What is PROOF?
PROOF is a podcast by Kevin Rose that goes in-depth on many different realms within the NFT space. He conducts interviews with some of the most influential people in NFTs and covers a variety of topics from generative art to the metaverse.
What is the PROOF Collective?
The PROOF Collective is a group of dedicated NFT collectors and artists, united through the ownership of a membership NFT. The Proof Collective NFT gives holders access to a private Discord, early podcast access, IRL events, and other members-only collabs.
Proof Collective NFT stats
Mint price: 1 ETH
Launch date: December 11, 2021
What are Moonbirds?
Moonbirds are the official PFP of the PROOF Collective. It has a higher supply than the membership which expands the opportunity for more people to connect with the PROOF ecosystem & other products built by Kevin Rose.
Mint price: 2.5 ETH
Launch date: April 16, 2022
What's different about Moonbirds?
Moonbirds plan on implementing a "Proof-of-Time" mechanic to disincentivize people from flipping their NFTs. It will also allow members to unlock more benefits the longer they have their NFT "nested". Nesting does not require the NFT to leave the user's wallet, making it different than staking.
What is Proof-of-Time?
Here's a general explanation of how it works:
Users nest (deposit) their Moonbird NFT
Over time, the nested Moonbird will accrue some sort of points that allows it to unlock new benefits
The NFT will continue accruing benefits for as long as it's owner keeps it nested
Once the Moonbird is removed from the nest, the NFT loses all the benefits it earned while nesting
This means if the Moonbird is removed and sold to someone else, the new owner will have to restart this process from square 1
One of the utilities Kevin mentioned (around the 3 month mark of nesting) is that his team will be distributing ~250 custom stickers of each person's Moonbird that achieves this goal. This will then be used as a marketing campaign by opening up a "Moonbird sighting" discord channel to encourage members to place their stickers around town. Based off this statement, events that generate community engagement are likely what can be expected as nesting benefits.
Paper Ape's Analysis
There's a lot to love about PROOF. Firstly, I commend any project that aims to further crypto literacy - especially with the amount of exposure NFTs are getting worldwide. Kevin Rose created a group that is genuinely interested in making good investments and connecting with the people in their collective.
Most "alpha groups" are interested in pump & dumps rather than genuine investing which ends up creating toxic communities only interested in flipping bullshit projects on each other.
How does PROOF avoid this? NFT MEMBERSHIP
Creating an NFT membership allowed Kevin to find his 1000 most loyal fans that were interested in the content he was creating. Combine that with a +90% unique ownership percentage and now you have a community that finds their sole connection to this group too valuable to sell.
Why don't they want to sell?
They all trust the content they receive; its proven valuable to them
If the group makes good investments (money) its reflected in the membership's floor price (more money)
Why is the floor price so high?
As the community makes more money, the opportunity cost of leaving this group increases. Combine this with the connections the members make with one another in the group and its no wonder why the price has skyrocketed. You can't fake community.
I completely missed the boat on the PROOF Collective NFT and still have nothing bad to say about it. I'd be lying if I said I wasn't a little bit jealous of Kevin because I've been working on an extremely similar project for ApeWell and didn't realize it had already been done.
As much as I love to hate on communities that rely on a single person, this is much different. Proof and Moonbirds are Kevin's way of monetizing his community but the community also plays an equally important role in the project's sustainability. This is a case where NFTs provide the perfect incentivization balance to foster a genuinely strong community.
To fully understand Kevin's perspective I highly recommend setting aside an hour to listen to this podcast:
Let's switch gears to the Moonbirds.
Not gonna lie I was extremely skeptical of the 2.5 ETH price tag to mint Moonbirds. After seeing the enormous price increase after launch, its apparent the market understands the value in this project. Is it for the art? Of course not. They want to be connected with Kevin Rose, the Proof Collective, and everything that community builds in the future.
Why are Moonbirds using Proof-of-Time?
Discourage flipping NFTs
Encourage long-term holding
Appeal to those who genuinely want to be part of the community
Nesting benefits will probably play a large role in the value of Moonbirds. Proof-of-Time was designed specifically so that Moonbirds has the best shot at becoming as genuine of a community as the Proof Collective. It doesn't have as high of a unique ownership percentage but I suspect that gap will grow closer over time.
After listening to Kevin speak on the future of this project, I think there's plenty for this community to look forward to - much bigger than just receiving some free stickers.