Just 3 days since its launch, Moonbirds has created a tremendous craze over NFT markets with more than $281M in sales, overtaking many other hugely successful collections like Azuki, Bored Ape Yacht Club, and CryptoPunks.
Let’s dig down on the core factors that brick the success of Moonbirds.
Firstly, what are Moonbirds?
In short, this is a collectible of 10,000 pixel avatars of owls that came out on April 16. Each of these avatars is unique and comes with many rare traits. Built with utility and community at the foundation, Moonbirds owns a strong community of 153,000 members on Twitter.
Its price is continuing to soar till the floor price of 18.5000 ETH was recorded, the sale volume for the NFT totaled $268 million with over 10,000 buyers.
This turning point is such an impressive achievement for a three days old NFT collection. So, what makes Moonbirds have such dramatic pumping?
Reasons for the Moonbird collection’s success
Not to mention all the potential of NFTs, what investors look at first in a project is its development team. It is safer to rely on a stellar team with a wealth of experience. In this case is Proof Collective.
This is a group of 1,000 members including all well-known NFT figures like artist Mike Winkelmann, known as Beeple, and investor Gary Vaynerchuk. Its founders are also significant names like Kevin Rose, Justin Mezzell, and Ryan Carson. Especially is Kevin Rose, a venture capitalist at True Venture who focuses on blockchain startups and hosts popular podcasts about cryptos. Rose’s high reputation has attracted a lot of investors to Moonbirds. According to a Twitter user, Cryptolocity: “Many of the top founders, artists, and collectors in the space believe deeply in Kevin’s vision, and bought passes with 0 intention of selling them”.
Back to Moonbirds, the collection itself also has many appealing features to reach the top spot.
Firstly is utility. Simply put, Moonbirds are utility-enabled NFTs whose benefits go beyond a quirky PFP avatar. The collection holders can get access to the Proof ecosystem with many privileges like interacting with the core members of the founding team, participating in special events, meeting up with other holders, having chances to join the latest drops and all future projects, etc.
Nesting is another standout feature of Moonbirds. It’s like the staking mechanism but instead of taking your NFTs, nesting remains assets in your wallet. You can “look up and nest” your birds for additional benefits. The longer you nest, the more tier levels you can gain. Those rewards can be transferred to get merch, stickers, and more yet to be announced.
Downsides of its success
Along with its famous, Moonbirds has also confronted many controversies.
There are many accusations about raffle manipulation from some holders. They are concerned that the project’s leaders used inside knowledge to buy Moonbirds that featured rare traits, leading to their price being higher in the future, as CoinDesk reported.
Scam is another alarming issue when Moonbirds’ fake accounts are rampant on Twitter with the aim of appropriating money from gullible users.
Final thoughts
Even with all of those drawbacks, Moonbirds is still doing well and is on its way to becoming the next big blue-chip project! With more utilities to be unveiled in near future, the collection’s price is predicted to skyrocket.
What can it do more? Only time will tell!