MCS l Moonbirds Goes 15x in 7 Days?

MCS l Moonbirds Goes 15x in 7 Days?

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What are Moonbirds NFT?

Moonbirds is a collection of 10,000 NFTs published under ERC-721 standards by Proof, a media startup founded by a well-known venture capitalist Kevin Rose on April 16, 2022.

Moonbirds NFTs represent a utility-enabled profile picture (PFP) featuring a a very diverse and unique pool of rarity-powered traits.

Source: Moonbirds 

In essence, the project aims to become another blue-chip PFP initiative but has also added a lot of other perks for Moonbirds owners.

Beyond this usability, each Moonbird is also built to unlock membership to a private club while attributing further benefits depending on the length of holding the NFT. In Moonbird terms, this is called nesting.

For example, holding a Moonbirds NFT provides access to an NFT-gated Discord server. Once inside, users will have access to private Moonbirds channels that offers information on upcoming drops, community events, nesting, and so forth.

Also, The collection was minted at a price of 2.5 ETH each and also comes with 5% royalties on each secondary sale that go to the creators. Owners of Moonbirds hold full intellectual property rights over them.

Moonbirds have seen astronomical price increases with floor price up to 39ETH (approximately $120,000) with current price of 30 ETH (approximately $90,000).

source: Moonbirds

What is Nesting?

In addition to the pixelated design that has been seen a lot in the cryptocurrency community, Moonbird has attracted attention with a new function called Nesting, which allows holders to stake the NFT and receive additional benefits in a non-storage manner.

As soon as the Moonbird is nested, it will begin accruing further benefits, and as the total nested time stacks up, users will see their NFTs achieve new tier levels – hence, upgrading their nest.

At the time of this writing, nesting is not available, although the team has promised for it to happen in the timeliest manner possible.

Team

The team behind Moonbirds is Proof, a media startup founded by Kevin Rose.

Rose is currently a partner at the technology-focused venture capital firm True Ventures. He was previously a general partner at Google Ventures and has over 1.5 million Twitter followers.

Rose hosts an NFT-focused podcast via Proof. Moonbirds is his second NFT project after Proof Collective — a private group of 1,000 NFT collectors and artists, including Beeple, who hold a Proof Collective NFT receiving exclusive benefits.

These benefits include access to Proof’s private Discord, early access to the Proof podcast and in-person events.

Controversy Post-Launch

  1. 7,875 moonbirds were assigned to the winners of the draw. The community raised complaints after the cryptocurrency researcher Zachxbt announced that some users have created more than 400 accounts that can qualify for minting using bots.
  2. Ryan Carson COO of Moonbird left the project for a new fund. The news immediately provoked negative reactions from the NFT community and sparked controversy as Carson reportedly bought hundreds of thousands of dollars worth of Moonbirds NFTs prior to departure which was before the value soared.

Reasons to Rapid Success

According to The Block Research's NFT analyst, Thomas Bialek, Moonbirds' rapid success has been driven by several factors: backing from Rose; the success of his previous project Proof Collective; and collectors currently opting for NFT projects with a successful track record.

As an additional effect, the price of Proof Collective NFT, which was minted at 5ETH, has also increased in value at high-speed with the current floor price of 100ETH.

With Proof's vision, Rose said it was the "start" and was planning a "decade-long journey to build a new media company."

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