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6 Reasons for the Legendary Collapse of Moonbirds! Founder's Statement Sparks Controversy: Prices Drop Lower Than Bored Apes

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6 Reasons for the Legendary Collapse of Moonbirds! Founder

The NFT project Moonbirds, once considered the next Bored Ape Yacht Club (BAYC), reached its price peak last year but has since continued to decline. Moonbirds, which once asked for 40ETH, is now only worth about 2ETH. What are the reasons behind such a significant price gap?

Moonbirds Founder Kevin Rose's Controversial Statements

The Moonbirds team and its founder Kevin Rose sparked controversy during a Twitter Space discussion with the community, where Kevin's remarks quickly drew attention back to Moonbirds in the NFT space.

Kevin stated: "Clearly, the drop in Moonbirds is more significant when calculated in ETH compared to Bored Ape Yacht Club. But if calculated in USD, the losses from buying at the peak of BAYC and holding till now would be even higher."

Many found Kevin's attempt to console the community rather laughable, considering the significant difference in issuance prices between Moonbirds and BAYC at 2.5ETH and 0.08ETH, respectively, reflecting different values brought to the community.

Objectively, although the NFT prices in the Bored Ape ecosystem have continued to decline even in a bear market, the subsequent activities introduced by the development team far exceed those of Moonbirds.

6 Reasons for the Mythical Collapse of Moonbirds

As this topic gradually spreads within the NFT community, Azuki researcher wale.swoosh has compiled 6 reasons explaining why this group of Moonbirds, which once reached nearly 40ETH, plummeted to just 2ETH.

  1. Chief Operating Officer's Abrupt Departure:

    Former COO Ryan Carson of the PROOF Moonbirds issuing team left the project immediately after the Moonbirds minting activity ended, leaving a negative impression not only in the initial stages but also damaging PROOF's reputation.

  2. Nesting Rewards Falling Short:

    Moonbirds' nesting mechanism, a soft staking method where NFTs are staked to earn rewards over time, only offered rewards like socks, fanny packs, and badges, falling short of the community's expectations.

  3. Implementation of CC0 Strategy:

    Without community discussion, the Moonbirds team announced the adoption of CC0 in August last year, abandoning NFT intellectual property rights for public free use. This move was seen as a betrayal by the community and led to a price drop at the time.

  4. Multiple Projects Canceled:

    In February of this year, the highly anticipated Moonbirds conference was canceled, followed by delays in Moonbirds' metaverse and token issuance plans. For the community, Moonbirds' future vision has faded away.

  5. Operational Mistakes:

    PROOF had nearly 50% of its reserve assets deposited in Silicon Valley Bank, which announced bankruptcy and restructuring in March. Although current funds are secure, this raised questions about financial responsibility. Poor communication and inadequate risk management were evident within the team.

  6. Excessive Hype:

    Overall, wale.swoosh believes a significant issue may lie in the vast difference between expectations and reality. The price once hyped to 40ETH, seen as the next BAYC, but as ideals shattered, the price continued to decline.

However, wale.swoosh does not believe that Moonbirds' price will never recover, as many NFT projects have made comebacks before. For Moonbirds holders, they can at least be grateful that the team still possesses significant financial resources and an experienced team.