The startup behind the Moonbirds NFT collection has raised $10 million from Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six.

The startup was founded by Kevin Rose, a partner of True Ventures. The latter also participated in the funding round, but emphasized that it was Seven Seven Six that invested $10 million.

Rose noted that the collaboration with Ohanian will allow the project to issue additional non-redeemable tokens along with Web 3.0 content creation, conferencing and other initiatives.

Previously, Proof launched PROOF Collective, a closed community where over 1,000 members access NFT discounts and other benefits. The tokens included in the collection were sold in the Dutch auction format – their prices started from 5 ETH.

At the time of writing, the cheapest token listed on the OpenSea market can be purchased for 100 ETH ($285.884 at the current exchange rate).

The venture’s other collection, Moonbirds, launched on April 16. NFT printing cost for proof was 2.5 ETH per unit. The minimum price of a coin in the collection is 27.75 ETH.

Recall that The Sandbox metaverse project purchased Moonbird #2642 for 350 ETH (more than $1M at the time of the deal).