Author: June, TechFlow

The world of NFTs has its ups and downs, but few projects have taken it as far as Moonbirds. From a glorious high of 38.5 ETH to a mere 0.22 ETH, it completed a breathtaking comeback in just three months.

The turning point came when Spencer acquired Moonbirds. From peak to fall, and then to rebirth, it has gone through one of the most insane curves in the history of digital collectibles. Spencer stood center stage, reshaping a forgotten project into the hottest NFT in the crypto world.

Peak start

On April 16, 2022, Moonbirds, created by Digg co-founder Kevin Rose, officially launched with a mint price of 2.5 ETH. 7,875 NFTs sold out within 48 hours through whitelisting. Holders believed they were buying more than just a pixelated owl; they were a core ticket to the PROOF ecosystem—a private community limited to 1,000 top NFT collectors and artists.

A minor incident occurred on the day the project was minted. COO Ryan Carson was discovered to have spent $580,000 on rare Moonbirds. As an insider with access to rarity data, his precise targeting was tantamount to insider trading. The community criticized the insider trading on Discord, and under pressure, Carson announced his resignation nine days later to establish his own NFT fund, 121G.

This incident, in a rare move, didn't prove to be a setback for Moonbirds, and market sentiment remained buoyant. The floor price soared from 3 ETH to 6 ETH, then to 13 ETH, and finally to 38.5 ETH. In less than a week, early minters saw a 15x return, one of the fastest wealth creation stories in NFT history.

Fun fact: Moonbirds also introduced a "Nesting" mechanism. Simply put, it's "soft staking": Moonbirds are locked in the holder's wallet, unable to be traded, but earning additional rewards. This design turned players who originally intended to cash out into short-term investors into long-term investors.

Trust collapse

However, a turning point soon arrived. On August 5th of the same year, Rose made a decision that shocked the entire community: without any community discussion, she unilaterally announced that Moonbirds would adopt the CC0 license. This meant that holders lost their exclusive commercial rights to the NFT, meaning that anyone could use the Moonbirds image for commercial purposes.

For many, it was a stark betrayal, the first real rift between leadership and the community, and a shadow cast over Moonbirds ever since.

At the time, influenced by the XCopy crypto artists, CC0 became a trend in the art world. Open copyright meant that works could be more easily recreated, turned into memes, and made into merchandise, thereby expanding their exposure. For a single piece of art, this could be a shortcut to amplifying its impact. However, the problem was that Moonbirds wasn't a single piece of art, but a PFP series. PFP's logic contradicted CC0. The avatar itself was the gateway to the IP, and the owner was willing to invest time and money in its creation precisely because of its exclusivity.

The rebound was extremely loud.

Three years later, Twitter KOL @waleswoosh looked back on the incident and said that the community's panic about CC0 now seems a bit exaggerated. After all, there are very few holders who can successfully commercialize PFP licenses.

But at that moment, Rose's mistake and poor communication ignited the dissatisfaction of the entire community.

The decline of Moonbirds also began from then on.

From August 2022 to the end of 2023, Moonbirds' floor fell from 19 ETH to less than 2 ETH.

Fun fact: At the time, almost every project was releasing merchandise, including Moonbirds. They even airdropped exclusive souvenirs to holders who participated in Nesting. I personally received one, and honestly, I can relate to the following comment.

Silent Era

In February 2024, Yuga Labs, the parent company of Bored Ape Yacht Club, acquired Proof and its affiliated projects, including Moonbirds. Upon the news, OpenSea CMO Adam Hollander bluntly called it a "mess," adding, "Moonbirds is one of the worst operational examples in the history of NFTs. They made nearly $100 million, but they didn't deliver on their promises."

The acquisition brought a brief glimmer of hope. Holders were informed that Moonbirds would be integrated into the Otherside metaverse. The news of the acquisition briefly boosted the floor price from 1.5 ETH to 2.5 ETH, but this only lasted two weeks. Yuga attempted to repair the rift by switching the copyright model from CC0 back to exclusive commercial rights for holders and launching new 3D avatars for animation and Otherside integration.

Unfortunately, these efforts failed to impress the community. In August 2024, the floor price plummeted to 0.22 ETH, and only slowly recovered to 0.8 ETH by the end of the year.

To most people, this project seems to have long been dead in name only.

Fun Fact: Kevin Rose has publicly admitted that he uses K-life to relieve the stress of running Moonbirds. When Proof was acquired by Yuga Labs, some interesting comments appeared in the comments section.

