Topics NFT
Bybit Learn
Bybit Learn
Jul 23, 2022

Moonbirds: NFT Owls Flying High

The NFT space has become quite crowded. More often than not, you’ll be sidelined by copycat collections looking for a quick buck. But amid the hype around NFTs, especially profile picture (PFP) collections, you’ll come across a gem like Moonbirds — fresh from the mint, with out-of-this-world artwork and heavy backers on its tracks.

Following a hot launch in April 2022 that generated millions of dollars in sales volumes, it was clear that Moonbirds hadn’t come to play. With similar attributes to legendary NFT collections Bored Ape Yacht Club and CryptoPunks, Moonbirds has caused quite a storm in the NFT space.

So, what is it about these Ethereum-based Owls that has the NFT world hooked? Let’s dive into the Moonbirds project and discover why it’s stirred up the NFT community.

What Are Moonbirds NFTS?

Image of Moonbirds NFTs

Source: Moonbirds

Moonbirds is a collection of 10,000 unique owl avatars with rare traits such as mohawks, eye patches and fiery eyes. The project can be categorized as part of the PFP boom that’s hit the crypto industry. PFPs are profile pictures displayed on social media sites by celebrities or other NFT enthusiasts.

Each Moonbird gives the user access to an exclusive private membership club, called PROOF Collective, where one can accrue additional benefits. As with every other NFT, although Moonbirds share similar elements, no two Moonbirds are exactly alike.

While the inaugural Moonbirds NFT collection was capped at 10,000 Owls, only 7,875 of the Moonbirds were available to the public. The NFT community felt concerned about the limited Moonbirds drop, citing accessibility issues. Indeed, the much-hyped collection sold out within 48 hours of the NFT drop.

What Is Nesting?

Birds in nature often nest their young ones by incubating them, allowing them to grow and develop. Similarly, the Moonbirds “nesting” mechanism is a form of staking that involves locking up one’s Moonbird in a wallet, where the NFT accrues benefits. Staking is popular in the crypto community as a way for token holders to lock their assets for a period to earn rewards.

While most NFT staking rewards come in the form of the platform’s native utility tokens, the reward for staking Moonbirds is more status-driven. Total nested time accumulates perks for Moonbirds NFT holders, including access to higher tiers in the PROOF Collective and upgraded nests that attract enhanced drops and rewards. Nesting keeps the Moonbird safe from security breaches and phishing attacks, since the fledgling never leaves your wallet.

Who’s Behind Moonbirds NFTs?

TMoonbirds’ key founders are Kevin Rose, Justin Mezzell and Ryan Carson. This solid team behind Moonbirds also brought the PROOF Collective to the NFT world. Before becoming an NFT mogul, celebrated American web entrepreneur Kevin Rose was already an established investor and successful podcaster.

Justin Mezzell, another co-founder and Moonbirds Chief Product Officer (CPO), is the face behind the superb artwork on the Owls. Mezzell and his team put together the randomized visual components on each Moonbird, resulting in an iconic collection of generative NFTs.

Ryan Carson, Moonbirds ex-Chief Operating Officer (COO), was also an instrumental part of the project team. While his controversial exit from Moonbirds to create his own NFT fund stirred feathers in the NFT community, it only added to the hype around the project.

What Is the PROOF Collective?

The PROOF Collective is a private membership club made up of 1,000 passionate NFT collectors and artists. PROOF's community includes early NFT collectors and key players in the NFT industry. Launched in December 2021, PROOF quickly became a force to reckon with in the NFT industry. Holding a PROOF Collective NFT provides access to this exclusive club.

As with other top-flight NFT clubs, being a PROOF Collective member is the golden key to the NFT space. With it, one gains access to PROOF’s invite-only Discord where members get first-hand information on everything NFT. PROOF Collective members can attend in-person events, get exclusive spots to promising NFT projects, listen to the PROOF podcast, participate in free NFT drops, and receive many other benefits.

PROOF Collective NFTs are available on OpenSea, with some going for over 200 ETH. At the time of this writing, PROOF Collective’s official website places its NFT stash at 153,940 unique NFTs. These include 817 Bored Apes, 148 CryptoPunks, and 499 NFTs from The Meebits. At the moment, the exclusive NFT club has yet to announce any plans to increase its membership of 1,000, despite the explosive demand by NFT holders for a spot in the exclusive collectors club.

Why Are Moonbirds So Popular and Expensive?

The buzz around Moonbirds has been mind-boggling. Moonbirds flew right out of the mint, and made some of the more prominent PFP NFTs look like child’s play. Its shake-up of the NFT space is phenomenal, its prominence has caused a serious ripple effect.

Upon its launch, the 7,875 of the 10,000 NFTs up for grabs (through a raffle) were cleared off the shelf within two days. Moonbirds raked in 19,687 ETH, which was valued at around $60 million at that time. The Moonbirds collection has continued to generate millions for holders in the NFT secondary market.

Moonbirds’ affiliation with the PROOF Collective made it an instant hit. When the PROOF Collective NFTs hit the market, they went for 1 ETH each. Despite a slow 2021, the PROOF Collective passes started slowly rising to double digits — and hit over 100 ETH before the Moonbirds launch. A combination of FOMO (fear of missing out) and NFT notoriety associated with Moonbirds have blown the project’s value through the roof.

Where to Buy and Sell Moonbirds

Moonbirds can be traded on key NFT marketplaces such as OpenSea and Rarible. The price is usually quoted in ETH, and you need a MetaMask wallet to facilitate trades. From the prices quoted on these NFT markets, it’s clear that owning one of these pixelated owls doesn’t come cheap.

And yet, if you can get a Moonbird, it could prove lucrative in the end, as with the immense success of Bored Apes and CryptoPunks. With so many Moonbirds nesting, and a well-funded project development team, it seems like the journey has just begun for these coveted digital owls.

What’s Next For Moonbirds?

Despite its roaring success, Moonbirds has faced some rocky times, raising concerns around NFT circles. The controversial exit of one of its co-founders, Ryan Carson, in April 2022 caused an uproar in the NFT community. Some termed his departure to set up his own NFT fund as premeditated and detrimental to the project.

However, the other co-founder, Kevin Rose, was quick to tweet and assure Moonbirds owners that everything was under control, and that the project was on track.

That said, Moonbirds has continued to bring in heavyweights in the industry to help map out its future. The Moonbirds team is seriously focused on building and empowering its community, and the project’s momentum hasn’t flagged.

According to this data-driven analysis of Moonbirds, its future success is highly pinned to the exclusivity of the PROOF NFT private community. For now, many still believe in the project’s vision for the NFT ecosystem, which has been greatly fueled by the continued interest in utility-enabled PFPs.