Moonbirds, an Ethereum NFT project by Kevin Rose’s PROOF Collective was launched on Saturday. The project already has a total of $280 million in sales volume, which includes the initial mint.
The holiday weekend was not quiet in the NFT world: Kevin Rose, tech entrepreneur and Venture Capitalist, launched the much-anticipated Moonbirds project. Already the Ethereum FT collection has already generated $280 million in sales.
This figure is from CryptoSlam data analytics provider. It confirmed to Decrypt that the figure includes both primary sale (original mint) and secondary trading across markets–the latter having exploded since Saturday.
Moonbirds is an Ethereum profile photo collection that spans 10,000 images with randomly distributed features akin projects like CryptoPunks or the Bored Ape Yacht Club.
PROOF Collective eventually released 7,875 NFTs via an allowlist. This was created via a raffle process. At Saturday’s sale, each Moonbirds NFT was sold at 2.5ETH (roughly $7,600).
Holders of the PROOF Collective NFT membership passes, which start at above 97ETH (about $283,000 on secondary markets), were eligible to receive another 2,000 images as free mints. Only 1,000 passes are currently available. Each holder could also mint two Moonbirds.
Over the weekend, Moonbirds’ sales on secondary markets soared. OpenSea, a leading NFT marketplace, had its highest day of trading volume for more than two months, surpassing $177 million in Ethereum trading on Saturday, according to Dune Analytics.
The cheapest Moonbirds NFTs, which are available at 19.8 Ethereum, is listed as of this writing for nearly $59,000. One NFT from the collection, Moonbirds #7963 sold on Sunday for 135ETH (over 403,000), while two other NFTs sold for 130ETH each.
Moonbirds has been the NFT market leader since Saturday’s mint. CryptoSlam had eight times the trading volume than any other collection in the past seven days. With $34.6 million of trading in the last week, the Mutant Ape Yacht Club comes in second, with Moonbirds racking up $280 million over two days.
Rose, a partner in True Ventures and a long-time tech entrepreneur, created PROOF Collective. It is an NFT-driven membership group. Rose is also an NFT enthusiast. His PROOF podcast was the inspiration for the NFT club that later minted its 1,000 membership passes NFTs.
An NFT is a proof that an item is owned. It includes digital goods such as profile pictures, artwork and collectibles. According to DappRadar data, the NFT market generated $25B in trading volume by 2021 and already exceeded $12B in its first quarter 2022.
The pixelated bird avatars are useful beyond the current speculation frenzy surrounding Moonbirds. NFT holders get access to the PROOF Discord server, an upcoming Metaverse initiative and a “nesting” feature, which is a twist on staking. Owners will also be rewarded with additional perks for keeping the NFTs.
All mint funds and secondary sales royalties from the Moonbirds Drop will go into PROOF Collective’s treasury to fund future initiatives such as content, exclusive experiences and a 2023 NFT conference.
It is interesting to note that the Moonbirds hype this weekend has also benefited a previous NFT collection by Justin Mezzell (co-founder and chief products officer at PROOF).
His Solana NFT collection Grim Syndicate, which was originally priced at $2200, has seen a significant increase in value. It is now worth $1,300, and the current floor prices are 13 SOL (approx. $1,300).