Blue Chip NFTs 101 – What Is The Proof Collective And Who’s Behind It?
10 May 2022 - 09:47PM
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The mysterious organization known as The Proof Collective defines
itself as “a private members only collective of 1,000 dedicated NFT
collectors and artists.” To join the Proof Collective someone would
have to, you guessed it, own their NFT. So, in theory, anybody can
be a part of it. In practice, though, the floor price for one of
their passes is around 88 ETH at the time of writing. The size of
the investment keeps the undesirables away. The Proof Collective is
all about NFTs. Because it’s the law, they run a private Discord in
which you can probably receive the biggest alpha available. The
organization also provides NFT info via its social media, produces
a podcast in which they interview the biggest names in the NFT
world, and, reportedly, owns a huge NFT collection. At least
its members do. According to the website, those members own 153K
NFTs, including 148 CryptoPunks and 817 Bored Apes. Who are those
members? We wouldn’t know for sure. Its founders are Kevin
Rose, of Diggs fame, and illustrator Justin Mezzell. And it has
been widely reported that the Proof Collective gave free
memberships to digital artist Bleeple and motivational speaker and
NFT millionaire Gary Vee. Enter The Influencers In the
following video, one of the Proof Collective founding members,
Internet legend and Diggs co-founder Kevin Rose, says. “This is the
very beginning of what’s going to be a multi-decade journey to
build a new media company.” He also promises that Proof will
combat FUD that comes with success by constantly shipping product.
Moonbirds holders can expect benefits, airdrops, and physical
objects related to the nascent brand. What Is The Proof Collective?
The Proof Collective NFTs’ main benefit is the world’s most
valuable currency: information. Besides a social club of sorts, the
organization believes in “group bottoms-up-driven research.” Plus,
some members are early NFT adopters that own all of the projects
you hear about on social media and are actively looking for the
next one. If you play your cards right and the gods smile in your
direction, that Proof Collective NFT might pay for itself in
a few months. The organization takes things one step further,
though. As “a new media company,” The Proof Collective produces and
releases its own NFT masterpieces. Their first product where the
Grails, which mint was solely for the members of the organization
and had the slogan, “20 artists. 20 unique pieces of art. Artist
names revealed after the mint.” So far, they’ve unveiled art by
Tyler Hobbs, Claire Silver, Mike Shinoda, Larva Labs, Rachel Ryle,
and Gary Vaynerchuk among others. The Proof Collective’s second
product was the incredibly successful Moonbirds, who conquered the
world on a bearish market. “There are a total of 10K Moonbirds,
they were issued under the ERC-721 standard on the Ethereum
blockchain. The mint price for each one was a whopping 2.5 ETH.
That means that, at current prices, the Proof Collective made over
$70M on that first day,” our report said. At the moment, the floor
price for the Proof Collective NFT is 88 ETH, which at today’s
exchange rate is more than $200K. And the prices of the listed for
sale ones go up to a whopping 700 ETH. Currently, these NFT tickets
sit at #17 in Cryptoslam’s “NFT Collection Rankings by Sales
Volume” list. The project has sold more than $800K in the last 24
hours and more than $52M since the Proof Collective’s
creation. BTC price chart for 05/10/2022 on Gemini | Source:
BTC/USD on TradingView.com We Need A Little Controversy Look, they
don’t have any proof (no pun intended), but NFTethics suggests
there’s something shady going on. “Some mentioned that we should
check the purchases of proof collective, as many wallets only
contains the proof collection and the floor is now 88 ETH. Wash
trading is so common (…) these days that it’s not even noteworthy
anymore.” 3/ Also nepotism is completely standard in the NFT space,
so the fact that GaryVee (Gennady), his brother AJ, Beeple and some
old friends received the Proof collective for free is standard. We
saw quite a lot of other "old" friends that received the proof
collective for free/$3. pic.twitter.com/o20NOgfIM4 — NFT Ethics
(@NFTethics) April 15, 2022 Wash Trading is the process of buying
and selling an asset in order to increase its perceived price. “In
some situations, wash trades are executed by a trader and a broker
who are colluding with each other, and other times wash trades are
executed by investors acting as both the buyer and the seller of
the security,” according to Investopedia. Could the Proof
Collective have done that? Maybe. But there’s no evidence, all of
this is mere speculation. In Conclusion The Proof Collective
entered the NFT space with a bang. The space has never seen an
ascension this fast and a track record this clean. So far, they’ve
done everything right. Does that guarantee future success? No, it
doesn’t. But it certainly is impressive. Check the previous edition
of the Blue Chips NFT 101 series, Solana’s “DeGods.” Featured
Image: Proof Collective NFT, promotional image from their site |
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