The highly-anticipated Moonbirds project opened for minting this past week with 7,875 NFTs minted at 2.5 ETH, equating to $66 million in sales.
Moonbirds is an NFT collection of pixelized birds minted on the Ethereum blockchain. Like most NFT collections, each bird has different traits that denote its scarcity, and the art makes for a fitting profile picture (PFP) on social media apps like Twitter. Many of the largest collections this year that garnered attention this year are PFP-based projects. The benefits process for Moonbirds is called nesting. Each NFT in this collection comes with a unique PFP design that allows it to be nested without leaving the holder’s wallet. As soon as the nesting process is initiated, the Moonbird will begin to accumulate benefits. As time passes, the Moonbird will also upgrade its nest and reach new tiers, unlocking unique rewards.
However, the utility that Moonbirds promises may expand even further and is why the demand has truly been so strong despite the high mint price. These NFTs serve as “utility” for PROOF, one of the recent standout projects in the NFT space. PROOF had a hugely successful launch when it unveiled PROOF Collective, an exclusive members club for just 1,000 Web 3 collectors and artists. PROOF Collective’s first drop, Grails, featured ultra-rare works by the likes of Larva Labs and Tyler Hobbs, and the current floor price for one of its entry passes on the secondary market is over 76 ETH, the equivalent of over $230,000. Moonbirds, the official avatar for PROOF, are expected to offer holders similar benefits to PROOF Collective passes like early access to exclusive mints, airdrops, or other rewards.