Moonbirds, the once elite ‘blue chip’ NFT collection by Kevin Rose and the prestigious PROOF COLLECTIVE is struggling. In a recent Twitter space, Rose addressed recent FUD. He also added that The Bored Ape Yacht Club is down more than Moonbirds. This saga was met with community backlash. Here’s everything you need to know.
TL;DR
- Moonbirds, the NFT collection by Kevin Rose’s PROOF COLLECTIVE, is facing significant struggles and community backlash, with its floor price dropping significantly.
- Kevin Rose attempted to address the FUD in a Twitter space, but his statement comparing Moonbirds to The Bored Ape Yacht Club received backlash and fueled more skepticism.
- Moonbirds has a history of controversial events, including team members purchasing tokens, celebrity endorsements, overpromising and underdelivering, and underwhelming utility releases. The community’s frustration has grown, and major figures in the NFT space are publicly expressing their concerns. The future of Moonbirds remains uncertain.
The Rise and Fall of Kevin Rose’s Moonbirds
If you’re an NFT enthusiast, then there’s no doubt that you would heard of Moonbirds by Kevin Rose’s PROOF COLLECTIVE. For a long time, Moonbirds was forecasted to be the next Bored Ape Yacht Club. However, Moonbirds is currently the most fudded project in Web3.
How did we get here? In brief, Moonbirds minted out its entire collection at 2.5 ETH per token. Then, in the days and weeks following, its floor price ‘skyrocketed’ to the 30+ ETH range. This figure is staggering compared to its current 2.149 ETH. Naturally, this decline puts Moonbirds at the center stage of FUD.
Kevin Rose Attempts to Address The FUD
In an attempt to address the FUD, Kevin Rose hosted a Twitter space titled “NFTs” on May 29th, 2023. More than 6,000 keen individuals tuned in to listen to Rose’s insights. In summary, Kevin’s key points were:
- The distribution of value to holders via tokens legally is a major undertaking.
- The true value of Moonbirds holders is in the long-term appreciation of art.
- Moonbird holders’ return on investment expectations cannot be the floor price.
- A further emphasis that Moonbirds will not play hype games anymore.
- Most importantly, Rose stated that The Bored Apes are down more than Moonbirds “dollar for dollar.” Kevin attempted to address the FUD via a Tweet which he had turned replies off, and later deleted.
The first four points seem fair. However, the final point has been met by community backlash and has only added fuel to the FUD fire. The general backlash, particularly from the Bored Ape community, is that Ape holders received a 6-figure Apecoin drop, Mutant Apes, Otherdeeds, and more. Whereas Moonbirds holders received socks, fanny packs, canceled plans, operational mistakes, and more. Therefore, Rose’s statement is somewhat redundant in their opinion. Many express that they feel Rose’s actions are unprofessional and display a losing mentality.
A Deeper Dive Into The Dark Side
Moonbirds isn’t new to controversy. There have been many events in its history that have triggered an uproar from the NFT community.
- Just 2 hours after Moonbirds revealed, the COO started purchasing tokens. As a core team member, he would have known the rarity numbers and upcoming marketing plans. Thus, this was deemed very shady. Then, 2 weeks later, the same COO left Moondbirds to start his own NFT fund.
- The Moonbirds team gave free NFT tokens to celebrities, who then withheld the fact that they received the owls for free. Celebrity endorsing is a powerful tool for market manipulation.
- The Oddities reveal was a classic case of overpromising and underdelivering. The teams messaging around the Oddities NFTs made them appear as if they were more important than they are.
- The fanny packs release was underwhelming. Moonbirds raised over $70 million from their mint alone. Therefore, you can imagine how frustrated the community was when they realized the utility was a bag.
- Many many more issues that can be found on this Tweet.
After learning this, it’s clear that the recent event and backlash are the result of many previous events. The NFT community is growing tired of Kevin Rose and Moonbirds, and the floor price is a reflection. Additionally, many major names in space are publicly expressing their thoughts, and the anti-Moonbirds threads are compounding. Could this be the end of Moonbirds? I’m not so sure. However, be sure to check back in for regular updates!
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This article is educational material.
As always, make your own research prior to making any kind of investment.
