Blue Chip NFTs 101 – How Did Moonbirds Conquer The World In A Bearish Market?
30 Avril 2022 - 04:28PM
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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 a place at the top of the charts. The market
for NFTs is bearish at the moment, how did the pixeled owls
accomplish such a feat? It certainly wasn’t just the art, even
though the Moonbirds have a distinctive look and probably make
excellent profile pictures AKA PFPs. Let’s 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. Moonbirds: Formal Characteristics
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’t end there, according to CryptoSlam, the
Moonbirds have generated $481M in sales so far. That’s 160K ETH
from almost 12K buyers. And for every secondary sale, Proof
received a 5% cut. According to the Moonbirds official site, the
organization distributed those original 10K birds as follows:
7,875: Public sale to allowlist winners 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 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 “nesting” and a future metaverse
codenamed “Project Highrise.” According to the Moonbird’s site,
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 have first
access as a nested Moonbirds holder.” It’s also worth noting
that, “owners of Moonbirds have full commercial art rights for 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, which benefits 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’ll
accumulate.” What rewards exactly? That’s not yet clear. And the
nesting process is not yet available. However, the Moonbirds
site already lists certain characteristics. Nesting will be
“non-custodial (no need to transfer it to another contract) and the
holder numbers displayed on OpenSea etc will not be impacted.”
Those stats are very important for NFT projects. Holders can’t sell
their NFTs while nesting, but they can transfer them. “The intent
is to allow holders to move their Moonbirds between their own
accounts, e.g. if they compromise their wallet via a rogue
signature.” There’s also this vague promise, “as soon as your
Moonbird is nested, they’ll begin to accrue additional benefits. As
total nested time accumulates, you’ll see your Moonbird achieve new
tier levels, upgrading their nest.” Controversy. Of Course. For the
level of success that the Moonbirds accomplished, the controversy
around them is pretty mild. The first two aren’t the Proof
Collective’s fault, and the third one is pretty standard practice.
Let’s go through them: Their raffle got hit with a Sybil Attack.
That means, a person or organization created more than 400 wallets
to get as many tickets, or chances to win a whitelist. They earned
more than 50 spots. This Twitter user unveiled the whole thing:
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/UTqYWRkgsG pic.twitter.com/szgJGT5JXO —
zachxbt (@zachxbt) April 16, 2022 According to The Next Web, they
found “at least 10 hacked Twitter accounts across countries ranging
from athletes to politicians posting scammy links that lead you to
a fake Moonbirds website. ”Their aim was to get the unsuspecting
audience to send them ETH in hopes of getting a non-existent
Moonbird. When pressed, one of the Proof Collective founders said,
“Oh the spam is terrible! We’re doing everything we can to contain
it. Lots of bad actors doing their play.” Oh the spam is terrible!
We’re doing everything we can to contain it. Lots of bad actors
doing their play. This wasn’t project criticism (which is of course
valid) so much as gatekeeping which projects deserve recognition or
success. — Justin Mezzell (🥃,🦉) (@JustinMezzell) April 19, 2022 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 pump up the price for their other NFT project and of
gifting those memberships to influencers, “GaryVee (Gennady), his
brother AJ, Beeple and some old friends received the Proof
collective for free.” 1/ Some people contacted us to ask our
opinion on @moonbirds_xyz that is minting tomorrow for 2.5 ETH,
which would take out more than 75 million USD out of the ecosystem.
As usual, many are afraid to speak out because they don't want to
offend "powerful" Web3/NFT influencers/VCs.
pic.twitter.com/YXvAqs8mwn — NFT Ethics (@NFTethics) April 15, 2022
Hardly anything to write home about. On 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 to
the influential group. It might be the NFT with the most valuable
utility to date. Feature Image Moonbirds sample from the official
website | Charts by TradingView
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