🦉 fly high, moonbirds
How PROOF Collective's latest Ethereum-based NFT collection made over $220 million in just four days.
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The Big Story
For weeks now, the NFT market has been pretty slow as numerous scams and thefts continue to worry crypto enthusiasts.
But this holiday weekend, a new project managed to lighten this downtrodden sentiment and become one of the top-performing NFT projects on Ethereum.
That too in just four days.
On April 16, PROOF collective, an exclusive NFT-driven membership club consisting of 1,000 NFT collectors and artists, debuted their PFP (profile picture) NFT project, Moonbirds. The collection includes 10,000 utility-enabled NFTs featuring a wide array of rarity-powered traits.
So far, the project—despite its expensive and highly opposed 2.5 ETH mint price—has managed to:
make 72,500 ETH (roughly $220 million) in total sales volume, with a floor price of 18.88 (around $57,300).
become the top-selling NFT collection over the last 24 hours, seven-day, and 30-day metrics.
Witnessing the project’s meteoric success, many wondered how the collection gained so much traction in such a short period of time. Well, there are two main reasons for it:
A fully self-doxxed team
For decentralized projects, knowing the team is vital as it helps build confidence and trust in the long run.
PROOF Collective's founding team consists of Kevin Rose, Ryan Carson, and Justin Mezzel. Kevin, a tech VC who founded American news aggregator DIGG, hosts two podcasts—PROOF and Modern Finance—and is very well-known within the crypto community. Similarly, Ryan is an entrepreneur and investor who co-founded three companies and one non-profit community, while Justin is an illustrator and designer who's previously worked at firms like Google, Twitter, Facebook, and PayPal.
NFT collectors like Cryptolocity on Twitter attributed the project's success to the team, saying that Kevin's podcasts "contained some of most life changing "alpha" for many of his followers."
It’s also worth noting that this isn't PROOF Collective's first project as it had previously launched an exclusive, free-to-mint NFT collection called "Grails," featuring 20 unique art pieces created by 20 artists.
Utility all the way
Another reason for the collection's massive success is its utility. While it's a common feature among NFT projects to offer meaningful forms of utility, Moonbird's offering is pretty impressive.
Each of these featured avatars grants exclusive access to private club membership and several other benefits, depending on how long you hold the NFTs—a process described as nesting on Moonbird's website. Additionally, members also receive access to a private PROOF discord, where they can get more information about Moonbird-related drops, Parliament meetups, merchandise, real-life events, and its upcoming metaverse project (more on this below).
That being said, Moonbird's success shouldn't come as a surprise, considering that the project was highly sought-after ever since it was first announced. So much so that they had to raffle off the ability to mint the NFTs. But soon after the launch, concerns surrounding raffle manipulation and rarity snippets (project leaders buying the rarest NFTs in the collection) started floating on Twitter.
Next big move
The team now focuses on the launch of its next big project, Project Highrise, which aims to take a unique approach to build a metaverse.
"The PROOF-built 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. The Moonbirds mint is the beginning."
While not much is known about the project as of yet, PROOF has encouraged to hold their Moonbirds for added utility in the future.
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