Moonbirds NFT was one of the NFT ventures that suffered the most from the digital collectibles market’s downturn in June 2022 due to declining investor interest. Moonbirds NFTs are amongst the leading and best-selling NFTs collections in the entire crypto space with a total sales amount to $562.95 million. In June, nevertheless, the NFTs had a sales volume of roughly $15.43 million. The organization’s sales revenue decline discouraged digital assets investors from purchasing its NFTs. Despite these unfortunate circumstances, the organization remains in the top ten most popular digital collection sellers.
Having a reputable team is one of the best approaches to making investors believe in an NFT project. This also considers their past ventures and record of success. Kevin Rose and Ryan Carson, the co-founders of Moonbirds, have decades of experience and have previously worked on well-known ventures. However, the collection’s chief operational officer, Ryan Carson, stated on Twitter that he had quit the project to launch his own NFT venture fund. Although Carson’s resignation has negatively impacted Moonbirds, many investors believe the project will recover from its missteps and be better off in the long run.
The fall in NFT sales is not limited to Moonbirds NFTs; the value of other NFTs has also declined. NFT sales totaled $3.4 billion in the third quarter of 2022, down from $8.4 billion the previous quarter and $12.5 billion at the market’s apex in the year’s first quarter. Non-fungible token sales fell substantially in the third quarter as crypto investors braced for a “crypto winter” and appetite for the wildly speculative digital assets fell. As a result, NFT purchasers have more than halved from their peak in the first quarter.
In light of this, the rally and price gain for cryptocurrencies such as bitcoin may rekindle investor appetite for highly speculative digital assets while unwittingly increasing demand for NFTs such as Moonbirds.