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Kevin Rose’s Proof Raises $50M, Plots Token and Moonbirds NFT Expansion – Decrypt

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Proof, the Web3 startup behind the Proof Collective NFT membership club and valuable Moonbirds NFT collection, made a bevy of announcements today during its Future Proof streaming presentation—including sizable funding, new NFT initiatives, and plans for a token.
The firm, which was co-founded by Digg creator Kevin Rose, announced that it has raised $50 million in Series A funding in a round led by VC giant Andreessen Horowitz. It follows a $10 million seed round from Seven Seven Six—the VC firm of Reddit co-founder Alexis Ohanian—which was announced in April following the hot Moonbirds launch.
Seven Seven Six also participated in the Series A fundraise, as well as with True Ventures—where Rose is a partner—alongside Flamingo DAO, Collab + Currency, SV Angel, and entrepreneur Gary Vaynerchuk’s VaynerFund. A valuation was not disclosed.
Additionally, following recent teases, Rose confirmed on today’s stream that Proof is developing a utility token for its community. Details are scarce for now, and Rose said on the stream that “designing and launching a token is both a technological lift and also a legal one as well.” A full reveal of Proof’s token initiative is planned for Q1 2023.
“We are well aware that the world doesn’t need another token for speculation,” Rose explained. “So when we do something, it should be uniquely our own with real utility, and something that we believe pushes what’s possible in new and exciting directions. Otherwise, why would we be doing it? There’s just no reason at all.”
It’s unclear whether Proof may follow the model of ApeCoin, an Ethereum-based token built for the Bored Ape Yacht Club NFT ecosystem. ApeCoin was launched in March by the ApeCoin DAO, rather than officially being created by Yuga Labs, the startup behind the Bored Apes. That approach was apparently taken out of regulatory concerns.
56/ These aren't final. But we did colorize a few different directions to show you what they'd look like in high fidelity.
They're full body now but may not be. pic.twitter.com/sBLZ4nifYJ
— bennyhsu (🥃,🦉) (@bennyhsu_xyz) August 30, 2022

Proof also revealed plans to launch a Moonbirds spinoff collection called Moonbirds Mythics, which will span 20,000 NFTs and launch in early 2023. Mythics is the startup’s third NFT profile picture project, following the original Moonbirds and recent spinoff, Oddities.
Unlike the pixel aesthetic of Moonbirds, the new Moonbirds Mythics collection will have a hand-drawn look, based on early samples shown during the stream. Proof will launch them with a model that allows Moonbirds owners to “nest” (or stake, effectively) their NFT to receive a Mythics NFT as a reward. Oddities owners can also burn (or destroy) their NFT in exchange for a Moonbirds Mythic.
An NFT is a blockchain token that works like a proof of ownership for an item, including digital goods like profile pictures, artwork, and collectibles. Moonbirds is one of the most valuable profile picture projects on the market, and has generated more than $588 million worth of secondary sales since its April launch, per data from CryptoSlam.
Proof will also put the original Moonbirds NFT artwork entirely on-chain, so that the Ethereum project’s smart contract—that is, code that performs set instructions—doesn’t have to call any external servers. If a Moonbirds NFT owner also holds a Proof Collection NFT pass in the same wallet, then they’ll automatically enable a unique backdrop behind the owl avatar.
Additionally, the firm revealed a number of other upcoming NFT initiatives, including “Proof X” collaborations with artists that tap into unique smart contract functionality, plus a “Curated” brand for notable creators to release work from some of their favorite artists. Meanwhile, a “Genesis” brand will launch the first NFT projects from established traditional artists.
Decrypt recently spoke to Rose about the formation of Proof and the launch of the Proof Collective NFT-gated community, the buzzy Moonbirds launch, and the controversial recent move to open up commercial rights to Moonbirds and Oddities to everyone.

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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