The Story of Moonbirds NFTs by Kevin Rose
Kevin Rose, a well-known serial entrepreneur and web3 technology investor, has shared his struggles in a recent public appearance discussing his Moonbirds NFT collection. This particular collection has faced a significant decline in value over the past few months, experiencing a drop of over 90% from its previous floor price.
Kevin Rose’s Experience with Moonbirds NFTs
During an exclusive interview, Kevin Rose opened up about the challenges he has faced as a leader in the Moonbirds NFT collection. Launched in April 2022, Moonbirds represents a limited edition NFT collection featuring 10,000 unique owl birds hosted on the Ethereum blockchain. The collection was created by Kevin Rose and fellow digital artist Justin Mezzell, co-founder of Proof Collective.
Downfall of Moonbirds NFTs
Since its inception, Moonbirds has experienced a significant decline in both trading volume and floor price. Within a short period, the floor price of Moonbirds NFTs has plummeted from 38.5 ETH to just 1.26 ETH by December 2023, marking a drastic downfall. Furthermore, its daily trading volume has drastically reduced.
Moreover, this project is not an isolated case. An industry study revealed that a significant number of NFT collections had seen their market capitalization drop to nearly zero, including Moonbirds.
Moonbirds’ Impact on Kevin Rose
The prolonged underperformance of Moonbirds has taken a significant toll on Kevin Rose, leading to health complications such as high blood pressure, anxiety, and stress-induced health problems. Despite recent improvements in the wider digital collectibles market, Moonbirds continues to struggle with a substantial decrease in sales volume.
Hot Take: The Future of NFTs
The story of Moonbirds serves as a cautionary tale for investors and creators in the NFT space, highlighting the unpredictability and volatility of the market. It underscores the importance of deep research and diligence when navigating the world of digital assets and NFTs.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.