Moonbirds, a new Ethereum NFT project tied to Kevin Rose’s PROOF collective, went live on Saturday and had yielded $280 million worth of sales volume in two days.
Moonbirds, a new NFT project from Ryan Carson and Kevin Rose’s PROOF Collective, captivated the Web3 space this weekend en route to setting a record trading volume. The NFT project went live on Saturday and instantly became the latest NFT collection to reap topnotch status days after its initial mint.
Including the initial mint, it yielded an astonishing $280 million worth of sales volume in two days. It is the first NFT project tied to Rose’s PROOF collective, a private community for NFT collectors with a membership pass cost of Ξ 99 (cheapest fee) or about $301,000. Holders of the membership pass were given early minting privileges.
Getting to Know Moonbirds
Moonbirds is an NFT profile picture (PFP) collection of 10,000 images. Each image has randomly distributed features, making it distinct, similar to CryptoPunks and Bored Ape Yacht Club (BAYC) NFTs. It’s a project from tech entrepreneur and venture capitalist Kevin Rose’s PROOF Collective.
On its debut last Saturday and over the weekend, the collection garnered $280 million in sales. At the time of writing, it boasts of a floor price of Ξ 18.18 or about $55,300 and has racked up Ξ 72,800 or roughly $ 221 million in total sales. Hence, it is not surprising that it has flown up to the top of OpenSea’s volume leaderboard over the last 30 days, besting Azuki (Ξ 50,000) and BAYC (Ξ 33,500).
Mint Marred by Controversy
For a debuting NFT project, Moonbirds’ mint last Saturday was marred by controversy. Several complaints came in regarding what was considered a hefty mint price of Ξ 2.5 or roughly $7,600. Others complained about raffle manipulation. Still, there are complaints regarding rarity sniping by the project’s developers. In case you don’t know, rarity sniping is when project leaders purchase rare editions of minted items using insider knowledge.
In the end, it was determined that PROOF Collective created an allowlist through a raffle process. During Saturday’s sale, 7,875 Moonbirds NFTs were sold through this allowlist for Ξ 2.5 or about $7,600.
On the other hand, 1,000 holders of the PROOF Collective NFT membership pass received two free Moonbirds each. Thus, another 2,000 NFTs were given away as free mints.
What is noteworthy about Saturday’s Moonbirds minting is that its sales soared meteorically high when many top projects saw a tremendous drop in sales.
What’s Next for Moonbirds and PROOF Collective?
Following the successful mint last Saturday, holders of Moonbirds NFTs will have access to Moonbirds-related drops, Parliament meet-ups, and IRL events. Also, according to the project’s website, holders will likewise be invited to PROOF’s private Discord channel.
Moreover, all mint proceeds and secondary sale royalties from the Moonbirds drop will go straight to PROOF Collective’s treasure. The money will be used to fund future projects, including more content, exclusive experiences, and an NFT conference in 2023.
Part of the proceeds might also go towards “Project Highrise,” PROOF’s own Metaverse, which is currently in the works. In this light, Moonbirds NFT holders are urged to “nest” or hold their Moonbirds for additional utility in the long term.
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