Moonbirds, a popular non-fungible token (NFT) collection has announced plans to introduce its DAO (decentralized autonomous organization) community governance in early 2023.
The project’s founder and longtime internet entrepreneur Kevin Rose disclosed on Monday that the DAO structure is being created to “empower creatives that are building towards furthering the Moonbirds ecosystem, reputation, and lore.”
The Moonbirds DAO will allow owners of Moonbirds NFTs and the upcoming Moonbirds Mythics NFTs to join, participate, and submit voting on proposals to expand the ecosystem around the tokenized owl collectibles, Rose explained.
Proof, the private community behind the Moonbirds NFT collection, will seed the DAO with around $2.6 million worth of assets, including $2 million worth of Ether (ETH).
Proof, which was co-founded by Rose, will spend another $500,000 to buy Moonbirds NFTs on the market—an estimated 37 NFTs, based on the current floor price (or cheapest available NFT). Proof will also award the DAO with its own Moonbirds NFTs worth $100,000, according to the report.
Besides that, Proof will also grant 35% of the ongoing creator royalties from both Moonbirds and its spinoff Oddities collection to the DAO. The decentralized autonomous organization will launch with a “cold start” caveat that allows Proof veto any “rogue proposal.”
In August, Proof revealed the first official expansion of the Moonbirds collection, known as Moonbird Mythics, expected to launch in early 2023.
In August, Proof also raised $50 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z), and other participants such as Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund. Proof planned to use the fresh funding to launch its latest Moonbirds NFT collection and a social platform for NFT collectors.
In April, Moonbirds completely sold out its collection of 10,000 computer-generated pixel owl avatars within 48 hours of launch, making $281 million in sales at that time.
Moonbirds is a collection of non-fungible tokens that follows the ERC-721 standard on Ethereum’s blockchain ecosystem. The NFTs feature portraits of ‘owls’ (a group of mysterious birds), with exclusive characteristic elements that make each token a rare piece of investment.
The Ethereum-based Moonbirds NFT project offers a pool of opportunities for investors looking to reap profits from non-fungible tokens. According to OpenSea, Moonbirds is ranked at number seven in terms of total volume traded at approximately 169,000 Ether (ETH).
Despite the bear market, NFTs continue gaining popularity as investors from across the globe are actively participating in innovative projects. NFTs have taken a toll on investors, with global icons like Snoop Dog, Naomi Osaka, Jack Dorsey, and Tiger Woods, among others, placing their big bets on related projects.
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