Moonbirds Expect to Make $66M with NFT Drop Mints

Moonbirds set to mint out 

The NFT space is in a frenzy over this weekend’s big drop. 

Moonbirds went online today. The majority of the 10,000-strong NFT collection was minted in the first few hours. Out of the 10,000 coins, 2,000 were made freely available to PROOF Collective NFT owners via a free mint. 125 were distributed directly by the Moonbirds team. The remaining 7,875 coins were sold for 2.5 Ethereum each by those who were awarded an allowlist spot by a public raffle. Moonbirds raised approximately $66 Million from the allowlist min at the current Ethereum market price. 

Moonbirds is an assortment of pixel art owls created on Ethereum. Each owl is unique and denotes its scarcity. The art also makes for a great profile picture on social media platforms like Twitter. In that respect, Moonbirds is similar to many other so-called “PFP” projects that gained popularity in 2021.

Moonbirds is a promise that Moonbirds will offer more than other NFT projects. This explains why it was so popular and sold at such a high price. Although Moonbirds resemble cute owl characters on the surface, they in fact serve as “utility NFTs” for PROOF, one of the recent winners in the NFT space. PROOF Collective, which is a private members club of just 1,000 NFT collectors and artists, was unveiled to great success by PROOF. PROOF Collective’s first drop, called 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 $250,000 in Ethereum. Moonbirds have been labeled as the official avatar for PROOF and though details are currently scarce, they’re expected to offer holders similar benefits to PROOF Collective passes. This could give you early access to mints, airdrops or other rewards. 

As Moonbirds are linked to the highly-successful PROOF Collective, today’s mint was incredibly sought after. It was originally planned to launch in a Dutch auction with a starting price of 2.5 ETH. But, due to overwhelming demand, the team chose to raffle off the items and sell them on the allowlist to avoid bots. According to the team, it received four entries for each NFT in the raffle. In the days leading up to the mint, anticipation was high. There was also a lot of speculation as to what the floor price on the secondary markets would be. Speculators purchased NFTs from the trading platforms for as high as 25 Ethereum each, which was approximately $76,000 in the moments after the Moonbirds first hit the market. As more NFTs were added to the market, prices dropped. OpenSea currently has a floor price of 7.65 ETH. 

The Moonbirds team tweeted out that it was “thrilled to see the community coming together” after the mint but has not yet released any further information on the project’s roadmap. Still, with $66 million banked, the team shouldn’t have any difficulty finding cash for their upcoming plans. 

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