Quick take:
- Proof has cancelled the Proof-of-Conference multi-day celebration event.
- The event was offering Proof Collective NFT holders free tickets.
- Moonbirds holders qualified for 2 discounted tickets per NFT.
Kevin Rose’s Proof cancels Proof-of-Conference amid current market conditions. The Moonbirds, Proof Collective and Oddities NFT collections creator announced the Proof-of-Conference multi-day celebration event earlier this month.
Announcing the decision to cancel the event on Twitter, Proof wrote: “Tickets are no longer for sale, and we have already processed ETH refunds for tickets, upgrades, and fees. Hotels booked using our half-priced discounts are fully refundable.”
The company also published a statement via the ProofofConference web page saying the timing wasn’t perfect.
“As you know, in the world of NFTs, timing is everything. And today, it’s time for us to recognize that right now isn’t the right time for the PROOF of Conference.”
In the statement, the company appeared to imply that the project did not attract backing, which of course means, it never made sense economically to continue the pursuit.
“After several weeks of sales data, speaking with potential sponsors, and talking to community members, it’s clear that there is considerably less interest than anticipated for an event like this right now.”
However, not everyone was impressed with the decision to cancel the celebrations. Satvik Sethi, a former NFT product lead at Mastercard wrote: “Your favourite NFT company raised over $200 Million from primary sales, VCs, and royalties but can’t manage to put together an event in 10 months. No one dares to FUD them.” Another NFT enthusiast D3gens said these could be “early signs of a slow rug [pull].”
The company raised $50 million last August in a round led by A16z, having previously received $10 million from Alexis Ohanian’s 776 April. It has also generated millions of dollars in NFT sales and royalty fees.
Clearly, Proof’s explanation to the community did not go down as expected, although the company claims to have explored all options before deciding to cancel the event.
“We didn’t take this decision lightly, nor did we make it quickly; we have spent considerable time pouring over all the alternatives – everything from a smaller venue at a different location, reducing the scope of the event and lowering the ticket pricing, and even converting it to virtual-only – but ultimately cancelling the conference this year was the best choice.”
But some who had not bought a ticket yet seemed more understanding of the situation with another NFT enthusiast IrMissima writing: “Good move. I believe that like me many wanted to go, but given the economic uncertainties we live now I had not pulled the trigger, but was hoping to be able to do it in the last minute.”
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