PROOF has recently announced that it will be placing its NFT blue chip collection on-chain. This will bring as a benefit that the content is safeguarded within a network of smart contracts.
That an NFT is stored “on-chain” implies that such NFTs can be created entirely outside the underlying smart contract, without the need for an off-chain storage provider.
PROOF Collective is a private collective that brings together a number of around 1,000 collectors and artists dedicated to NFT. This collective is a subsidiary of the Proof brand, which entered the NFT world in early 2022 with the launch of its first NFT collection, entitled Moonbirds.
On the other hand, Moonbirds is a collection of 10,000 PFP (profile images), each one with different details, colors, designs, among other distinctive features, which are randomly generated by following a series of parameters established in the source smart contract.
The PFPs were offered for sale for an initial price of 2.5 ETH. But shortly thereafter, the minimum price of the collection rose to 20 ETH. At the time of writing, the minimum price of the collection is around 16 ETH.
Proof’s product manager, made a live community post known as “Future Proof”, in which he based his main focus on explaining that this new trend would imply that the image of a Moonbird NFT is going to be created on a smart contract from layers of artwork that will be kept on the blockchain.
He also stated that NFTs running on the Ethereum network are going to be distinguished from other NFTs, which are only used as an ID for where those images are stored outside of the blockchain.
Harris cautions that this is not unusual, and that another project that will use this modality would be OnChainMonkey, a run of NFT collectibles of 10,000 images. He further said that there is no date certain when the NFT collection will make this change.
Co-founder Justin Mezzell, who was also on the webcast, said it’s great to get into this space of a project developed 100% on the blockchain and make sure this project is truly decentralized.
Following this announcement, it was able to raise more than $50 million through a Series A financing round, led by Andreessen Horowitz, in addition to the participation of a large number of top-tier investment firms.
It is noteworthy that in April the Moonbirds project (based on Ethereum) sold out its collection of 10,000 collectibles, which are pixelated owls, just 48 hours after its launch. It is because of this success, that their collection earned its Blue-chip title.
Other issues that came to light at the Future PROOF live, is the upcoming launch of a PROOF social platform, the creation of a new DAO that is going to oversee the licensing of the Moonbirds name, and a new PROOF token that will have “real utility.”
Written by Luciano Garriga (TW:@luchogarriga) for NFT Express.