People Are Rushing To Pay $50,000 For Moonbirds NFT collection Digital Owl

Moonbirds NFT collection Digital Owl was launched and is worth around 16 ETH which is currently the most-traded NFT collection on OpenSea with over 73,000 ETH worth of volume
People Are Rushing To Pay $50,000 For Moonbirds NFT collection Digital Owl
People Are Rushing To Pay $50,000 For Moonbirds NFT collection Digital Owl

In the NFT space, there is always at least one project that is causing a stir.

The Moonbirds NFT collection, Digital Owl, a collection of 10,000 pixelated living on the Ethereum blockchain, is the most recent one that has Web3 enthusiasts talking.

Moonbirds NFT Collection Digital Owl Is Now Live

Moonbirds launched its much-anticipated mint event on Saturday, with the majority of tokens selling for 2.5 ETH. The project’s team made approximately $66 million on the initial sale, and they also received a small cut from each secondary sale.

After much anticipation, the NFT collection went live last weekend.

The cheapest NFTs in the collection, which were initially priced at 2.5 ETH, is now worth around 16 ETH. Trading volumes for Moonbirds have skyrocketed on marketplaces such as OpenSea. It’s the most traded collection in the NFT market right now.

Moonbirds NFT Collection Trading Volume Increases

In the three days since the launch, trading volumes for Moonbirds have skyrocketed on secondary marketplaces such as OpenSea. On OpenSea, the collection has traded over 73,000 ETH, which is more than CryptoKitties, CrypToadz, and World of Women have traded in their entire lives.

Azuki, a popular anime-inspired NFT collection that has exploded in popularity since its launch in January, has seen roughly 185,000 ETH in trading volume on OpenSea, while Bored Ape Yacht Club has seen close to 500,000 ETH traded.

High trading volumes are generally regarded as a positive indicator of a project’s growth because they reveal where market interest is concentrated.

Moonbirds NFT Collection Digital Owl Is For Sale For 16 ETH

Moonbirds have been dubbed the “profile picture” project for PROOF, a popular NFT venture that launched earlier this year. As part of the launch, PROOF NFT holders were given three days to mint two Moonbirds 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 skyrocketed to a floor price of more than 20 ETH. The collection’s cheapest NFTs are currently trading at around 16 ETH, or just under $50,000, while rarer pieces have sold for up to $300,000.

While the hype is undoubtedly a factor in the digital birds’ exorbitant prices, market participants are also betting on the team’s future plans for the project.

The Moonbirds team, led by Kevin Rose, has stated that Moonbirds is “more than just an avatar” and will provide benefits to holders, but has been tight-lipped about details thus far.

Interestingly, Moonbirds team member Ryan Carson has stated that the team will soon roll out a feature called “nesting” that buys back any NFTs listed below the current floor price to prevent floor price manipulation, in response to issues other projects have experienced.

— Ryan Carson (🥃,🦉) (@ryancarson) April 19, 2022

Though it is impossible to predict whether Moonbirds will retain their current value, the project has had one of the most promising starts in the NFT space. Bored Ape Yacht Club to reach a floor price of 20 ETH. Moonbirds did it in a matter of days, and trading volumes are still skyrocketing.

NFTs as a ‘fundraising mechanism’

As the secondary market price of Moonbirds continues to rise, with nearly 70,000 ETH, or $205 million, traded on the NFT auction site OpenSea, some see this as a “tipping point” for the NFT market as a means of startup funding.

“Moonbirds is one of the first majorly successful (so far) projects that are unashamed about what it is. Kevin [Rose] and Ryan [Carson] have been very clear that they’re raising money, that they’re not ‘selling art’, that they’ll treat the money as funds to build a product, etc,”

Daniel Tenner, founder of startup funding service Grant Tree

The Proof Collective, a group of 1,000 NFT collectors, was one of the people behind the 10,000 bird collection, which sparked a lot of interest. Among its members are well-known NFT figures such as artist Mike Winkelmann, also known as Beeple, and investor Gary Vaynerchuk.

Proof Collective’s co-founders, Kevin Rose and Justin Mezzell are also well-known in the NFT community. Rose, for example, is a True Ventures venture capitalist who focuses on blockchain startups and hosts popular cryptocurrency podcasts.