Storing an NFT “in chain” means that the NFT can be generated completely off the underlying smart contract, without any need for an off-chain storage provider.
PROOF’s nonfungible token collection Moonbirds (NFT) is relocating its blue-chip collection “in chain,” allowing pictures to be contained within the smart contract itself.
During a community livestream named Future PROOF on Tuesday, Harri Thomas, the director of products at PROOF, explained that in the future the visible image of a Moonbird NFT will be ‘created from the contract itself, which will save the art layers on the blockchain’:
Thomas noted that their Ethereum-based NFTs will be different from most other NFTs, which are simply tokens that point to where the images are stored.
Harris said that another NFT project using the same approach as 10K PFP NFT collection OnChainMonkey, released in 2021, was also an unusual approach.
Thomas said that the team working on smart contracts is prioritizing the shift to non-fungible tokens “so hopefully not too long from now,” but he would not provide a date.
Fifty million dollars in funding was provided.
PROOF has just raised $50 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z), along with participation from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel and VaynerFund.
PROOF founder Kevin Rose is pleased to have the backing of some of the Web3’s most notable investors, as well as capital to allow us to keep developing excellent products and services as we grow this business into the future.
Within 48 hours of its launch in April, the Ethereum-based Moonbirds NFT project sold out its collection of 10,000 pixel owl avatars, netting $281 million in sales.
Despite the bear market, its success earned it a blue-chip status as a non-fungible token.
According to OpenSea, Moonbirds is ranked at number seven in terms of total volume traded at 169,000 Ether (ETH). It is currently ranked number one on the 24-hour charts at a floor price of 13.8 ETH, or $21,445 at current prices.
During the Future PROOF live stream, additional announcements were made, including the release of PROOF’s new social platform, the creation of a new decentralized autonomous organisation that will license the Moonbirds’ name, and a new PROOF token that will provide ‘real utility’—with more information available in 2023.