Web3 media startup PROOF just announced a $10M funding from Alexis Ohanian’s Seven Seven Six. This comes after Kevin Rose and his team moved heaven and earth in the NFT space through their Moonbirds launch. Down from a high of almost 45 ETH, the Moonbirds collection now has a floor price of 28 ETH, where Kevin and Alexis will look to bring it to even greater heights.
Moonbirds x Seven Seven Six
The Moonbirds launch was sensational, to say the least. At the time of writing, it has a trading volume of 114.6k ETH, even when the entire NFT market seems to be taking a chill pill. Consequently, the community is questioning the need for an additional $10m, after the successful NFT drop. Some of them are accusing Alexis and Kevin of non-Web3 behavior given their success in Web2 firms in the past.
So far, we know that the Reddit co-founder and his team have poured in $10m in funding. However, Kevin’s VC firm, True Ventures, is also a part of this funding round. Therefore, it is still unclear what is the total amount of funding, and if there are other parties involved.
Nevertheless, the parties did respond to the criticism. With this injection, Seven Seven Six and True Ventures will exercise their experience and network to help with partnerships, hiring, etc. Alexis emphasized that they will be at PROOF’s service if they need a hand. Kevin did remind the community that currently the hype is at a 100, with the product still at a 0. The Moonbirds launch was just the beginning, now is where the real work starts.
The expectations run high with this project, even with the current FUD. It will be interesting to see what comes next, and if reality will meet these expectations in the near future.