Moonbirds are back. The once maligned project that still ranks in the top 10 for all-time trade volume at 356,000 ETH has skyrocketed back up the NFT charts to 2.36 ETH, quadrupling its floor price in the past month.
But it’s definitely spent some time in the wilderness due to multiple ownership changes, directionless plans and waning community sentiment. The NFT project had one of the most highly anticipated mints ever in April 2022, and with prices once again soaring and momentum building, much of the renewed optimism centers around one name: Spencer.
Known simply as Spencer on X, the new owner of Moonbirds is no stranger to NFTs — he’s a prolific collector and head of “Spencer Ventures,” an institutional-grade NFT fund.
“I bought my first Bored Ape at like 2.8 ETH. I was on Clubhouse and heard people making monkey sounds and was like, ‘What is this?’” Spencer says. At the time, Spencer was writing venture checks, and he came to an unusual but very profitable conclusion.
“Seed stage companies have a 95%+ failure rate. A bunch of people making ape sounds in a Clubhouse room can’t possibly have a higher failure rate than that. That single bet ended up outperforming all of my venture investments by a pretty wide margin.”
Spencer is optimistic about “Birbs” being able to fly once more and playing a pivotal part in a larger comeback of the NFT space.
“There wasn’t a lot of attention, especially net new attention in the NFT space for quite a while. But I always believed the most important thing to build toward in a bear market is being top of mind for that friend who stayed plugged in. The one you call to find out what’s next and who should I join. In my mind, that was always the Moonbirds customer,” Spencer says.
With the recent run up of NFTs led by collections such as CryptoPunks and Moonbirds, Spencer’s arrival could be the beginning of a turnaround to rival the Pudgy Penguins 2.0 success story.
Who is Spencer?
If you’ve spent any time on NFT Twitter, chances are you’ve come across Spencer, one of the most active voices in the space. He comes from the class of 2021 and says it’s possible no one has traded more NFTs in the world than he has.
“I run a liquid NFT trading fund. I parlayed the success of my personal NFT trading into a fund. We’re one of the most active and successful funds in the broader crypto space. At peak, we did about 5% of market volume on Blur. I would make the argument no one who has traded more NFTs than me and my team. We’ve done a lot of NFT trading. You name it, we’ve traded it.”
It’s a reflection of how immersed he’s been in the market’s every twist and turn. Arguably, his company’s most famous trade was becoming one of, if not the, largest holder of Pudgy Penguins, scooping up 3AC’s liquidated stash during the tumultuous back half of 2022.
“We bought a lot of Pudgy’s during the FTX collapse, and I’ve been a really big proponent of that company and collection for quite a while. I’ve been watching really closely and working really closely with that team. It’s been awesome,” Spencer says.
Spencer is also the co-founder of Orange Cap Games, the studio behind Vibes, a physical and digital trading card game built around the Pudgy Penguins IP. In just eight months, Vibes did $1.5 million in sales, with partnerships spanning eBay, PSA and CGC.
That success laid the groundwork for his interest in Moonbirds. “The team we’ve built is incredibly good at taking IP and bringing it to life. At some point, it makes sense to have our own IP,” he says.
“NFTs build a sentimental attachment. I’ve made money trading memecoins, too, but it’s not the same. Everyone who’s stuck around is nostalgic for the era of trading NFTs.”
Luca 2.0? Why Spencer’s Moonbirds playbook feels familiar
As Moonbirds continue their fast run up in price and enthusiasm for the project’s future, many are wondering: Is Spencer going to pull off a Luca Netz?
The comparison isn’t a lazy one, given Spencer’s closeness with the Pudgy Penguins CEO and team.
Netz, the magnetic CEO of Pudgy Penguins, flipped a flailing project into one of Web3’s most notable brands. From physical toys in Walmart to viral content to having its mascot, Pengu, ring the opening bell for the Nasdaq on Wall Street, the cultural relevance of Pudgy Penguins is undeniable. Now, Spencer has his sights set on following a similar playbook.
“When NFTs first happened in 2021-22, you either traded the market or you founded a project. Luca was the first founder who had been on the other side of it. Because he had been a trader that then became a founder. That is really why he won I think — against a lot of other people over that period of time — was because he had this perspective that nobody else had,” Spencer says.
