In a significant move for the Moonbirds NFT project, the team has revealed plans to launch a new ecosystem token named BIRB on the Solana blockchain. This announcement comes in the wake of the collection’s acquisition by Orange Cap Games, marking a fresh chapter for the pixelated owl collectibles that have captured the attention of NFT enthusiasts.
Over the past three months, the trading activity surrounding Moonbirds has seen a remarkable upsurge, with total trading volume skyrocketing by over 1,000%. Specifically, since its acquisition from Yuga Labs, the Moonbirds collection has recorded a staggering trading volume exceeding 26,000 ETH, a staggering 1,192% increase.
Although details regarding the utility of the BIRB token remain under wraps, Moonbirds’ team has assured followers that information regarding the contract address and claiming process will be shared well in advance of the official launch. In their announcement via social media platform X, they clarified that there is currently no active contract address.
The news of the upcoming token has already triggered notable activity within the Moonbirds NFT collection. Following the announcement, the floor price of these digital assets jumped by 19.4%, reaching 4 ETH, while trading volume witnessed a significant hike of 63%, clocking in at 1,683.8 ETH on platforms like OpenSea and Magic Eden.
The launch of BIRB aligns with a wider trend within the NFT ecosystem where projects are increasingly rolling out their own native tokens. These tokens are designed to enhance the functionality and benefits of owning NFTs within their respective ecosystems. For example, the Doodles project recently introduced its DOOD token on Solana to support the DreamNet storytelling protocol, rewarding creators and engaging new users.
Similarly, the notable Bored Ape Yacht Club launched ApeCoin (APE) in March 2022, a utility and governance token that allows holders to engage in community decisions and access exclusive services. The recent issuance of PENGU token by Pudgy Penguins is yet another indication of the trend gaining momentum in the NFT space.
The launch of Moonbirds’ BIRB token also coincides with a revitalization of the NFT market. Recent analyses indicate a burgeoning recovery, with total market capitalization more than doubling from approximately $3 billion in April to around $6.6 billion today. Meanwhile, initiatives like NFTStrategy have contributed to this recovery by creating a favorable environment for projects to leverage tokenization for governance and community engagement. As reported, NFTStrategy’s ecosystem now boasts a market capitalization of $183 million.
While the NFT market is still far from its April 2022 peak of about $17 billion, the current upward trajectory signals a renewed interest and potential growth within the space. As the Moonbirds community anticipates further developments with BIRB, the project seems poised to capitalize on the positive trends and collaborations shaping the NFT landscape.
