People Are Rushing to Pay $50,000 for Digital Owls


Key Takeaways

The Moonbirds NFT collection went live after much anticipation last weekend.
Initially priced at 2.5 ETH, the cheapest NFTs in the collection are currently worth around 16 ETH.
Trading volumes for Moonbirds has soared on marketplaces like OpenSea. It’s currently the most traded collection in the NFT space.

Share this article

The current floor price for a Moonbird is around 16 ETH. 

Moonbirds NFTs Soar Following Launch 

There’s always at least one project causing a buzz in the NFT space. 

The latest one that has Web3 enthusiasts talking is Moonbirds, a collection of 10,000 pixelated digital owls living on the Ethereum blockchain. Moonbirds went live Saturday with a highly-anticipated mint event, with the majority of the tokens selling for 2.5 ETH. The team behind the project took in about $66 million on the initial sale, and it also takes a small cut from every secondary sale.  

Trading volumes for Moonbirds have skyrocketed on secondary marketplaces like OpenSea in the three days since the launch. The collection has traded over 73,000 ETH on OpenSea, which is more than collections like CryptoKitties, CrypToadz, and World of Women have traded in their entire lifetimes. Azuki, a popular anime-inspired NFT collection that’s exploded in popularity since it launched in January, has seen roughly 185,000 ETH in trading volume on OpenSea, while Bored Ape Yacht Club is approaching 500,000 ETH traded. High trading volumes are generally seen as a positive indicator for a project’s growth as they show where market interest lies. 

Moonbirds has been styled as the “profile picture” project for PROOF, another popular NFT venture that took off earlier this year. PROOF NFT holders were given three days to mint two Moonbirds as part of the launch, before a list of pre-approved Ethereum addresses had a three-hour window to mint their own tokens. In the days following the launch, the NFTs jumped to a floor price above 20 ETH. The cheapest NFTs in the collection are currently trading at around 16 ETH, or just under $50,000, while rarer pieces have sold for upwards of $300,000.

While hype certainly may be a factor in the eye-watering prices for the digital birds, market participants are also betting on the team’s future plans for the project. The Moonbirds team, led by Kevin Rose, has said that Moonbirds are “more than just an avatar” and will offer benefits to holders, but so far it’s been tight-lipped on details. Interestingly, to prevent floor price manipulation, Moonbirds team member Ryan Carson has said that the team will soon roll out a feature called “nesting” that buys back any NFTs listed below the current floor price, responding to issues other projects have suffered from. 

Though there’s no way of telling whether Moonbirds will hold their current value, the project has enjoyed one of the strongest starts the NFT space has ever seen. It took Bored Ape Yacht Club four months to hit a floor price of 20 ETH. Moonbirds just did it in a few days, and for now, trading volumes are still soaring. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Moonbirds Set to Bring in $66M as NFT Drop Mints Out

The Moonbirds team has promised the NFTs will offer utility within the PROOF ecosystem.  Moonbirds Set to Mint Out  The NFT space is in a frenzy over this weekend’s big…

Drift Looks Back on “First Day Out” of Jail With $6.8M NFT Drop

Over $1 million of the proceeds from Drift’s sale will go to The Bail Project to support incarcerated Americans.  Drift Looks Back on “First Day Out”  Drift had a big…

FEWOCiOUS Raises $19M From Paint NFT Sale

The “Paint Drop” NFTs will unlock rewards in the 19-year-old artist’s forthcoming FewoWorld project.  FEWOCiOUS Closes Paint Sale  FEWOCiOUS has raised $19 million via his latest NFT drop.  The 19-year-old…



Source

Recommended For You

About the Author: wp4crypto

Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert