Blue Chip NFT’s 101 – How Did Moonbirds Take the World Over in a Bearish Market?


The extreme success of Moonbirds has been the NFT story of the year so far. The collection opened so strongly that it immediately archived blue chip status and a place at the top of the graphs. The market for NFTs is bearish right now, how did the pixelated owls deliver such a feat? It certainly wasn’t just the art, even though the Moonbirds have a distinctive look and probably make excellent profile photos, known as PFPs.

Let’s discover the story. This one has it all; a burgeoning but powerful organization, crazy numbers, internet legends, an ambitious roadmap, slight controversy and of course metaverse plans.

Moonbirds: formal features

There are 10K Moonbirds in total, they are issued under the ERC-721 standard on the Ethereum blockchain. The coin price for each was a whopping 2.5 ETH. That means, at current prices, the Proof Collective made over $70 million on that first day. The madness doesn’t stop there to CryptoSlam, the Moonbirds have generated $481 million in sales to date. That’s 160K ETH from nearly 12K buyers. And for every sale on the secondary market, Proof got a 5% discount.

According to Moonbirds official websitethe organization distributed those original 10K owls as follows:

7.875: Public sale to winners of the admission list

2,000: PROOF Collective members (1,000 passes) each receive two free mints

125: PROOF wallet for future collaborations, marketing and advisors

All interested parties, including members of Proof Collective, could enter a raffle to be whitelisted for that public sale. Of course there was controversy, which we will discuss. The Moonbird NFT Collection promised the usual private group membership and Discord server, and future utilities yet to be revealed. An expansion mechanism, cleverly called ‘nesting’ and a future metaverse codenamed ‘Project Highrise’.

According to Moonbird’s website, their “unique take on the Metaverse” will be “a dramatic departure from the existing ‘never-ending’ worlds that feel like a digital ghost town. Ours is uniquely different, and you’ll be the first to access it as a nested Moonbirds Holder.”

It’s also worth noting that “Moonbird owners have full commercial art rights to the Moonbird they own.”

ETH price chart for 04/30/2022 on Oanda | Source: ETH/USD on TradingView.com

What is “nesting” and what can it do for you?

Staking is a DeFi staple. It locks assets and takes them off the market, benefiting all other holders and the project in general. In Moonbirds, the process is called “nesting” and “the longer you nest your Moonbird, the more rewards you collect.” Which rewards exactly? That’s not clear yet. And the nesting process is not yet available.

However, the Moonbirds site already lists certain features. Nesting will be “non-custodial (no need to transfer it to another contract) and the holder numbers displayed on OpenSea etc. will not be affected.” Those statistics are very important for NFT projects. Holders cannot sell their NFTs during nesting, but they can transfer them. “The idea is that holders will be able to move their Moonbirds between their own accounts, for example if they compromise their wallet via a rogue signature.”

There’s also a vague promise: “Once your Moonbird is nested, they’ll start collecting additional benefits. As the total nesting time increases, you’ll see your Moonbird reach new levels and improve their nest.”

Controversy. Of course.

For the level of success the Moonbirds achieved, the controversy surrounding them is quite mild. You could argue that the first two aren’t the Proof Collective’s fault, and the third is pretty standard. Let’s go through them:

Their lottery was hit by a Sybil Attack. That means that a person or organization has created more than 400 wallets to get as many tickets or chances of winning from a whitelist as possible. They achieved more than 50 places. This Twitter user revealed the whole thing:

According to The next webthey found “at least 10 hacked Twitter accounts in various countries, ranging from athletes to politicians posting scam links that lead you to a fake Moonbirds website. Their goal was to get the unsuspecting public to send ETH in the hope of getting a non-existent Moonbird. When pressed, one of the founders of Proof Collective said, “Oh, the spam is terrible! We are doing everything we can to contain it. A lot of bad actors do their plays.”

The NFT Ethics account did its best to attack the Moonbirds project, but all they could do was accuse the Proof Collective of wash-trading to inflate the price for their other NFT project and of donating those memberships to influencers. “GaryVee (Gennady), his brother AJ, Beeple and some old friends received the Proof collective for free.”

All in all, the controversy is nothing to write home about. In the next “Blue Chip NFTs 101” we’ll take a look at the organization behind the Moonbirds, the Proof Collective and their other NFT project. A membership of the influential group. It is arguably the NFT with the most valuable utility to date.

Feature Image Moonbirds preview from the official website † Charts by Trading Display



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