{"id":489377,"date":"2022-04-30T14:28:55","date_gmt":"2022-04-30T14:28:55","guid":{"rendered":"https:\/\/wncen.com\/?p=489377"},"modified":"2022-04-30T14:47:21","modified_gmt":"2022-04-30T14:47:21","slug":"blue-chip-nfts-101-how-did-moonbirds-conquer-the-world-in-a-bearish-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/nft\/blue-chip-nfts-101-how-did-moonbirds-conquer-the-world-in-a-bearish-market\/","title":{"rendered":"Blue Chip NFTs 101 – How Did Moonbirds Conquer The World In A Bearish Market?"},"content":{"rendered":"
The extreme success of Moonbirds is the NFT story of the year so far. The collection opened up so strongly that it archived instant blue chip status and <\/span>a place at the top<\/span><\/a> of the charts. The market for NFTs is bearish at the moment, how did the pixeled owls accomplish such a feat? It certainly wasn\u2019t just the art, even though the Moonbirds have a distinctive look and probably make excellent profile pictures AKA PFPs.\u00a0<\/span><\/p>\n Let\u2019s uncover the story. This one has it all; a nascent but powerful organization, crazy numbers, internet legends, an ambitious roadmap, light controversy, and, of course, metaverse plans.<\/span><\/p>\n There are a total of 10K Moonbirds, they were issued under the ERC-721 standard on the Ethereum blockchain. The mint price for each one was a whopping 2.5 ETH. That means that, at current prices, the Proof Collective made over $70M on that first day. The madness doesn\u2019t end there,\u00a0 according <\/span>to CryptoSlam<\/span><\/a>, the Moonbirds have generated $481M in sales so far. That\u2019s 160K ETH from almost 12K buyers. <\/span>And for every sale on the secondary market, Proof received a 5% cut.<\/span><\/p>\n According to <\/span>the Moonbirds official site<\/span><\/a>, the organization distributed those original 10K owls as follows:<\/span><\/p>\n 7,875: Public sale to allowlist winners<\/span><\/p><\/blockquote>\n<\/li>\n 2,000: PROOF Collective Members (1,000 passes) each receive two free mints<\/span><\/p><\/blockquote>\n<\/li>\n 125: PROOF wallet for future collaborations, marketing, and advisors<\/span><\/p><\/blockquote>\n<\/li>\n<\/ul>\n All interested parties, including Proof Collective members, were able to enter a raffle to be whitelisted for that public sale. Of course, there was controversy, which we will cover. The Moonbird NFT collection promised the usual, membership to a private group and a Discord server, and future yet-to-be-revealed utilities. A staking mechanism, cleverly named \u201cnesting\u201d and a future metaverse codenamed \u201cProject Highrise.\u201d<\/span><\/p>\n According to the Moonbird\u2019s site, their \u201cunique take on the Metaverse\u201d will be \u201ca dramatic departure from the existing ‘never-ending’ worlds that feel like a digital ghost town. Ours is uniquely different, and you’ll have first access as a nested Moonbirds holder.\u201d\u00a0<\/span><\/p>\n It\u2019s also worth noting that, \u201cowners of Moonbirds have full commercial art rights for the Moonbird they own.\u201d<\/span><\/p>\n <\/p>\n Staking is a DeFi staple. It locks assets and takes them off the market, which benefits all other holders and the project in general. In Moonbirds, the process is called \u201cnesting,\u201d and \u201cthe longer you nest your Moonbird, the more rewards you\u2019ll accumulate.\u201d What rewards exactly? That\u2019s not yet clear. And the nesting process is not yet available.\u00a0<\/span><\/p>\n However, the Moonbirds site already lists certain characteristics. Nesting will be \u201cnon-custodial (no need to transfer it to another contract) and the holder numbers displayed on OpenSea etc will not be impacted.\u201d Those stats are very important for NFT projects. Holders can\u2019t sell their NFTs while nesting, but they can transfer them. \u201cThe intent is to allow holders to move their Moonbirds between their own accounts, e.g. if they compromise their wallet via a rogue signature.\u201d<\/span><\/p>\n There\u2019s also this vague promise, \u201cas soon as your Moonbird is nested, they\u2019ll begin to accrue additional benefits. As total nested time accumulates, you\u2019ll see your Moonbird achieve new tier levels, upgrading their nest.\u201d<\/span><\/p>\n For the level of success that the Moonbirds accomplished, the controversy around them is pretty mild. One could argue that the first two aren\u2019t the Proof Collective\u2019s fault, and the third one is pretty standard practice. Let\u2019s go through them:<\/span><\/p>\n Looks like someone created 400+ accounts to Sybil Attack the @moonbirds_xyz raffle:https:\/\/t.co\/HeWT5d8DCP<\/a><\/p>\n They\u2019ve already sold the majority it looks like. Just at a quick glance they won 20+<\/p>\n One example:https:\/\/t.co\/UTqYWRkgsG<\/a> pic.twitter.com\/szgJGT5JXO<\/a><\/p>\n — ZachXBT (@zachxbt) April 16, 2022<\/a><\/p><\/blockquote>\nMoonbirds: Formal Characteristics<\/span><\/h2>\n
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ETH price chart for 04\/30\/2022 on Oanda | Source: ETH\/USD on TradingView.com<\/a><\/pre>\n
What Is \u201cNesting\u201d And What Can It Do For You?<\/span><\/h2>\n
Controversy. Of Course.<\/span><\/h2>\n
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