New Dapps Report: Moonbirds – To the Moon and Beyond

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Moonbirds is a collection of 10,000 NFTs made by the PROOF Collective

In the April 2022 edition of DappRadar’s New Dapps Report, we look at popular and interesting NFT collections, and this time we cover Moonbirds. The New Dapps Report serves as an executive overview and analysis of financial metrics for NFT collections. 

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 and 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, a collection that has taken the NFT market by storm. Moonbirds is a collection of 10,000 NFTs made by the PROOF Collective, a group of tech and media industry veterans who built a grass-roots community from their podcast. The podcast is known for being honest and reflective about the NFT culture and markets. The PROOF Collective wants to set new standards among NFTs projects with this collection.

Please do not consider this document as financial advice. 

Data updated on: Apr 27, 2022

Table of Contents

Key Takeaways

  • Moonbirds is the number one most traded collection in the last seven days and the previous two weeks, with a volume of $148,518,343 and $327,073,551, respectively. 
  • The floor price of the Moonbirds collection appreciated over 1,420% since minting on April 16th

Moonbirds – Floor price growth of 1420%

Blockchain: Ethereum

Launch date: Apr 16, 2022

Edition size: 10,000 – Limited Edition

Traits: 8

Attributes: 116

Floor price: 37.99 ETH

Moonbirds generated nearly $150 million in sales in its first week. Despite the subsequent pullback in daily volumes, the overall volume continues to climb steadily. Moonbirds is the number one most traded collection in the last seven days and the most sold collection in the previous two weeks.

Since the mint on April 16th, the floor price increased 1,420% to 37.99 ETH at the time of writing. The average price at the time of writing is 28.65 ETH, which increased by 1,046%. The lower average price is due to many of the owners choosing not to flip their birds after minting. As a result, some NFTs have nill values, and these drag the average below the floor price. 

Added Utility – Strong Long-term Utility 

The roadmap that Moonbirds has released on the official website highlights that the project is 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 access to the Highrise metaverse, which is unique to the PROOF Collective. In a recent Youtube Interview with the Bankless Podcast, Kevin Rose, the project lead, spoke in-depth about the rewards. These will include physical rewards like stickers and hoodies. Also, digital rewards like NFT drops, land-ownership in the metaverse, and other yet to be revealed perks. 

Social Awareness and Engagement 

Moonbirds has a solid online social presence. Its Discord server has 22,308 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. 
Moonbirds Twitter went live in March 2022 and currently has 178,903 followers. The account experienced 100% of its total growth in the last 30 days, gaining an average of 5,826 new followers per day. This trend indicates strong interest and growing demand for the collection.


Moonbirds has 7,864 unique traders, which is below average according to our benchmark. However, this collection places heavy emphasis on the community holding the NFT to reap future benefits. As a result, many traders choose not to flip their Moonbirds for short-term profit. 

Team Overview 

The Moonbirds team consists of  Kevin Rose and Justin Mezzell. Kevin Rose is the project head. He is a tech entrepreneur and a media personality. He created the Digg website, a precursor to Reddit, and he also 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. 

      Kevin Rose     
Image Credits: Christopher Michel / TechCrunch
Justin Mezzel
Image Credits: Orlando Creators

Technical Overview

Moonbirds stores its metadata using IPFS rather than fully on-chain. This poses a common challenge to visually rich metadata projects, as the smart contracts and the metadata are separate. From a technical standpoint, are no signs of any.

  • Audit status: no audits performed yet
  • Storage: Moonbirds NFTs are stored as ERC-721 tokens on the Ethereum blockchain, and visuals are live on IPFS for immutable ownership.

Whale Wallet Analysis

Moonbrids collection currently has a Unique Holders Ratio of 64%, indicating a moderately diversified collection. At 2.65%, its whale concentration 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.

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. 


Moonbirds has hit the ground running and is the number one most traded collection for the last two weeks. The collection has sold a total of $ 320 million, 47% of which were sold in the last seven days. Moonbirds has set out to do things differently from the very start, and this approach has resonated with the community. The developers are fully public and have been for a long time. They established their reputation through a grassroots movement in the NFT community thanks to their podcast. 

Moonbirds also set out to be a long-term project that incentivizes holding instead of flipping by soft-staking the NFT. The idea of soft-staking or ‘nesting’, which keeps the NFT in the holder’s wallet, appeals to many. Moonbirds has also revealed a Highrise metaverse exclusive to the PROOF Collective projects.

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