Picture: Crypto Times
On April 16, 2022, 10,000 non-fungible tokens known as Moonbirds were launched on the Ethereum platform below the baseline erc-721. NFT moonbirds were described as "utility-enabled PFP that offers a wide range of and special rarity features" on the official website.
Moonbirds, a well-known Ethereum NFT project, will implement community governance through a DAO, or decentralized autonomous organization, which would be expected to debut in early 2023, based on the project's inventor Proof. According to an official explanation, the previously reported DAO structure is being developed to "empower creatives that are building towards advancing the Moonbirds ecosystem, reputation, and lore," as stated by Proof, which was co-founded by CEO and internet entrepreneur Kevin Rose.
A DAO is an online community with members often identified by property of a token and united by a common objective or purpose. Owners of current and future Moonbirds Mythics NFTs will be able to join and take part in the Moonbirds DAO in this instance, proposing and voting on proposals to develop the ecosystem surrounding the tokenized owl collectibles.
About $2.6 million worth of assets, including $2 million worth of ETH, would be used to launch Rose's startup's DAO. In addition, Proof will grant the DAO seven of its own Moonbirds NFTs, or roughly $100,000 worth, and another $500,000 will be used to purchase Moonbirds NFTs on the open market, totaling an estimated 37 NFTs based on the current floor price (or cheapest available NFT).
Furthermore, Proof will give the DAO a 35% cut of any future creator earnings from both Moonbirds and its spinoff Oddities collection. The organization will launch with a "cold start" constraint, similar to the DAO-driven Nouns initiative, allowing Proof to veto any "rogue proposal." Moonbirds produced $280 million in primary and secondary market sales in just two days after its April launch thanks to a rush of trading activity. Within 48 hours of launch, Moonbirds had sold out its collection of 10,000 computer-generated pixel owl avatars.
According to information from CryptoSlam.io, secondary market sales have surpassed $595 million so far. A Moonbirds profile photo with a distinctive blend of several visual qualities is an example of an NFT, a blockchain token that denotes ownership of a unique thing. The project has significantly evolved from its original design with the launch of a DAO as one milestone. Using the Creative Commons Zero (CC0) license, Proof declared in August that it will convert Moonbirds to an open-source, "no rights reserved" model.
Thus, anyone may use any Moonbirds or Oddities artwork to produce derivative works of art and goods and benefit from doing so. Members of the Moonbirds DAO structure can vote on which derivative projects can utilize the Moonbirds trademark and official name, which will be integrated into the updated methodology. Proof revealed later in August that it would launch its own utility token in Q1 2023, which would have some bearing on the Moonbirds DAO ambitions.
At the time, Rose stated, "We are well aware that the world does not need another symbol for speculation. "As a result, everything we do should be wholly original, useful, and, in our opinion, should push the boundaries of what is possible in interesting and novel ways. Why else would we be performing it? There is simply no explanation at all.
Moonbirds Mythics, which will span 20,000 NFTs and ship early next year, as well as a $50 million fundraising round headed by VC juggernaut Andreessen Horowitz, were also unveiled by Proof. Andreessen Horowitz (a16z), a venture capital firm, and other investors including Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund led a $50 million Series A fundraising round for Proof in August. Proof intended to use the additional funds to introduce its most recent Moonbirds NFT collection as well as a social networking site for NFT collectors.