A little over a year ago, Moonbirds served as a cautionary example in the NFT space. The Ethereum-based profile picture (PFP) project, which was launched in 2022 by Kevin Rose’s Proof amid significant anticipation, witnessed a dramatic decline in its reputation due to community dissatisfaction, leadership changes, and a steep drop in value. Holders expressed frustration over unmet promises, evolving roadmaps, and inconsistent leadership. By mid-2023, the project’s floor price had plummeted from impressive double-digit ETH highs to below 1 ETH, transforming it into a recurring joke in NFT discussions.
However, the tides have shifted, and Moonbirds has made a remarkable comeback, once again becoming a focal point in the crypto conversation. This revival can be traced back to its acquisition in May by Orange Cap Games, a gaming and intellectual property development studio led by Spencer Gordon-Sand, known simply as Spencer. The acquisition was intended to provide the studio with a foundational property to develop, but it also reinvigorated the previously ridiculed collection.
“We aimed to elevate our growth by securing our own native IP,” Spencer explained. “Moonbirds is my favorite IP in crypto. I was once the largest holder of Oddities because I was so enthusiastic about the Mythics art, and I believe it has fully delivered. The birbs are fantastic.” Upon taking control of Moonbirds, Orange Cap found the brand in a dormant state, following its acquisition by Yuga Labs, the creators of the Bored Ape Yacht Club, a year earlier.
“Its operations had not been actively managed for quite some time,” Spencer recounted. “We had to take a systematic approach: first, re-engage the existing community, and then attract Crypto Twitter and individuals who had not previously interacted with the brand.” This method has yielded significant results in recent weeks. While Spencer refrained from commenting on price speculation, he noted that when Orange Cap assumed control, the floor price—representing the lowest value of an NFT listed on a marketplace—was merely 0.29 ETH. It has since surged to over 3 ETH. The increase appears even more striking when viewed in U.S. dollar terms, thanks to Ethereum’s recent price rally, with Moonbirds trading for under $800 in May and now starting at nearly $14,000 on marketplaces.
This resurgence mirrors the revival of Pudgy Penguins, an NFT brand that suffered a downfall in early 2022 due to leadership challenges and community discord. After being sold to entrepreneur Luca Netz that same year, the Ethereum project soared to new heights, propelled by a successful social media strategy, token-linked merchandise available in major retailers like Walmart, and additional initiatives.
As Moonbirds experiences a price resurgence and a shift in ownership, the community’s energy feels revitalized. A rising value is bound to capture attention, but Spencer believes that Moonbirds holders have other reasons for newfound hope. “Many in the crypto space have become quite disillusioned,” he remarked. “However, that’s not the case with Moonbirds. The community is genuinely invested in being at the forefront of technology. As we partner with various protocols, they’re not solely focused on yield farming or quick profits.”
The Influence of Language
One of the more unexpected factors driving this turnaround is not a significant technological advancement or a high-profile celebrity collaboration; rather, it’s a shift in language. “If I had to pinpoint the source of our momentum, it would be our intentional introduction of the term ‘birb’ into the conversation around the collection,” Spencer stated. “Birbs and ‘birbish’ have become deeply ingrained within our community. ‘GBirb’ serves as our community’s signature, while ‘birbish’ provides a straightforward, meaningful, and effective reply to inquiries. This has infused the brand with a vibrant, contemporary, and meme-friendly essence.”
Following Bitcoin’s recent all-time high, renowned crypto artist Mike “Beeple” Winkelmann released a new artwork titled “ALL TIME HIGH,” which prominently references Moonbirds. The artwork features a defaced McDonald’s counter adorned with crypto-themed graffiti, including the term “birbish” emblazoned on the front. This kind of rebranding has enabled Moonbirds to reconnect with the culture of NFT Twitter, where memes frequently dictate a brand’s success.
Looking ahead, Orange Cap Games has a clear vision: “Our long-term objective is to take the birbs to Birbhalla,” Spencer shared. Known for breathing life into intellectual property through its Pudgy Penguins-themed Vibes trading card game, Orange Cap views Moonbirds as a foundational element for broader entertainment and gaming endeavors, akin to how Labubu’s Pop Mart develops both partnerships and its unique characters like Hirono. However, they are cautious about disclosing specific plans at this stage.
“We have numerous exciting projects in progress, but we have intentionally refrained from making public commitments regarding them,” Spencer explained. “If you want to join us on this journey, we welcome you. We will undertake exciting initiatives along the way, but making specific promises before being prepared to deliver often leads teams into challenging situations if they need to pivot. This is why many teams find themselves ensnared by unfulfilled commitments.”
A Renewed Interest in NFTs?
Moonbirds is not the only NFT collection experiencing a resurgence. The iconic CryptoPunks have also recently reached their highest price levels in over three years, trading for close to $250,000 each. Other well-regarded NFT collections, such as Tyler Hobbs’ “Fidenza” generative art for Art Blocks, have also achieved multi-year price highs. Moreover, NFT trading volumes saw an uptick in July compared to June.
Nevertheless, Spencer urges caution regarding the current excitement. While there is increased interest in NFTs, he warns against assuming that another explosive boom is on the horizon. “Yes, there is a resurgence, but it doesn’t apply to every NFT collection,” he cautioned. “It’s akin to the dot-com bubble—many entities went public simply based on a domain name, but when the market corrected, it became clear who was truly viable. From that, companies like Facebook, Amazon, and Google emerged.”
“We are witnessing a similar evolution now,” he added. “The next wave is upon us. It may not be as frenzied, but genuine brands and businesses are poised to rise to the forefront.”
