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An unidentified $NFT trader has lost more than 1,000 $ETH, most of it via purchases of the much-hyped Moonbirds.
Moonbirds was launched in April last year by Kevin Rose’s Proof Collective and was supposed to build connections between $NFT collectors. It was also planning to host an $NFT conference, however, this has now been canceled.
The Proof of Conference was meant to be the jewel in the Moonbirds crown — but it was pulled due to lack of interest. Organizers feared the event would play to a mostly empty venue. Moonbird holders were allowed to purchase their conference tickets at a discounted price.
Moonbirds was one of the most hyped $NFT launches in history, making its debut at a sale price of 2.5 $ETH. Sales climbed to an average price of more than 11 $ETH on the first day and within two weeks, the average sale price hit the 25 $ETH mark. The highest sale for Moonbirds was 350 $ETH, which was more than one million dollars at the time. However, it couldn’t maintain this momentum and today, the average sale price is just 7.3 $ETH.
Moonbirds was supposed to be a top-five collection
The launch of Moonbirds raised $58 million in five days for Proof Collective. Kevin Rose announced he would use the capital responsibly to give back value to holders, by creating one of the top-five NFTs.
One of the initiatives designed to create value for Moonbirds was called ‘Nesting,’ a sort of non-custodial staking where holders would ‘nest’ their Moonbird in exchange for rewards, like a black hoodie.
The $NFT market has cooled down dramatically since the explosive hype of 2021 and 2022. January 2022 saw a total trading volume of more than $4.5 billion on the OpenSea marketplace while this month’s total trading volume barely hit the $500 million mark.
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This is due in part to the successful opening of a new $NFT marketplace called Blur, which has surpassed OpenSea in trading volume. When launched, Moonbirds was the most-traded $NFT collection but today it’s not even in the top 25.
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