NFT Market Rebounds Over the Weekend, Moonbirds Stand Tall Amid Volatility
Date: June 24 - June 30, 2023
In this week's NFT recap, the market experienced a rebound over the weekend, but most NFTs are still consolidating, with the NFT index dropping about 7% in the past five days. NFT prices and communities faced a complete capitulation, and the NFT community is blaming traders for leveraging, leading to over 1000 liquidations. Machi Big Brother, a known flipper, emerged as the most significant buyer, raising questions about the market's sustainability. Airdrop farmers dominated buying activity, and the market is expected to transition from a stable slow grind to a more volatile period.
Notable events include Machi Big Brother's proposal for ApeCoin Improvement, Blur v2's launch with gas optimization and a new trait bidding system, PROOF Founder Kevin Rose's 'State of Moonbirds' address, Memeland's Captainz NFTs reset and bug bounty program, Yuga Labs' teasers for The Otherside and Clubhouse hints, and a rally in leading BTC NFTs such as OMB, BTC DeGods, and OCM Dimensions.
We hope you enjoy :) 👇
📈Market Overview
🔑Key Takeaways
💥 Great rebound over the weekend. However, most NFTs are still consolidating and not performing like it's up. The NFT index still dropped about 7% in the past five days.
📉 NFT prices and communities experienced a complete capitulation.
- Memeland’s captainZ finally revealed, but it was really underwhelming
- The NFT community is blaming NFT traders for leveraging. We saw over 1000 NFT liquidations during the past week.
💼 Machi Big Brother was the most significant buyer in the market.
- Make us wonder how sustainable we are at the current price because Machi is known to be a flipper, not a collector.
📉 Airdrop farmers dominated the buying activity.
🔄 We will likely see the Market transition from a stable slow grind lower to a more volatile period.
🗞️Major NFT Headlines
- Machi Big Brother Proposes ApeCoin Improvement for Purchase and Donation of Thousands of Yuga Labs NFTs to Global Museums
- Blur v2 Goes Live with Gas Optimization and New Trait Bidding System
- PROOF Founder Kevin Rose Announces Progress and Upcoming Rewards System in 'State of Moonbirds' Address
- Memeland Resets Visuals of Captainz NFTs After Unstaking and Announces Bug Bounty Program
- Yuga's Chief Creative Officer Figge Shared New Teasers of The Otherside along with hints of the Clubhouse
- Leading BTC NFTs Witness Rally: OMB Stable at 0.312 BTC Amid High Trading Volume, BTC DeGods and OCM Dimensions See Significant Increases
🚨Moonbirds: Rising From the Ashes in the Volatile NFT Market
Key Takeaway
In the first half of 2023, Moonbirds has weathered a storm of volatility. After initially capturing the imagination of the NFT community and securing a position as one of the most sought-after high-value NFTs, a series of missteps led to a drastic decline in its market price. However, recent actions signal an attempt at a strategic revival to recapture its former glory.
Moonbirds emerged from PROOF, an organization dedicated to bridging the gap between artists and collectors through a multitude of experiences. The unique and groundbreaking model encapsulates art drops, media, and virtual and real-life events. The intention to create symbiotic relationships between artists and their audience sets Moonbirds apart, making it a high-value proposition in the NFT market.
However, the trajectory was not smooth. Although the platform succeeded in delivering over $1.6 million directly to artists and facilitating collaborations with well-regarded institutions like Pace Verso and Transient Labs, some decisions were met with criticism and backlash, causing a drastic drop in market value.
Despite the turbulence, the first half of the year saw Moonbirds host several real-life events for over 1,500 art holders across major global cities. It also made strides in its digital presence, consuming over 46,000 hours of YouTube content. Notably, the upcoming launch of The Foundry, an experimental space in Los Angeles, signals a move towards greater physical interaction between artists and collectors.
Recognizing past mistakes and focusing on innovative growth, Moonbirds is also working on a rewards system. This involves developing a unique token to align creators and collectors further, connecting the digital and physical art realms. This system and other projects like Talons and Mythics are designed to provide a unified experience within the ecosystem, showing a clear strategic direction to reclaim their market position.
Moonbirds' journey is a potent illustration of the volatility and rapid change inherent in the web3 space. The blend of growth, action, and continuous iteration, underpinned by a vision to redefine the interaction between creators and collectors, shows that Moonbirds is intent on learning from its missteps. As the year's second half unfolds, the art and NFT communities will watch keenly to see if Moonbirds can rise like a phoenix from its ashes and return to its former glory.