Moonbirds NFTs Raise $50M, Plans to Store Blue Chip NFTs ‘In Chain’

The pixelated owls will live exclusively in-chain now, eliminating the need for an off-chain provider.

Moonbirds NFT Raises 50M Plans To Store Blue Chip NFTs In-Chain

PROOF, the company behind the Moonbirds NFT collection, has announced their plans to launch their own token, as well as a new series of Moonbirds NFTs called the Mythics. For this reason, the company has raised $50 million, mostly sponsored by the a16z crypto venture capital.

Moonbirds NFTs To Be Completely In-Chain

Usually, to store a non-fungible token (NFT), a user has to store it in an off-chain service provider, for instance Coinbase Wallet. The PROOF company is set to change that, as their new approach is to store the NFTs inside the smart contract. If the images are stored in the smart contract itself, it might solve a lot of security issues for the NFT community.

Sponsored

This was revealed during the “Future PROOF” online conference on August 30th. As revealed by Harri Thomas, the director of products at PROOF: “The NFTs will be constructed from the contract itself from art layers, which are going to be stored on the blockchain.”

The Rose That Grew from Concrete

Kevin Rose, the co-founder of PROOF, has a lot to celebrate today, as the funding round is completed: “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.”

Moreover, Kevin Rose got praise from the world’s richest man and an adamant Dogecoin (DOGE) supporter, Elon Musk. Apparently, Musk started using a health & well-being app for fasting, The Zero, which was developed by Rose.

Ultimately, the Moonbirds NFT project claimed blue chip NFT status this April, when the NFT collection sold out in just 48 hours after launch. The pixel owls brought a whopping $281 million profit amid a brutal bear market. Are the Moonbirds set for another trip to the moon?

Why You Should Care

The ‘in-chain’ approach represents an innovation that can be revolutionary for the NFT market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.