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Sunday, November 27, 2022

Moonbirds Will Store NFT Art In Chain – Raises $50M In Series A Funding

An NFT can be generated entirely from the underlying smart contract when it is stored “in chain,” negating the need for an off-chain storage provider.

The Moonbirds nonfungible token (NFT) collection’s private developer PROOF has stated that it is moving its blue-chip collection entirely “in chain” so that photos can be entirely stored within the underlying smart contract.

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The director of products at PROOF, Harri Thomas, explained the new strategy during a community Livestream on Tuesday called Future PROOF. He said it would mean that going forward, the viewable image of a Moonbird NFT will be “constructed from the contract itself from art layers, which are going to be stored on the blockchain:”

According to Thomas, their Ethereum-based NFTs will differ from the majority of existing NFTs, which are only tokens that point to the locations of the photos kept off-chain.

Moonbirds Will Store NFT Art In Chain: 

The Livestream also stated that Moonbird Mythics, the first official expansion of PROOF’s Moonbirds lineup, is scheduled to debut in early 2023. The third NFT profile picture (PFP) initiative for the organization, the collection will include 20,000 NFTs.

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The venture capital firm Andreessen Horowitz (a16z) and Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund recently led a $50 million Series A fundraising round for PROOF.

Within 48 hours of becoming life in April, the Ethereum-based Moonbirds NFT project sold out all 10,000 computer-generated pixel owl avatars, generating $281 million in sales. Despite the bear market, it was successful, earning the distinction of being a blue-chip NFT.

According to OpenSea, Moonbirds is presently ranked first in the 24-hour charts at a floor price of 13.8 ETH, or $21,445 at the current exchange rates, and is placed seventh in terms of total volume traded with almost 169,000 Ether (ETH).

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