Why I keep Buying Moonbirds

My spending habits 

I buy a lot of NFTs. I think we’re on the edge of an NFT bull run, and the whole market will be caught offsides. I keep adding to my NFT positions to prepare for the next leg up. My favorite collection is Moonbirds. I’ve been buying Moonbirds as the floor rises and don’t plan on stopping anytime soon.

What is a Moonbird? 

Moonbirds were one of the best-performing NFT collections of the 2021 cycle. They’re a set of 9,999 unique owls(the community calls them birbs), with two subcollections — Mythical Moonbirds and Oddities. The project was highly coveted during the bull run, but once the market corrected, prices crashed and the collection was largely forgotten. A few months ago, Spencer Gordon-Sand from Orange Cap Capital (formerly Spencer Ventures) acquired Moonbirds, and the collection has been on a sharp upward trajectory since. The Moonbirds floor is up over 10x since Spencer bought the IP(from 0.3ETH to over 3 ETH per birb). 

Who is Spencer? 

Spencer runs one of the most successful NFT funds in the world. At one point, he was the largest holder of Pudgy Penguins prior to their TGE. His firm also accounted for 5% of Blur’s trading volume before the airdrop. If that’s not impressive enough, he’s also the founder of Vibes TCG, the Pudgy Penguins trading card game. Vibes helped bring trading cards to the forefront of NFTs and real-world assets, with rare cards selling for thousands of dollars on the secondary market.

$BIRB 

Spencer recently announced that a token is coming to the Moonbirds ecosystem. The token, called Birb, is expected to launch “soon-ish” (his words, not mine). It will be airdropped to Moonbird holders, along with owners of the subcollections. While no tokenomics have been revealed, speculation suggests holders could be airdropped anywhere from $10,000 to $50,000+ per birb.

My thesis 

I think Moonbirds will outperform for several reasons…

Firstly, I believe NFTs are set for a comeback. When market participants start feeling left behind, buy pressure will spike. Moonbirds are one of the most iconic collections, and I expect them to perform well when NFTs have their next big moment.

Secondly, I like to invest in good founders. Spencer has a proven track record of delivering. He understands the NFT market and what it takes to build a successful project. He’s also great at marketing and has already proven he can get serious attention on the Moonbirds brand.

Finally, I think the airdrop will be big. Moonbirds is one of the largest NFT projects without a token. Pudgy Penguins have PENGU, and Bored Apes have APE. The highest valuations in crypto often come right before a token drops — which tells me new all-time highs for Moonbirds are likely ahead.

How to gain exposure 

I’ve been buying Moonbirds and Mythical Moonbirds. I think the main collection will do the best, but I also think Mythicals will perform well because the art is amazing and the supply is lower than most subcollections. Typically, subcollections have a much larger supply than the main collection to let people get in at a lower price. Mythical Moonbirds have fewer than the main collection — 9,774 to be exact. I think every Moonbird holder will want at least one Mythical. There aren’t enough to go around, so I think a supply shock is imminent.

Moonbirds have a floor of 3.15 ETH (~$14,000), while Mythical Moonbirds start at 0.34 ETH (~$1,500). Oddities are the other subcollection, with a floor of 0.3 ETH (~$1,300). I would never buy Oddities because I think they look too strange. One of the most practical use cases for NFTs is as a high-status PFP on X. No one wants an Oddity as a PFP, they’re borderline offensive to look at.

The other way to gain exposure to Moonbirds is through the Birbstrategy token. It’s an unaffiliated NFT strategy coin that buys floor Moonbirds with the trading fees it collects. It then relists those NFTs for 1.2x what it paid, and the cycle continues. The nice part about a strategy token is it lets you size into the collection at whatever dollar amount you want. On the other hand, it's significantly more volatile than holding NFTs directly and doesn’t always trade in the same direction. It’s not officially associated with the Moonbirds brand, so it could blow up tomorrow and Moonbirds would still be fine.

Wrapping up 

I think Moonbirds are going much higher. My bull case is a 10 ETH floor this cycle (NFA). Don’t fade Spencer. Pack your bags accordingly.