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Web 3 Media Startup PROOF Secures $10M in Funding from Reddit Co-founder Alexis Ohanian

UTC by Bhushan Akolkar · 3 min read
Web 3 Media Startup PROOF Secures $10M in Funding from Reddit Co-founder Alexis Ohanian
Photo: Web Summit / Flickr

Reddit co-founder Alexis Ohanian has invested $10 million in PROOF through his VC firm Seven Seven Six. PROOF has clocked major success with the launch of the Moonbird NFTs which have created a major buzz.

One of the recent NFT projects that making quite a buzz in the crypto space is the Moonbirds NFT project. PROOF, the Web 3 media startup behind this NFT project has recently raised $10 million in the latest funding.

PROOF Funding

VC firm Seven Seven Six, founded by Reddit co-founder Alexis Ohanian, was the recent investor in PROOF. Venture capitalist Kevin Rose, the founder of PROOF, tweeted that his own VC firm True Venture had also participated in the funding. However, Ohanian’s firm alone “invested $10 million”.

PROOF’s Moonbirds NFT project is already breaking sales records. As per data on Opensea, Moonbirds NFT is currently on top of the trading volume charts ahead of the most popular projects such as the Bored Ape /Yacht Club and the Mutant Ape Yacht club.

Last December 2021, Kevin Rose launched the PROOF collective inviting a community of 1,000 people via NFT pass access. With this, users could unlock things like free NFT drops, and access to future events, along with other benefits.

Starting at 5 ETH apiece, the PROOF Collective NFTs are sold via a Dutch auction format. However, their value later surge while trading in the secondary market. The Moonbird NFTs have created a major buzz in the crypto NFT market with each NFT trading at a high premium.

Just in the first two days of launch, Moonbird NFTs generated a total of $280 million in sales. So far the project has done $454 million worth of NFT sales as per data on CryptoSlam.

Future Plans for PROOF

In a recent video interview, PROOF mentioned that they are not planning to raise outside funding. However, he sees this as an opportunity to collaborate with Reddit co-founder Alexis Ohanian.

PROOF said that it will release additional NFTs for the Web 3 content. The launch will happen through a live conference in 2023 along with other planned initiatives.

But PROOF’s rise to success has come with some controversy. Soon after they launched Moonbirds, Ryan Carson, chief operating officer at PROOF announced an NFT investment fund -121G. Besides, he also started buying up Moonbirds in the secondary market.

However, the community started questioning Carson’s purchases and whether if they come with any insider knowledge of future plans of the Moonbirds project. But in a surprising tweet on Monday, Rose announced that Carson decided to leave PROOF to focus on his new fund. In one of his tweets, Rose noted:

“I had an internal policy not to purchase any moonbirds until after rarity counts were out to the public. I can’t control someone clicking a button to purchase, but I can put stronger controls in place for all future drops. e.g., no employee purchases for 7-days”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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