Within a week of its release, the Moonbirds NFT sells for $1 million

  • Over the weekend, Moonbird #2642 on OpenSea sold for 350 ETH ($1 million).
  • Within a week of the collection’s debut, this record was set.

On Saturday, Moonbird #2642, one of the rarest Moonbirds NFT members, sold for a record 350 ETH (nearly $1 million) on the NFT marketplace OpenSea.

The Sandbox, a blockchain-based gaming company that is a subsidiary of Hong Kong-based Animoca Brands, purchased the piece. The vendor, known on OpenSea as “oscuranft,” made a profit of roughly $600,000 after purchasing the NFT for 100 ETH a week ago.

Avatars of Owls

Moonbirds is a 10,000 owl avatar NFT collection. In terms of a floor price, it is one of the quickest collections to achieve bluechip status. Proof, a media firm established by prominent venture capitalist Kevin Rose, debuted Moonbirds on April 16.

Rose is presently a partner with True Ventures, a technology-focused venture capital firm. He has over 1.5 million Twitter followers and was previously a general partner at Google Ventures.

Rose is the host of a Proof podcast that focuses on NFT. Moonbirds is his second major NFT initiative after Proof Collective, a secret organization of 1,000 NFT collectors and artists, including Beeple, who owns a Proof Collective NFT and receive special perks. Access to Proof’sProof’s secret Discord, early access to the Proof podcast, and in-person events are perks.

According to the Moonbirds website, they are “the official Proof PFP” (photo for proof or profile pic) of the ProofProof Collective.

According to The Block Research, which cites statistics from Dune Analytics, Moonbirds NFTs have generated a total sales volume of approximately $360 million in just over a week. The top ten most expensive sales vary from $397,000 to $1 million.

According to OpenSea, the current Moonbirds floor price is 33.3 ETH. Each NFT was ProofProof minted for 2.5 ETH. That implies investors have profited more than 12 times in just a week.

What factors contributed to its rapid success?

Moonbirds’ rapid success has been fueled by various causes, including Rose’s support, the success of his prior Proof Collective project, and collectors’ preference for NFT projects with a proven track record, according to Thomas Bialek of The Block Research.

Holders of Proof Collective NFTs are also sitting on significant profits. In December, these NFTs were created through a Dutch auction, starting for 5 ETH. According to OpenSea, the current floor price of these NFTs is 109 ETH.

According to The Block Research, which cites Dune Analytics statistics, Proof Collective NFTs have generated a total sales volume of approximately $39 million to date.

Rose appears to have grander ideas for Moonbirds. Moonbirds is introducing a new feature called “nesting,” which allows NFT holders to bet their tokens in a non-custodial manner and receive additional rewards.

Holders of NFTs will earn varying status levels depending on how long they lock up their NFTs, as Rose outlined in a recent video.

Rose explained that ProofProof is only at its “very beginning,” and that he hopes to “create a new media firm over a multi-decade journey.”

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