Data Interpretation Moonbirds: What are the factors behind the soaring floor prices?
Related Reading
Moonbirds series NFT floor price reaches 30 ETH
Key Takeaway
From April 16th to 18th, the trading volume of Moonbirds accounted for 25% of the entire NFT trading market. At the same time, with the rapid rise in the price of Moonbirds, the rate of pending orders was good, and the participation of giant whales was high.
From April 16th to 18th, the trading volume of Moonbirds accounted for 25% of the entire NFT trading market. At the same time, with the rapid rise in the price of Moonbirds, the rate of pending orders was good, and the participation of giant whales was high.
At present, Pass+PFP projects are becoming a new trend, and the project can consolidate the floor price by creating a diamond hand mechanism. In the future, the stratification of the NFT market will become more obvious.
Lower the barriers to community entry → acquire more users → seize the market"Lower the barriers to community entry → acquire more users → seize the market"The case, coupled with various staged gameplay such as pledge and incubation, can grasp the market rhythm and experience periodic rises.
The case, coupled with various staged gameplay such as pledge and incubation, can grasp the market rhythm and experience periodic rises.
Compared with the previous week, the trading volume of the NFT market has rebounded greatly in the past two days.
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The trend of NFT trading volume in the past two weeks;
On April 16, the day when Moonbirds was launched, the transaction volume of the project accounted for nearly half of the total transaction volume of the NFT market. In the next two days, although the transaction volume of Moonbirds began to gradually decrease, it still accounted for 50% of the total transaction volume of the entire NFT market on April 18. one-third.
Comparison chart of Moonbirds trading volume and total NFT trading volume;
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Data source NFTGo.io, 2022.4.18
At the same time, Moonbirds broke the NFT single-day trading volume record, and its trading volume has been much higher than that of a single blue-chip NFT within seven days. As of the date of publication, Moonbirds' market value ranking has risen to ninth. Regardless of project background or market performance, Moonbirds can be regarded as a phenomenon-level new blue chip for the time being.
As of April 19, the number of wallets held was 6634, and the distribution of NFT was relatively high. Each address held an average of only 1.5 Moonbirds, and 5 of the top 10 holdings were marked as giant whales.
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Judging from the trend chart of holders, giant whales play a role in promoting the price rise of Moonbirds. We can see that since the end of the sale on April 16, the number of NFT holders has declined slightly, but the number of giant whales has been increasing.
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Data source NFTGo.io, 2022.4.19
Holders of Moonbirds reached a consensus more quickly, which is reflected in the figure below, and the liquidity and trading volume of Moonbirds also fluctuated rapidly after the launch to stabilize. Compared with other projects issued at the same time in the picture on the right, in the curve reflecting transactions and flows, the fluctuation time is longer than that of Moonbirds, and the range is also larger, indicating that it takes longer for the project holders to reach a consensus than Moonbirds.
Trading flow trend graph (Moonbirds on the left);
Data source NFTGo.io, 2022.4.19
Data on the chain;
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Data source NFTGo.io, 2022.4.19
Moonbirds has soared from the mint price of 2.5E to around 17E. According to the user portrait indicators, the PnL of the highest-yielding wallet has reached $1,201,686.11 in just a few days. Among all the Moonbirds that have been traded, the NFT that has achieved the highest profit is #7473, which has brought 60E profits to traders.
Moonbirds highest income user portrait;
Data source NFTGo.io, 2022.4.19
Top ten most profitable Moonbirds;
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Data source NFTGo.io, 2022.4.19
It’s worth mentioning that Proof.xyz COO Ryan Carson has been trying to keep Moonbirds going strong through some mechanics.
Some people pointed out that in this way, people lose the possibility of manipulating the floor price. The fact is that Moonbirds is creating a diamond hand mechanism that will slowly transform NFT from a profit-making tool into a symbol of identity and belief. Although people who own WL can quickly benefit from Flip NFT, the project party believes that they should become early believers and long-term holders of the project. Perhaps, the new mechanism in Moonbirds will push the NFT ecosystem to slowly mature from the hype stage. In the near future, the market may look for new ways to lock up NFTs of early investors to prevent a quick flip.
Driving Value of PROOF Collective
Mentioning one of the backing values behind Moonbirds, the most relevant is PROOF Collective. Based on the official Twitter of Moonbirds, after conveying its first project information to the NFT market on March 19, the official tweet immediately retweeted the related Twitter of Kevin Rose, the founder of the PROOF Collective community, on the 25th. The follow-up key information of the Moonbirds project has been released: the final date of casting is set for April 16, and the Dutch auction will be adopted on the day of casting for 6 hours (starting at 2.5E). Moonbirds holders will unlock:
PROOF community internal channel permissions
Proof community follow-up air investment qualifications
Moonbirds IP’s Second Creation Qualification
Collective holders automatically qualify for two Moonbirds free minting
PROOF Collective’s market capitalization gain prior to the launch of Moonbirds;
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Data source NFTGo.io, 2022.4.19
It can be seen that traders and whales who have paid attention in advance have already shifted their attention to the linkage information between Moonbirds and the PROOF community. When the two parties officially confirm the relationship, they will immediately switch to the purchase stage and wait patiently for the market value of their PROOF Pass. increase.
Price changes for PROOF Collective flooring;
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Data source NFTGo.io, 2022.4.19
"PASS+PFP" projects may become a new trend
The PROOF x Moonbirds linkage system has successfully ignited the recent market explosion, and the NFT market share occupied by "shovel" projects is slowly expanding. After Haus successfully incubated the Muri and Niwa projects based on its success, it has grown from the bottom floor in early January The price climbed to about 1.2ETH, and the sideways period in the data shows that the value of its PASS has gradually been recognized by the market.
hausphases by Haus floor price changes;
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Data source NFTGo.io, 2022.4.19
In addition, projects such as Project Nanopass, 0xstudio, Crypto Package Goods, and Quantum Keys have also announced their mint pass empowerment for direct casting qualifications for subsequent incubation projects. The establishment of such a project ecology and system may greatly increase the linkage between projects in the NFT market in the future, thereby reducing the risk trend of most projects gradually returning to zero.
When the market is in a downturn, projects made by a strong and endorsed team can seize the stock market more quickly, not only attracting funds from outside the market, but also continuously attracting users from other projects.
BAYC historical price trend;
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Data source NFTGo.io, 2022.4.19
This kind of survival of the fittest is reflected in the specific actions of blue-chip NFT projects. For example, Azuki uses the ERC1155 protocol to divide NFT into smaller NFT fragments to increase liquidity. Specific events: Azuki#40 was dismantled into many Bobu The secondary sale of fragments caused the market value of Azuki to increase.
The market value is linked (upper is Bobu, lower is Azuki);
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Data source NFTGo.io, 2022.4.19
The above head project party passed"Lower the barriers to community entry → acquire more users → seize the market"The case, coupled with various staged gameplay such as pledge and incubation, can grasp the market rhythm and experience periodic rises. However, due to the lack of technical support and previous projects as endorsements, it is difficult for general teams to complete operations such as secondary project issuance and NFT fragmented sales to improve project continuity and liquidity, and it is easier to "die" in a bull-bear rotation.
epilogue
epilogue
