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The PROOF Collective's NFT release achieves staggering sales, as the profile photo project attracts a voracious following.
The holiday weekend was not quiet in the NFT arena, as the highly anticipated Moonbirds project from internet entrepreneur and venture capitalist Kevin Rose's PROOF Collective opened on Saturday. The Ethereum NFT collection has already produced $280 million in sales.
This statistic was provided by data analytics company CryptoSlam, which verified to Decrypt that it covers both the initial mint (primary sale) and secondary selling across markets, which has increased since Saturday.
Moonbirds is a collection of 10,000 Ethereum profile pictures, each having randomly distributed attributes similar to those of CryptoPunks and the Bored Ape Yacht Club.
In the end, PROOF Collective made 7,875 NFTs available for purchase via an allowlist generated via a lottery. On Saturday, each Moonbirds NFT provided via this method was sold for 2.5 ETH (about $7,600).
The PROOF Collective NFT membership pass, which begins at a price of more than 97 ETH (about $283,000) on secondary markets, includes complimentary mints for an additional 2,000 photos. There are only 1,000 passes available, and each bearer may mint two Moonbirds.
Weekend sales of Moonbirds on secondary marketplaces surged. Saturday was OpenSea’s highest trading volume over two months, surpassing $177 million in Ethereum transactions, according to statistics from Dundas Analytics.
As of the time of writing, the lowest published Moonbirds NFTs cost 19.8 ETH, or roughly $59,000. On Sunday, Moonbirds #7963, a single NFT from the collection, went for 135 ETH (nearly $403,000), while two more NFTs sold for 130 ETH each.
Since the Saturday mint, Moonbirds has dominated the NFT market, with CryptoSlam displaying eight times the trading volume of any other collection over the previous week. The Mutant Ape Yacht Club is ranked second with around $34.6 million in trade volume over the previous week, but Moonbirds has amassed $280 million in just two days.
Rose, a partner at True Ventures and a seasoned Internet entrepreneur best known as a co-founder of Digg and Revision3, developed PROOF Collective, an NFT-powered membership club. He is also an NFT fan, as seen by the fact that his PROOF podcast generated the brand that eventually led to the NFT club, which in December issued 1,000 membership pass NFTs.
An NFT provides proof of ownership for digital items such as profile photographs, artwork, and collectibles. According to DappRadar statistics, the NFT industry generated $25 billion in trading volume in 2021 and surpassed $12 billion in the first quarter of 2022.
Beyond the present Moonbirds speculation, the pixelated bird avatars have used inside the PROOF ecosystem. The NFT holders receive access to channels on the PROOF Discord server, a planned metaverse project, and a “nesting” feature that rewards owners with additional benefits for holding the NFTs for an extended period.
All mint revenues and secondary sale royalties from the Moonbirds release will be deposited into the PROOF Collective’s treasury and used to support future projects, including content, unique events, and a 2023 NFT conference.
Interestingly, the weekend’s Moonbirds hoopla has benefited a previous NFT collection designed by the same artist, PROOF co-founder, and chief product officer Justin Mezzell.
As of this writing, the value of his previous Solana NFT collection Grim Syndicate has increased from a floor price of around 2 SOL ($200)—the cheapest accessible listed NFT—to a current floor price of approximately 13 SOL ($1,300).