Non-fungible token () project Moonbirds captivated the crypto-sphere this weekend on its way to record-setting trading volume, becoming the latest collection to garner blue chip status just days after its mint on Saturday.
The collection of 10,000 PFPs (profile pics) has racked up 69,000 ETH (roughly $207 million) in total sales, boasting a floor price of 21.3 ETH (roughly $64,000) at the time of writing.
The debut put Moonbirds on top of OpenSea’s volume leaderboard not just for the week, but for the last 30 days, ahead of Azuki (50,000 ETH) and Bored Ape Yacht Club (35,000 ETH).
The historic hype for owl pictures came with some precedence – the project is the first from PROOF Collective, a private NFT community led by entrepreneurs Kevin Rose and Ryan Carson.
The group has marketed Moonbirds as “the official PROOF PFP,” with holders of the PROOF Collective membership pass (the cheapest currently listed at 99 ETH) being granted early minting privileges.
Controversy
The project’s mint came with some controversy, from complaints of a hefty 2.5 ETH (roughly $7,500) mint price to raffle manipulation and concerns of rarity sniping (project leaders buying up rare editions using insider knowledge) by its developers.
Looks like someone created 400+ accounts to Sybil Attack the @moonbirds_xyz raffle:https://t.co/HeWT5d8DCP
They’ve already sold the majority it looks like. Just at a quick glance they won 20+
One example:https://t.co/UTqYWRkgsGpic.twitter.com/szgJGT5JXO
— zachxbt (@zachxbt) April 16, 2022
More generally, the project’s meteoric rise comes in contrast with an otherwise downtrodden NFT market, in which many top projects have seen a lull or sharp drop in sales over the past few weeks.
Moonbirds' road map
Moonbirds' holders are given access to “Moonbird-related drops, Parliament meetups and IRL events” as well as the private PROOF Discord channel, according to the project’s website.
PROOF also has its own metaverse in the works, which it’s calling “Project Highrise,” encouraging holders to “nest” (hold) their Moonbirds for added utility down the line.
In the last 7 hours, Moonbirds have done more volume than BAYC, MAYC, Azuki, Beanz, Punks, Doodles, and CloneX have done. Over the last 7 days. Combined.
This is ridiculous. Our market is simultaneously maturing & behaving immaturely at the same time
— zeneca.eth (3,3) ?? (@Zeneca_33) April 16, 2022
