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Kevin Rose’s Moonbirds Ethereum NFT Launch Generates $280M In Two Days
The PROOF Collective’s NFT drop puts up head-turning numbers as the profile picture project finds a ravenous audience.
Harshvardhan
9:09 18th Apr, 2022
NFTs
  • Moonbirds, a new Ethereum NFT project from Kevin Rose’s PROOF Collective, launched on Saturday.
  • Already, the project has yielded $280 million worth of total sales volume, including the initial mint.

The holiday weekend wasn’t a quiet one in the NFT space: The much-anticipated Moonbirds project from tech entrepreneur and VC Kevin Rose’s PROOF Collective launched on Saturday, and already the Ethereum NFT collection has generated $280 million in sales.

That figure comes from data analytics provider CryptoSlam, which confirmed to Decrypt that it's from secondary market trading volume across multiple marketplaces, which has exploded since the project’s mint.

Moonbirds is an Ethereum profile picture collection that spans 10,000 total images, each with randomly distributed features akin to projects like CryptoPunks and the Bored Ape Yacht Club.

PROOF Collective ultimately released 7,875 of the NFTs for sale via an allowlist, which was formed via a raffle process. Each Moonbirds NFT offered via that process was sold for 2.5 ETH (about $7,600) at the time of Saturday's sale.

Another 2,000 of the images were granted as free mints to holders of the PROOF Collective NFT membership pass, which starts at a price of above 97 ETH (about $283,000) on secondary markets. Just 1,000 of the passes are available, and each holder could mint two Moonbirds.

Moonbirds sales on secondary markets skyrocketed over the weekend. Leading NFT marketplace OpenSea notched its largest day of trading volume in more than two months on Saturday, topping $177 million worth of Ethereum trading, per Dune Analytics data.

As of this writing, the cheapest-available Moonbirds NFTs are listed for at 19.8 ETH, or nearly $59,000. A single NFT in the collection, Moonbirds #7963, sold for 135 ETH (over $403,000) on Sunday, while a pair of other NFTs have sold for 130 ETH apiece.

Moonbirds has dominated the NFT market since the Saturday mint, with CryptoSlam showing about eight times the trading volume of any other collection over the past seven days. The Mutant Ape Yacht Club is listed second with about $34.6 million worth of trading over the past week, for example, while Moonbirds has clocked $280 million in two days.

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