Moonbirds to store NFT art; raises $50M in Series A funding | The Financial Express

Moonbirds to store NFT art; raises $50M in Series A funding

Ethereum-based NFTs will differ from most other NFTs, which are just tokens that refer to off-chain locations where the photos are stored.

Moonbirds to store NFT art; raises $50M in Series A funding
Moonbirds is presently ranked first in the 24-hour charts at a floor price of 13.8 ETH

Announcing that it is moving its blue-chip collection entirely “in chain,” PROOF, the private community that created the Moonbirds NFT collection, enables images to be entirely housed within the underlying smart contract, as reported by Cointelegraph.

According to Cointelegraph, Harri Thomas, director of products at PROOF, explained the new strategy in a community live stream titled “Future PROOF” on August 30. He said it will 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.”

“We’ve talked about putting the birds ‘on chain’, so what I’m here to tell you today is that they’re not only going to be ON chain, they’re going to be put IN chain,” Thomas added. According to Thomas, their Ethereum-based NFTs will differ from most other NFTs, which are just tokens that refer to off-chain locations where the photos are stored.

The first official Moonbirds collection extension, known as Moonbird Mythics, was also announced during the live stream. It is scheduled to debut in early 2023. The third NFT profile picture (PFP) initiative for the organisation, the collection will include 20,000 NFTs. The venture capital firm Andreessen Horowitz (a16z), along with Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund, recently led a $50 million Series A fundraising round for PROOF, Cointelegraph noted.

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

(With insights from Cointelegraph)

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