Reddit Co-Founder Backs Record-Breaking NFT Project

One of the most anticipated NFT projects sold out and hit secondary markets in April, soaring to the top of the volume charts. Now, a social media platform founder is backing the team behind the project.

What Happened: Reddit co-founder Alexis Ohanian announced a $10 million investment in Moonbirds, a collection of 10,000 NFTs on the Ethereum ETH/USD blockchain.

The project is already breaking sales records and currently sits at the top of the 7-day volume charts on OpenSea, ahead of two of the most popular projects in the space: Bored Ape Yacht Club and CryptoPunks.

Holders of Moonbirds are able to unlock private club memberships, as well as additional benefits depending on the period of time one holds a Moonbird NFT. Buying and holding a Moonbird is referred to as "nesting."

Kevin Rose is responsible for the Moonbirds project. Rose is also the founder of Proof Collective, which Ohanian will back as part of the investment.

Proof Collective holders were eligible to mint Moonbirds for 2.5 ETH. The project currently has a floor price of 34 ETH. Proof Collective initially sold 1,000 total NFTs for around 1 ETH each and currently has a floor price around 115 ETH.

Ohanian's investment will help fund the team's ongoing build-out of the Moonbirds project and the Proof ecosystem. 

"Us getting our two community minds together as being OGs back in the space is just going to create some magical products," Rose said of the partnership with Ohanian on Monday. 

Photo: nrkbeta from Flickr.