Moonbirds NFT Drop Generated $280M in Two Days

Moonbirds, a new Ethereum NFT project from Kevin Rose's PROOF Collective, went live on Saturday and had yielded $280 million worth of sales volume, including the initial mint.

Moonbirds is an Ethereum NFT profile picture collection of 10,000 images, each with randomly distributed features, similar to CryptoPunks and the Bored Ape Yacht Club. The much-anticipated Moonbirds project by PROOF Collective, led by tech entrepreneur and VC Kevin Rose, debuted on Saturday, and the collection has already generated $280 million in sales, according to Cryptoslam data.

PROOF Collective eventually sold 7,875 NFTs through an allowlist that was created with a raffle process. At the time of Saturday's sale, each Moonbirds NFT offered with an allowlist was sold for 2.5 ETH (about $7,600).

Another 2,000 NFTs were given away as free mints to PROOF Collective NFT membership card holders, which starts at over 97 ETH (around $283,000) on the secondary market. Only 1,000 passes are available, and each holder was able to get two Moonbirds.

Since the Saturday mint, Moonbirds has dominated the NFT market, with CryptoSlam reporting over eight times the trading volume of any other collection over the past seven days. The Mutant Ape Yacht Club is ranked second, with $34.6 million in trade volume over the last week, while Moonbirds has recorded $280 million in just two days.

Rose, a partner at True Ventures and a prominent tech entrepreneur best known as a co-founder of Digg and Revision3, founded PROOF Collective, an NFT-driven membership club. He's also an NFT fan, and his PROOF show spawned the brand that eventually led to the NFT club, which issued its 1,000 membership pass NFTs last December.

The PROOF Collective treasury will receive all mint proceeds and secondary sale royalties from the Moonbirds drop, which will be used to fund future projects such as content, exclusive experiences, and an NFT conference in 2023.