The year 2020 witnessed the crypto space take massive leaps, as leading assets like Bitcoin and Ethereum gained massively in price value. Fortunately, that success massively impacted the Non-fungible token (NFT) market, whose gross capitalization peaked at $250 million. However, today, the NFT market’s capitalization has grown to about $10 billion. This is a testament to its growth and what the future holds for the NFT space.
What Are Non-Fungible Tokens (NFTs)?
For the uninitiated, Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes. NFTs possess metadata that makes them special and different from each other. Unlike cryptocurrencies, which are fungible tokens, they are not identical and equal. This is why they cannot be traded or exchanged, as two NFTs do not possess equal value. NFTs are tokenized versions of digital or real-world assets like real estate and artworks. These unique digital assets also prove authenticity and ownership within a blockchain network.
Their presence on the Blockchain means that they can remove intermediaries, simplify transactions, and create new markets. An advantage of owning an NFT is that it contains unique information distinguishing it from another. This information is also easily verifiable. This is why it is impossible to create and circulate fake NFTs, as one can trace them back to the source. NFTs can exist in the form of any media, i.e., picture, sound, or video. A typical example of an NFT is- ProofMoonBird, whose price has suddenly gone up by 1,500% this week.
What Is The Moonbirds Proof Collective NFT?
Moonbirds NFT is a collection of 10,000 unique owls with a richly diverse and impressive pool of rarity-powered traits. The creators behind the project are The Proof Collective- a group of 1,000 NFT collectors. The proof collective features Beeple, famous investors- Gary Vaynerchuk, Kelvin Rose, Justin Mezzell, and others. Launched in mid-April, they are the latest addition to the growing NFT market. The NFT collection, like the Invisible Friends NFTs and Imaginary Ones NFTs, is already generating a lot of hype.
This is due to their unique characteristics, attracting investors to it. Each Moonbird possesses a charm and eccentric trait that distinguishes it from others in the collection. Moonbird holders currently own full commercial art rights on their assets in the project’s founders’ words. NFT holders are also eligible for rewards like in-person event tickets, physical items, and airdrops. Moonbird NFT holders also have access to the project’s private Discord server.
How Are NFTs Different From Cryptocurrencies?
While NFTs are digital assets like cryptocurrencies, there exist unique differences between both assets. However, listed below are the uniqueness of NFTs and why they differ from cryptocurrencies;
Like regular cryptocurrencies, NFTs are non-interoperable, as one can’t use them interchangeably. A typical example is a crypto punk collectible, which one cannot operate on the CryptoKitties game. Alternatively, users cannot also use CryptoKitties in a Cryptopunk theme.
NFTs are not fungible tokens that can be divisible into smaller units, like fiat money or cryptocurrencies. For example, a dollar bill is divisible into smaller units like cents or lower denominations. Another example is a cryptocurrency like Bitcoin, divisible into Bitcoin satoshis.
The ownership of NFTs is immutable and solely belongs to the digital artist or creator, not the company that creates them.
It is worth noting that smart contracts store NFT data on the Blockchain. This is why each NFT token cannot be altered, removed, or even duplicated.
Storing NFTs on a blockchain means that they can be easily verified and traced back to their owner. This is why it is easy for the buyer to authenticate its ownership easily.
NFTs use cuts across many sectors, even outside the crypto ecosystem. NFTs are used in DApps to allow the creation and ownership of unique digital items and collectibles. They also have the potential to be critical components of a new blockchain-powered digital economy. Apart from video games, NFT also cuts across digital identity, licensing, certificates, and fine arts.
Where To Buy Moonbirds NFT?
