How did this project do $200M in just 3 days??

Hey this is Allstar…Where we help you understand Non Fungible Tokens beyond the Pictures of random animals.

This email’s estimated read time is 2 minutes and 29 seconds.

Today we’re talking about:

• How Moonbirds did $200M in 3 days 🤯

• Some things to look for in a project while you’re doing your research 🧐 

• NFT flip of the week! 📈

How Moonbirds did $200M in 3 days 

Moonbirds has been the talk of the NFT space recently with a massive volume of 88,249Ξ ($272M~) as of writing this). 

So how did they do this? 

The team behind it; Kevin Rose, Ryan Carson, and Justin Well, are very well known in the space.

Kevin Rose was the founder of Digg, which was a social media platform in the early 2000s, as well as being an early investor in many successful Web2 and Web3 businesses such as Twitter, Facebook Solana, and Art Blocks.

 Ryan Carson was the founder of Treehouse, a popular online course-based website specializing in coding and design. And Justin, a well-known illustrator.

1. They have a large community and influential friends like Gary Vee and Alexis Ohanian who promoted the drop.

2. It’s an access pass to one of the most exclusive NFT communities where renowned artists and influencers in the space are gathered and is only available if you own a Proof Pass (Current floor of 84Ξ or $260k). And pass holders were given 20% of the quantity in circulation. 

3. You're able to stake your Moonbird for rewards. And they also added a feature called Nesting, which gives you better rewards the longer you have your Moonbird locked up. This will also help remove the available supply because the NFT can't be sold while nesting.   

Will this project last? It's hard to say anything because of how fast this market is, but they provide value to holders and an excellent feature for NFTs, so I'll leave you to answer that question for yourself! 

Some things to look for in a project while you’re doing your research

Sometimes it's hard to tell which project is about to reach the moon and which one will go to the ground.

Don't worry, Allstar has your back. These are some of the things you can look at while researching a project. 

• Thin order book. It's the number of sales until the next (floor price), for example, there's a floor of .5Ξ and only 6 sales away from 1Ξ, if there's regular volume, it will most likely get there.

• Daily volume. Consistent healthy volume shows us that the project is sustaining itself, and it’s just a matter of time till price appreciation kicks in; when combined with the above, you can try predictions in long-term investments.

• Holder distribution and tracking whales. Once whales exit, it's essential to know because there's less pressure to sell overall, giving people more incentive to hold. For example, the largest whale of BAYC has about 112 out of 10,000 in supply(1.12%), which is a healthy number considering in some projects, whales have 20% of the total supply, which they can dump if they think things are going to go left and crash the whole project.

• Listings per day. If the number of listings is less than the sales, it's a good indicator that the project is healthy.

• The age of a project. It takes work to stay relevant in this space, meaning a 1-year-old project with stable growth is a better bet than a two-month-old project with no history. 

These are just some things to keep in mind while looking for new projects. This is not financial advice, so please DYOR. Think of them as a compass or indicator for navigating the world. 

NFT flip of the week! 

Last Saturday, 938245 (name of the wallet) managed an insane flip, buying a Moonbird for 30Ξ($92k~) and flipping it for 90Ξ ($277k~) only 3 minutes later!

He profited around $185k, roughly the average yearly salary of a surgeon made within just minutes.

This is usually done thanks to reading the metadata in rarity websites like rarity.tools and raritysniffer.com.

Frequently after the reveal, the data crashes on Opensea, the people who studied take advantage and buy the items they know are rare to make easy profits selling to the people who don't. 

With that being said, hope y'all enjoy the rest of your Wednesday

AllStar OUT

Oh this made me laugh earlier lol