Moonbirds: Should You Buy this NFT Collection?

According to many, the early parts of the year 2021 marked the beginning of the non-fungible token revolution and a massive increase in their acceptance. New projects have seen both the ups and downs of the market since then but the industry as a whole was taken by storm by the introduction of the Moonbirds NFT collection. This came as a fine revelation as, In 2022, the total amount of NFT sales seemed to have decreased.

Origin of Moonbirds

The ‘PROOF’ organisation made Moonbirds NFTs a reality. They are also behind The PROOF Collective and Grails projects. Kevin Rose and Justin Mezzell, two well-known individuals in the NFT community, formed the group.

Proof Collective began as a modest, constrained NFT membership collection geared toward ardent NFT investors and collectors. Through various releases, notably GRAILS, their founding drop, the collective has forged connections between artists and NFT collectors. Proof Collective pass owners were given two complimentary Moonbirds to mint.

Moonbirds NFT – A Brief Intro

On April 16th, 2022, the Ethereum network saw the launch of a group of tokens known as Moonbirds that were created in accordance with the ERC-721 standard. Moonbirds NFTs are examples of utility-enabled PFPs with a wide range of distinctive features influenced by rarity.

A total of 10,000 Moonbirds NFTs were issued during the launch. Simply said, this project seeks to replicate another successful PFP program, but it has also given owners of Moonbirds several additional benefits. In addition to its utility, each Moonbird is designed to grant access to a private club and to accrue additional rewards over time. Nesting refers to this final section.

What exactly is Moonbirds Nesting?

Nesting allows you to secure up your Moonbird without moving it out of your wallet, which is referred to as "soft staking." Over 8,000 Moonbirds are presently nesting, according to their website, which just recently went up. On the basis of how long they keep the NFT in nesting and also don't list or sell it, Moonbirds holders will receive rewards.

There will also be three levels for awarding long-term owners (bronze, silver, and gold) as tiers are a component of nesting as well. Following 30 days of nesting, Moonbirds will move up to bronze nests from their initial straw nest. If indeed the Moonbird is put on the market or sold, the nesting process is reset, and the new owner will start from scratch with a straw nest.

Are Moonbirds NFTs worth investing in?

So the question remains, should you buy the Moonbirds NFTs or not?  The NFTs have outperformed almost every collection during their initial release by a considerable margin. In the six days since they were minted, the collection witnessed a total transaction volume of more than 100,000 ETH, or slightly under $300 million.

There is a key reason for users to buy this particular NFT and that happens to be ‘art’. Due to their unique design, the competence of PROOF Collective, and the enormous amount of interest the project received prior to the mint, Moonbirds generated a great deal of hype, which in turn served as additional catalysts for its price.

Some Moonbirds are rarer than others and all have distinctive characteristics. So people who are fans of unique artistic NFTs which also yield long-term monetary returns should definitely go for this. That said, this is not a financial advice, readers are advised to do their own research