According to CryptoSlam, Moonbirds NFTs have generated $340 million in sales since their launch on April 16, 2022. Over the last seven days, the collectibles have seen more than 15,700 ETH or $48.1 million in 24-hour trade volume. The 10,000 individual Moonbirds collectively have a market capitalization of around 330,000 ether or just over $1 billion in USD value as of today. The collectibles are available for purchase on the popular NFT digital marketplace- Opensea. The mint price of a Moonbird NFT, inclusive of gas fees, initially was around 2.5 ETH. However, due to demand, prices of Moonbirds have increased rapidly and went as high as 30 ETH. Despite a drop from its peak of 40 ETH at writing, floor prices of a Moonbird NFT are 30 ETH. Alternatively, several pieces of the NFT collection are trading for prices beyond 30 ETH on Opensea.
What is Moonbirds NFT Nesting?
MoonBirds’ NFT nesting is a systematic reward program targeting the NFT holders. The program aims to reward users periodically as the nesting period concludes or reaches maturity. Once the nesting process ends or matures, a Moonbirds NFT will upgrade its nest. This will scale it to reach new tiers and unlock new sets of rewards for users. According to its creators, about 9000 Moonbirds NFTs have been fully nested already.
Why Did MoonBird Price Jump?
The Moonbirds collection already ranks among hugely successful collections like Azuki, Bored Ape Yacht Club, and CryptoPunks. Its quick sale, despite not uncommon, has shocked many people in the NFT ecosystem. According to analysts, the interest in the collectibles soared because of its creators- Proof Collectives. Proof collectives feature top NFT names, who are believed by many to have contributed immensely to the growth of the NFT ecosystem. A leading member- Kevin Rose, is a venture capitalist and crypto enthusiast with an eye for blockchain startups.
Rose also doubles as a crypto podcats host, highly interested in cryptocurrency growth. Popularly known as Beeple, Mike Winkelman is a founding member of Proof Collectives and remains one of the project’s leading creators. Beeple’s collectibles are credited as one of the best NFT pieces to have transformed the market’s growth. Proof Collective membership isn’t cheap, as it costs around 99 ETH to join the elite group. Members benefit from exclusives such as private Discord group chat, collaborations, and exclusive event passes. At the time of writing, members of the distinguished group own guaranteed two Moonbirds each.
The Future Of Proof Collectives And MoonBirds
The rally of MoonBirds is not expected to go down this month, as the collectibles are still up as high as 30 ETH on Opensea. Earlier in the week, Proof Collectives have been leveled accusations regarding the team using bots to manipulate raffles to their benefit. The allegations centered around how leaders use their inside knowledge to buy rare traits of Moonbirds. If this is true, it could lead to their price being higher in the future, to holders’ detriment.
However, Proof Collective has responded via Twitter that the accusations are false and damaging. According to Rose, she is open to any invitation regarding the discussion and wants the public to desist from rumors. However, this will not stop the success of MoonBirds, as holders remain optimistic, especially concerning nesting. The rewards and promises of MoonBirds nesting remain an attractive feature of the collectible now and in the future.
Why Are NFTs Valuable?
Today, NFTs have become very popular amongst investors. This is primarily due to their impacts on the collectibles and gaming space. They are an evolution of the relatively simple concept of cryptocurrencies. Thanks to Blockchain technology, gamers, and collectors, can now own unique assets and generate revenue from them. This is why NFT possesses enormous relevance and value in the Cryptocurrency space. Another reason they are valuable is that Blockchain technology ensures its ownership is unique, transparent, and secure.
This value has contributed to the market’s growth, whose market capitalization now hovers around $20 billion. Alternatively, for the creators, the ability to make money from their work without an intermediary is a considerable advantage. This is due to the high market efficiency of the space, which allows creators to connect directly to their audience.
Creators are also eligible to earn royalties on the future resale of their NFTs. Investing in NFTs is available for all, including novices, as it is easier to understand compared to cryptocurrencies. NFT use case can also extend to other assets, such as artwork. This means a single individual cannot always own a painting. Its digital equivalent can have multiple owners, each responsible for a fraction of the painting. Such arrangements could increase its worth and revenues for the creator.
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