NiftyNoon: Moonbirds Go "In-Chain"

Moonbirds innovate by putting their artwork "in-chain" as Valhalla finally begins their mint (November 21, 2022)

Nifty Thought

• Even as the market continues to implode from the FTX contagion, Moonbirds has found a way to deliver exciting innovations through the bear market. Their interesting approach to putting Moonbird artwork onto the Ethereum blockchain through their “in-chain” mechanism (rather than an “on-chain” one) is exciting and likely will be adopted by other projects in the future. Despite this, it is important to acknowledge how Moonbirds has squandered its previous lead throughout the bear market. Projects such as Azuki, Mutant Ape Yacht Club, and Clone X have surpassed Moonbirds by both floor price and market cap despite their previous market dominance over these collections. While NiftyNoon has a deep respect for the Proof team behind Moonbirds, the underperformance of the project relative to the greater market is empirically undeniable. Moonbirds were once twice the price of projects such as Azuki and Chromie Squiggles; they are almost half the price of these projects today.

• It will take a massive catalyst (bigger than anything already announced) to reverse this negative momentum. Given the recent price action for the collection, clearly, the “in-chain” innovation is not moving the needle. With that being said, Moonbirds still has key assets that may enable them to stage a comeback as they struggle into the new year. The project’s incredible team, a huge war chest of tens of millions of dollars, and access to Kevin Rose’s deep connections may be enough for Moonbirds to successfully pivot away from its past failures. Only time will tell.

• Valhalla has become a very polarizing project in recent months due to the founder’s leaked messages revealing some of his past unsavory statements. Nonetheless, the project has remained one of the most anticipated NFT mints in recent memory with major backers including Alexandr Wang and Carl Pei. Although the 0.5 ETH mint price is quite high for the bear market, especially with the project’s 10,000 NFT supply, it still has the potential to do quite well so long as the demand for the project remains steady. The team is certainly ambitious with lofty goals to create the web3 streaming service that will displace Twitch’s market leadership. Whether they can succeed in a manner that returns value to their holders remains to be seen. Regardless, the success of this mint will likely set the tone for where other anticipated NFT mints can reasonably set their price. Even those that do not plan to mint or buy Valhalla NFTs would be wise to keep an eye on this project’s performance.

Project News

• Moonbirds announce their innovative “in-chain” approach to putting Moonbird art on the blockchain:

  Moonbirds (🦉, 🥃) @moonbirds

  Tomorrow, Moonbirds finally go “in-chain”. Join us for a YouTube premiere of the interview with @kevinrose @divergencearran @cxkoda and @divergenceharri, and a live Q&A session to discuss this incredible innovation, and what’s next for Moonbirds! See you soon 👀

  

• NFT community gears up for the Valhalla phase 1 mint on November 22, 2022, in one of the most anticipated NFT mints in the bear market:

  Minh @MINHxDYNASTY

  I've seen a ton of polarizing opinions on @valhalla's mint. This thread's narrative will be from a neutral perspective. I definitely have my opinions, but we'll look at their marketing activations and you can come to your own conclusions if the price is too expensive. ⤹🧵

• JP Morgan’s trademark for the J.P. Morgan Wallet is registered within the USA:

  Blockworks @Blockworks_

  JP Morgan's crypto wallet is now officially a registered trademark in the US

  

• Genesis, the primary lender for the Gemini Earn program, continues to seek lenders in an attempt to save the firm from bankruptcy:

  db @tier10k

  [DB] Crypto Firm Genesis Warns of Bankruptcy Without New Funding: BBG

  db @tier10k

  [DB] Crypto Lender Genesis Asks Binance and Apollo for Cash: WSJ Binance Decided Not to Invest, Fearful That Some of Genesis’s Business Could Create a Conflict of Interest Down the Line: Source: BBG

Community News

• Apecoin DAO Special Council nomination process ends with candidates beginning to campaign on Twitter:

  Vulkan 🌋 @red_vulkan

  The @apecoin DAO Special Council nomination process ended yesterday. We are now in the KYC and Verification phase until 11/27. Here is a recap of some candidates we know of so far (in no particular order). More to be added soon. 🧵

• Crypto community members discuss the safety of Grayscale following the firm’s hesitance to release proof of reserves over their claimed security concerns;

  Ryan Selkis 🥷 @twobitidiot

  Guys - I’ll say this one more time. All Grayscale trust assets are at Coinbase and untouchable. If they were touched, it would be fraud by Coinbase, Grayscale, and negligence by both companies auditors. The assets are there. It’s the rest of the trust structure that is broken.

Quick Stats:

• OpenSea ETH Daily Volume: 6,194 ETH (▲ 29.12%)

• Blur ETH Daily Volume: 1,315 ETH (▲ 12.20%)

• BTC: $16,197.58 (▲ 0.34%)

• ETH: $1,127.81 (▼ 0.38%)

• Solana: $11.92 (▼ 0.01%)

• Polygon: $0.86 (▲ 5.96%)

NFT Daily Winners:

• Chromie Squiggles: 12.79 ETH (▲ 6.58%)

• Bored Ape Yacht Club: 57.50 ETH (▲ 4.55%)

• Azuki: 9.65 ETH (▲ 1.03%)

• VeeFriends: 5.69 ETH (► 0.00%)

NFT Daily Losers:

• Doodles: 6.45 ETH (▼ 1.53%)

• Moonbirds: 7.01 ETH (▼ 1.54%)

• CryptoPunks: 61.99 ETH (▼ 3.06%)

• Mutant Ape Yacht Club: 10.80 ETH (▼ 4.42%)

• Clone X: 8.05 ETH (▼ 4.83%)

• Proof Collective: 27.80 ETH (▼ 9.45%)

• DigiDaigaku: 7.35 ETH (▼ 11.80%)

Notes:

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