The next phase of NFTs.
Let's talk NFTs for a second.
Digital art made them immensely popular over the past 2-3 years; but to many on the outside, looking in - they were just ‘expensive JPEGs.’
Then came utility.
Interesting projects like VeeFriends popped up, allowing owners to get access to events and other exclusive drops.
And now, just maybe, we’re seeing the next phase in the evolution of NFTs.
Large funding rounds, to build even larger businesses.
The founder of PROOF Collective, Kevin Rose, just announced that he’s raised a $50M Series A funding round, led by some of the biggest players in the VC game.
a16z, Seven Seven Six and VaynerFund were all involved, plus more.
Here’s what’s interesting about this:
In the past, when you heard about an upcoming NFT drop, it may have been easy to think: “Here’s another art project that’s at the peak of its hype cycle, but has no intrinsic value.”
Which may have been true.
But the VC firms that invested in PROOF put a ton of research and resources into every deal.
For them to take part in a $50M round, it suggests that they see the potential for PROOF to grow by at least 10x ($500M).
So what's K-Rose planning to do with all that cash?
“Something…uniquely our own, with real utility, something that will push what’s possible in new and exciting directions.”
How very cryptic.
Either way, we’ll be following!