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While 2021 saw the rise of non-fungible tokens (NFTs), 2022 has seen slightly slower growth for the technology. Because of this, many new NFT projects are forced to become more creative and inventive to create successful collections. One such project is Moonbirds, a profile picture project that has greatly appreciated in value as of late.
What Are Moonbirds NFTs?
An NFT is a way to represent ownership of digital goods on the blockchain. In the case of Moonbirds, the digital goods being represented are photos that can be used as profile pictures. Additionally, the NFTs serve as an access key to the exclusive PROOF Collective. Each NFT has a unique address stored on the blockchain. The NFT owner has a wallet associated with this unique address, allowing Moonbirds holders to verify ownership. This ability to verify ownership is important for their PROOF community.
Moonbirds NFT is a relatively new NFT project. It features 10,000 unique owls (hence the name “Moonbirds”) that each have their own distinct features. The pixelated owls can have a varying combination of feathers, headwear and beaks that make them stand out and determine the overall rarity. Some of the rarest traits are sage feathers, diamond headwear and moon eyes.
At the time of writing, the Moonbirds NFT has a floor price of 28.5 ETH, which equates to a little over $75,000. The return on investment for Moonbirds has been extremely high given that those who minted paid 2.5 ETH, or around $7,500.
Brief History of Moonbirds
Moonbirds NFT minted on April 16, 2022, for a price of 2.5 ETH. The project was released via a raffle. However, the creator, Kevin Rose reserved around 20% of the mint for members of the PROOF collective, a small 1,000-member group that is granted early access to NFTs and exclusive NFT projects.
Kevin Rose has been involved in both tech and crypto for some time. He began his career as an angel investor for huge companies such as Twitter, Facebook and Uber. More recently, he has devoted much of his time to crypto and Web 3.
The release of the Moonbirds project attracted huge attention from the media and celebrities, largely because of Rose’s huge following through social media and his podcast. The project quickly sold out and saw hundreds of millions in trading volume, and celebrities such as Jimmy Fallon invested in the project.
Perks of Holding Moonbird NFTs
The main perks of holding a Moonbirds NFT are the social capital gained from having it as a profile picture and access to the exclusive events and communities. The project was designed to be used as profile pictures, but owners gain other perks from holding a Moonbirds NFT.
A perk of holding a Moonbird is the nesting feature. Nesting is essentially NFT staking. While your Moonbird is nested, you cannot sell it. However, you can receive rewards for nesting it for extended periods of time. The exact rewards are currently unknown, but it may be worth it if you see the project continue to appreciate in price.
Another perk is access to the PROOF collective, a small community for holders of exclusive NFTs. The first 1,000 members of the community were given free Moonbirds. The community is given access to exclusive airdrops and events, such as a conference set to happen in 2023.
How to Buy Moonbirds
Now that you understand the basics of the project, you may be interested in purchasing your own Moonbird. Here’s how in four short steps.
Step 1: Open an Online Account
Since the Moonbirds NFT project is housed on the Ethereum blockchain, the first step in acquiring an NFT is to purchase ETH. This action can be completed on a variety of trading platforms, but Coinbase Global Inc. (NASDAQ: COIN), eToro, Webull, Gemini and Voyager are among the best. These platforms are known for their security, ease of use and low fees.
Once you have chosen a trading platform, set up an account using a password and email, provide basic personal information to verify your account and fund the account by connecting your bank.
With your funded and verified account, head over to the ETH page through the search feature. Enter in the amount of ETH to purchase and execute the trade. Your ETH will now be shown in your portfolio.
Step 2: Buy or Download a Crypto Wallet
A wallet allows users to access decentralized finance (DeFi) applications on the blockchain. NFTs fall under this classification, so a wallet is needed to purchase an NFT. You technically only need a software wallet to purchase a Moonbird, but a hardware wallet can keep it safe once the transaction is completed.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.
Ledger is a brand of hardware wallet that supports all Ethereum-based NFTs. It offers Nano S and Nano X models. The Nano S offers rudimentary features while the Nano X supports ease of use with Bluetooth connectivity and a larger screen. However, you need to pair your Ledger hardware wallet with a software wallet to trade NFTs.
Best Software Wallet: MetaMask
Software wallets store private keys online. While this is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.
MetaMask encrypts all information on its servers. Information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your trades efficient and safe.
Step 3: Send ETH to MetaMask
Once you have ETH on a trading platform, you must send it over to your wallet. To do this, you locate your MetaMask wallet address, which is a string of 64 letters and numbers that can be found in your wallet, starting with a 0x. Copy this address and paste it into the “Send” feature on your trading platform. Enter the amount to send and execute the trade.
If you see that transaction fees are high, you can wait for a more optimal time to send your Ether to your wallet. A decent price to spend on a transaction fee is around $10, and you can usually get a better price at night or on the weekends.
Step 4: Make Your Purchase
Once you have ETH in a wallet, head to OpenSea. This NFT platform houses the Moonbirds project. Connect your wallet and locate the NFT you would like to purchase. If it has a “buy now” price, you can purchase it right then. If it has a bid, you can also bid on the NFT and wait for the seller to accept. Once the trade has executed, the NFT will be stored in your wallet.
Keep an eye out for new projects from Kevin Rose and the PROOF collective. These actions can create more hype around Moonbirds and impact the price.
Current Crypto Prices
April 2022 will go down as one of the worst months for crypto to date. Major tokens, such as Bitcoin and Ethereum have dropped over 15% in the last 30 days, and smaller tokens have seen even larger falls.
This pullback could be caused by many things, ranging from rising interest rates to increasing COVID-19 concerns. Regardless, make sure to stay updated with current prices through Benzinga’s crypto price chart.
Is It Worth Getting a Moonbirds NFT?
As of right now, Moonbirds are extremely speculative. The high prices are mostly because of Kevin Rose’s reputation and celebrity involvement. The prices could drastically fall at any time, and investors have no guarantee that the price will go up. However, you can take advantage of multiple perks of holding the NFT that may make it appealing for some buyers. If you are looking to turn a profit, Moonbirds may not be for you. However, if you are looking for access to a community and potential airdrops in the future, then it may be worth purchasing.
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