Nearly one year after the Moonbirds NFT drop, Proof co-founder and CEO Kevin Rose are reflecting on the tumultuous year the Web3 startup experienced. “When everything is just ‘up and to the right’ and crazy and chaotic—like the whole crazy run-up that we saw [in the NFT market]—it’s easy to lose your true north,” Rose explained. It’s been an up-and-down journey since then, with some projects of theirs falling through and many successes that kept the focus on digital art and collectors.
Ethereum PFPs Generate $280 Million in First Two Days at Moonbirds Launch
The Ethereum profile pictures (PFPs) saw immense demand at the Moonbirds launch, generating $280 million worth of trades within the first two days and eventually leading to Proof raising money and expanding their team. But things took a turn when the NFT market tumbled soon after the mint, even though some holders weren’t on board with Proof’s decision to open-source Moonbirds artwork.
Rose reflected on the experience of building a business in the public, reminding us that “great businesses take many years to be built” and that in showing all their “dirty laundry” their community had to understand that it’s messy along the way.
Proof Hosts Exclusive NFT Events at NFT NYC
At NFT NYC, Proof used its resources and connections to put on exclusive events for collectors, the most noteworthy being “Evolving Pixels,” a generative art collection curated by Emily Xie and hosted at Venus Over Manhattan. Rose commented on the focus on curation with a point of view his team has been focusing on, tapping other noted curators as well.
And then there was the exclusive event with Mike “Beeple” Winkelmann for 400 of their community members, in which Beeple live-created a piece of artwork resulting in 10 copies given to select attendees.
Proof’s Resilience in the Face of the NFT Bear Market
The effects of the NFT bear market weighed heavily on everyone, but that was no excuse for Proof‘s team to give up on their mission. Rose recalled the advice he was given by Ben Horowitz of Andreessen Horowtiz: “It’s better to be right than consistent” and they held their own, pivoting and cutting projects not in line with their focus.
Rose is aware that for every happy NFT collector, there’s someone who bought the top and may be disappointed and also how communication, understanding value over time, and knowing when to pivot are all key parts of entrepreneurship.
Proof’s Growth After Navigating the NFT Market Rollercoaster
Proof is now continuing to grow its brand, recently releasing a 10,000-piece digital art collection in collaboration with 22 artists and signing with United Talent Agency. The brand and team have been through highs and lows, but one of the most notable takeaways has been the rollercoaster ride of an unpredictable market. This has been an eye-opening experience for Rose who, before his venture into Web3, was part of Digg, Google, and various VC giants.
The Proof team is ready to continue this journey, producing more NFTs and events, with an even closer focus on digital art and collecting. As Rose puts it: “Value [that] has to be seen over years. It can’t just happen in three months.”
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