Who is this person named Spencer?

If you have the same question, you have come to the right place.

On May 31, 2025, the news of Moonbirds' acquisition by Orange Cap Games was announced on Twitter. Yuga Labs co-founder stated in the announcement: "Moonbirds needs a team that puts Moonbirds at the center, and Orange Cap Games is the perfect choice to help them realize their potential."

In the spotlight stood Spencer, founder of Orange Cap Games. From that moment on, the Moonbirds' fortunes began to turn around.

Unlike past grand narratives, Spencer didn't offer a massive roadmap upon taking the helm. He even stated directly, "We're not going to fulfill Moonbirds' old vision. We're going to create our own roadmap. Some people won't like that, and that's okay."

This statement may sound simple, but it's this very authenticity that rekindles confidence. Having experienced the CC0 controversy and leadership turmoil, the Moonbirds community needs more than empty promises, but someone who can consistently communicate and take the lead. Spencer has rebuilt trust bit by bit in the most rudimentary ways: passionately posting in support of Moonbirds, tirelessly answering questions from the community, and shouldering all doubts, becoming the most solid pillar of support for the community.

Moonbirds has been reborn, and the community has never been stronger.

On July 21, Spencer summarized the 51-day milestones since Orange Cap Games took over on Twitter: OpenSea directly changed to Moonbird as its official avatar; the series topped the Ethereum NFTs trading list for five consecutive days; the Telegram community exceeded 25,000 active members; and US$1.4 million in funds were entered into the lottery pool to purchase stickers.

Calling for the Birb Army

From a low of 0.3 ETH when Spencer took over, to 3.9 ETH last week, Moonbirds has rebounded over 1,000%. A series that seemed to have reached its end in early 2025 is now soaring again.

This wasn't a coincidence. Back in 2023, during the NFT market's coldest winter, Spencer made a seemingly crazy decision: he bought a total of 144 Pudgy Penguins from Three Arrows Capital's bankruptcy liquidation for a mid-six-figure price, publicly stating that he had no intention of selling. This seemingly crazy move ultimately earned him over $10 million.

This "diamond hand" attitude sends a clear signal to the market: Spencer is not a short-term speculator, but a true long-term builder.

Through Orange Cap Games, Spencer developed the Pudgy Penguins IP into the card game Vibes TCG, which generated over $1.5 million in revenue and exceeded 350,000 online matches. This vivid example proves that NFTs are not just speculative tools, but real IP that can break through the mainstream market.

When he announced he was taking over Moonbirds, the community naturally placed their hopes on him, hoping Moonbirds could replicate the success of Pudgy Penguins. After all, Pudgy Penguins had also fallen on hard times, but had regained its vitality under the right management.

This familiar scenario has led to a fundamental shift in the community's mindset: from "when to sell" to "why to keep it." Moonbirds is no longer just a temporary bargaining chip for speculators, but is gradually being seen as a brand asset under construction.

On Twitter, this meant regaining CT's attention, and the most direct way to do that was to generate enough buzz. He gradually mobilized the Birb Army, and Moonbirds quietly established their own niche on Twitter.

But for the Yueniao community, the price rebound is only a superficial phenomenon. What really rebounds is belief.

Spencer's methodology is actually very simple: the best marketing is not a dazzling roadmap, nor is it an unrealistic promise of hundreds of millions of dollars, but doing practical work and making the community feel that they are participating in a valuable construction together.

In other words, this is all just a bet on Spencer, and judging by the current results, the market has clearly chosen to believe him.

Moonbird Returns

For Moonbirds, the story has just begun.

In a recent interview, Spencer talked about his phased plan: Step 0 is to awaken the community, Step 1 is to build Moonbirds into an IP platform, and Step 2 is to deliver products and collaborations.

"In five years, I want Moonbirds to be a ubiquitous IP, something that every household recognizes, with physical products on store shelves and a digital presence that attracts new people into the space."

Now, momentum is evident. On August 18, 2025, Moonbirds became the first NFT project to appear on the Kaito list, signaling its influence is expanding beyond its core circle. Meanwhile, speculation about potential tokens, coupled with Spencer's relationship with Pudgy Penguins founder Luca Netz, has fueled growing anticipation.

The moonbirds have returned, and this time they may no longer be just passers-by.

数据：基于以太坊的NFT月交易量下降至4.55亿美元

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