Moonbirds Oddities, a collection that will take the NFT market by storm.
In the July 2022 edition of DappRadar’s New Dapps Report, we dive deeper into the Moonbirds Oddities, which are climbing the NFT charts. The New Dapps Report is a detailed analysis of financial metrics for NFT collections with a solid appeal.
This New Dapps Report is part of a series of executive reports that provide readers with a high-level perspective of promising, generative NFT collections. The report focuses on financial metrics, including sales activity, price analysis, and distribution metrics like Unique Holders Ratio and Whale Concentration Index. It additionally dives into whales’ behavioral patterns and social and technical overviews.
This week we look at Moonbirds Oddities, a collection of 10,000 NFT-pellets that was revealed on the 20th of July. It was launched on the 22nd of May, as a side project from the original Moonbirds team and airdropped to the holders of Moonbirds who “nested” their birds.
Gremplin, the artist responsible for the Cryptoadz collection, collaborated with designers to produce the artwork for the Oddities. Besides Gremplin’s involvement, there is no known relationship between the two projects.
Please do not consider this document as financial advice.
Data updated on: Jul 20, 2022
Table of Contents
- Key Takeaways
- Financial Overview
- Utility
- Social Awareness and Engagement
- Technical Overview
Key Takeaways
- Moonbirds Oddities is the 9th most-traded collection in the last seven days, with over $1.7 million and a total volume of over $17 million.
- The reveal will be on the 20th of July, after 2 months of being on the market.
Moonbirds Oddities – Struggles to keep the pace of Moonbirds
Blockchain: Ethereum
Launch date: May 23, 2022
Edition size: 10,000 – Limited Edition
Traits: 12
Attributes: 209
Floor price: 3.1 ETH
Moonbirds Oddities is the 9th most traded collection in the last seven days. It is a collection that has been on the market for almost two months without the reveal and still has a weekly volume of two million dollars.
The average price has depreciated by 40% since the launch of the collection. The depreciation is a consequence of the lack of information regarding the collection, the reveal is being done months after the launch, and the social media accounts are not particularly active, taking into consideration that before the 20th of July, they only tweeted seven times.
Trading activity fell off gradually after the airdrop and maintained a low volume for the past two months. The trade volume has been increasing by 50% from half a million dollars to one million between the 15th and 19th of June, in anticipation of the collection reveal. The bullish chart of the average price reinforces this.
It is important to note, that although the information was scant, the day after the launch of this NFT collection, Moonbirds 24-hour trading volume increased by 78.82% to $13 million.
Added Utility – No roadmap and vague utility plan
The team has not yet specified, if any, utility will be included with the Oddities. Instead, they stated that they sought to accomplish something other than a basic derivative project in designing the Oddities pellets. One thing is certain though, holding Oddities makes you part of the PROOF Collective ecosystem.
It is useful to mention that the original Moonbirds project was built with long-term utility in mind. Holders of Moonbirds can ‘nest’ their birds, which means they can stake the NFT without it leaving their wallets. The holders are incentivized to nest for an extended period because the longer they hold, the more rewards they will earn. In time, these rewards will improve as more utilities are added.
The immediate benefits of holding Moonbirds are access to the exclusive Discord server, PROOF conferences, and events, full IP ownership of the NFT, and future access to the Highrise metaverse, which is unique to the PROOF Collective. For more information, check the DappReport regarding Moonbirds.
Social Awareness and Engagement
Moonbirds Oddities doesn’t have a solid online social presence, but they are part of the original Moonbirds community. The Twitter account for Moonbirds has almost 200.000 followers.
Oddities have a Twitter account that was created in May 2022; however, it first went active on May 17th, 2022, a few days before the airdrop. The profile currently has 24,269 followers and only seven tweets. The Oddities collection only follows five accounts, all of which are people involved with the PROOF collective and the original Moonbirds collection, and the account is not particularly active.
The team doesn’t have a separate Discord account for Oddities, but the Discord server for Moonbirds has 20,243 active users, which is relatively low for a project with so much trading volume. The Discord is exclusive to PROOF Collective NFT holders, which explains the low membership count. Moonbird holders have their private channels in that Discord.
Team Overview
As previously mentioned, Oddities is part of the PROOF ecosystem, which consists of Kevin Rose, Justin Mezzell, and Ryan Carson, tech and media industry veterans who built a grass-roots community from their podcast.
Kevin Rose is the project head of the Moonbirds collection. He is a tech entrepreneur and a media personality. He created the Digg website, a Reddit precursor, and heads the PROOF podcast. Justin Mezzell is responsible for the visuals of the project. He previously designed logos for many publicly owned companies like Disney, Google, and Paypal.
Gremlin, the artist who collaborated with designers to produce the artwork for the Oddities, began his foray into the world of cryptocurrency art around January 2021, and months before Toadz, he started to establish his brand. The anonymous artist gradually produced a wide range of NFT works and projects, gradually perfecting his distinctive style through experimentation.
Image Credits: Orlando Creators
Whale Wallet Analysis
Moonbirds Oddities collection currently has a Unique Holders Ratio of 62%, indicating a moderately diversified collection. The more unique holders there are, the less chance of collusion exists between the holders.
The whale concentration is 1.58%, which is relatively low. These two indicators signal that the collection is well diversified and is at low risk for price manipulation by prominent flippers, who usually happen to be among the top holders for most collections.
It seems that a wallet from the foundation has 513 oddities. As mentioned in a recent tweet, they will be used for a future airdrop for the members of the communities they’ve made partnerships with.
There are no prominent flippers among the top five holders of the collection. This absence can indicate a low public profile of a collection. A more likely explanation is that the buyers are incentivized to ‘nest’ for an extended time, thus less likely to flip.
Technical Overview
Moonbirds Oddities stores its metadata using IPFS rather than fully on-chain. This type of storage poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate.
- Audit status: no audits performed yet
- Storage: Moonbirds Oddities NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals are live on IPFS for immutable ownership.
- Contract address: 0x1792a96E5668ad7C167ab804a100ce42395Ce54D
Summary
Moonbirds Oddities, a collection made in partnership with Gremplin, the artist behind Cryptoadz, was the first airdrop given to Moonbirds owners who had staked their birds for 30 days and reached Bronze Nest status. While the community expected to receive eggs as the initial nesting reward, many people were shocked to discover pellets in their wallets after reaching the Bronze Nest milestone.
As the name would suggest, Oddities are a strange offshoot of the otherwise wholesome Moonbirds. Earlier this week, holders of Oddities noticed that their pellets were beginning to crack. Some had eyes, legs or even skeletal hands sticking out. As the hype grew, people began to speculate what these would look like upon reveal. The free airdrops saw highs of 3.6 ETH on July 17th and stabilized around 3 ETH pre-reveal on OpenSea.
The Oddities finally hatched On July 20th at 12PM EST. It felt like a celebratory moment for the entire community as everyone saw what Gremplin had been cooking up behind the scenes. As expected, the owl pellets revealed skeletal rodents in Gremplin’s classic pixel art style. These fun little rodent skeletons had different poses, a darker color palette, and a grim aesthetic that was a nice contrast to Moonbirds.
No information has been published on what they are for, what utility they add, or how they contribute to a sustainable economic model for Moonbirds. The team has only indicated in a video they posted on Twitter, that they aimed to do more with the Oddities than just create a derivative project. Holding Oddities unquestionably integrates the holder into the PROOF Collective environment.
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