, it was dubbed a "blue-chip" NFT.

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

Other statements made during the Future PROOF live stream included the upcoming launch of a PROOF social platform, the formation of a new decentralized autonomous organization (DAO) to oversee licensing of the Moonbirds name, and the creation of a new PROOF token with "real utility" — with more details expected in 2023.

Aug 31, 2022
Crypto News

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