Ethereum-based NFT project Moonbirds has collectors falling over each other. The project registered sales of around $290 million in four days, soaring to the top of trading volume charts and stunning the crypto-sphere.
The collection already ranks amongst other hugely successful collections such as CryptoPunks, Bored Ape Yacht Club, and Azuki.
A Memorable Debut
The Moonbirds NFT collection needed just days to register nearly $290 million in sales, reporting record trading volumes after debuting and promptly selling out at a mint price of 2.5 ETH, which is roughly around $7700 at current ETH prices. However, the floor price rose spectacularly and is currently 18.18 ETH ($55,229) on OpenSea.
While massive NFT sales are relatively common, the success of the Moonbirds NFT collection has stunned the NFT community and has generated a mad scramble to acquire them. Moonbirds NFT’s debut put the collection on top of OpenSea’s charts over the 30-day metrics, ahead of the likes of Azuki and Bored Ape Yacht Club.
What Exactly Are Moonbirds And The Proof Collective?
The Moonbirds NFT collection consists of 10,000 computer-generated pixel own avatars. The project generated significant traction and interest thanks to, at least in part, the people behind the project, The Proof Collective. The Proof Collective is a group of 1000 NFT collectors, including Mike Winkelmann (Beeple) and investor Gary Vaynerchuk.
The collective was founded by Justin Mezzell and Kevin Rose, both prominent figures in the NFT space. Membership to the Proof Collective is also steep, with the price of a ProofNFT, the NFT, which represents one’s membership into the group, priced at $1.99 ETH in 2021. Currently, the minimum price is 90 ETH.
Utility Focused NFTs
The Moonbirds Project has taken a similar approach to Bored Apes Yacht Club, launching utility-focused NFTs and granting NFT holders access to exclusive events, collaborations, and discord group chats. The project’s roadmap states that NFT holders will also receive early access to future drops, merchandise, membership club, and early access to Proof Collective’s upcoming metaverse project, Project Highrise.
Members of the public could enter a raffle and be guaranteed access to mint Moonbird NFTs on their launch. Each raffle winner could mint one NFT for 2.5 ETH. Proof members could also enter the raffle and receive two Moonbirds for each Proof membership NFT they held. Out of 10,000 Moonbird NFTs, 7875 were allocated for the raffle winners, a further 2000 for Proof Collective members, and 125 for distribution by the team. Moonbird NFT holders can also stake their NFTs and avail of additional benefits and rewards the longer the NFT is staked.
A Turning Point For NFT Markets?
With the staggering success of the Moonbirds NFT, and prices continuing to soar on OpenSea, many observers have labeled the project as a turning point for the NFT market, with NFTs becoming a fund-raising mechanism for projects. Founder of startup funding service Grant Tree, Daniel Tenner, tweeted,
“Moonbirds is one of the first majorly successful (so far) projects that is unashamed about what it is. Kevin [Rose] and Ryan [Carson] have been very clear that they’re raising money, that they’re not ‘selling art,’ that they’ll treat the money as funds to build a product, etc.”
The founders of the Proof Collective have always stated that Moonbirds is the beginning of a company, with Kevin Rose stating that proceeds from the project would go towards building a new media company.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