Where the Luca Netz comparison really lands is Spencer’s unapologetic commitment to action over aspiration. In his first 51 days, Spencer has dropped a custom Moonbirds-themed Pokémon-style card for holders, secured an airdrop through a project backed by a16z and Coinbase Ventures, launched a new X presence for Mythics, negotiated OpenSea branding changes and brought visibility roaring back to the brand.
“We make no promises. We’re big ‘show first’ people. People shouldn’t have to say, ‘I think they’ll deliver.’ They should say, ‘Look at what’s been delivered.’”
“We’ve also made a couple of key hires and begun a couple partnerships, some of which I can’t share. I think you can look at what was a really strong first 51 days right. I don’t know what the next 51 days are going to look like, but if it’s like the first 51, I think we’re in really good shape.”
Moonbirds was once the envy of the NFT world, peaking at the height of last cycle’s NFT collective euphoria with a floor price of just under 40 ETH shortly after mint. “It’s just a collection people want to see win,” Spencer says.
And if the Luca Netz playbook for Pudgy Penguins is anything to go by, they just might.
What do you say to Moonbirds holders that feel burned by the project previously?
Lofty expectation, the end of a historic run up in NFT interest and a former leader in Kevin Rose who seemed to be looking for a way out over a sustained period left Moonbirds holders disillusioned. Spencer has a pretty simple philosophy for rebuilding trust in the brand.
“Our general view is we’re moving forward, we’re not looking backwards. Some people want to go on this journey with us and some people don’t. Either is fine,” says Spencer.
“It’s very understandable if you feel burned, maybe there’s some new liquidity and you just want to get out. Congratulations. I’m so glad we were able to give you a way to step away. That’s fine to me. I don’t need to win that person back.”
Instead, his focus is on two key groups: the believers and the newcomers.
“There are some people that really want to see it come back, and those people I want to activate. I’m most excited about someone who remembers how cool Moonbirds were in 2022 but never owned one. Now they finally have the opportunity to collect. That’s who I want to build for.”
Rapid Fire Q&A with Spencer
When did you collect your first NFT?
Early 2021.
Your favorite NFT in your wallet?
It’s got to be my Moonbird.
Were you into collectibles before NFTs?
Massively. Prior to NFTs, a lot of my net worth is on trading cards. It still is today. Trading cards is a very large part of my personal portfolio.
Your favorite artist in the NFT space?
I mean, I’m a big fan of Clare, our art director.
But when it comes to other artists, I do really like Gremplin. I really like CrypToads. That’s a big, big one that I like.
From the art side of things, I think Nick Kuder is really interesting. One of the earliest generative artists. Actually, the Ringer collection is a stolen set of code from the Rings Genesis by Nick Kuder. It’s a fun little side thing that not a lot of people know, so I do like Nick Kuder’s Rings Genesis collection.
With the initial Moonbirds mint, how many birds did you have in your wallet within the first 24 hours?
None. My collecting of Moonbirds also happened post FTX. I’m one of these people who saw the disgusting face melting run that Moonbirds went on with just nothing but utter jealousy and, you know, admittedly some amount of contempt.
I was like, ‘Why am I not holding such a thing?’ And really, it was mostly jealousy. I wished I had. I am that marginal consumer who missed the run originally and now has the resources to do it.
Your favorite Moonbird trait?
Oh man, it’s like picking children. The cop out answer here is cosmic. It’s cheating because that’s my PFP, but I’ll go with cosmic.
Are Mythics underrated in your mind?
Yes. The sheer quality of art of the Mythics is something that really sold me on it. I think bar none that if all that mattered in NFTs was how something looked, Mythics would probably be the top collection in the world. It’s great, and I feel very strongly about that.
There’s a lot of people in the world that have just never looked through the Mythics collection. And if you do, it’s really hard not to buy one. The team has launched a new dedicated X account @MythicBirbs.
What’s your advice to someone just discovering NFTs today?
Just collect what you like. That’s the first beginning of the journey. I wouldn’t enter the space purely as a trader. I think that if you enter the space as a trader and collector, you’re better having a rule for that if you don’t like it, don’t buy it. I think that’s what you have to do. You should fundamentally be collecting NFTs that you like, and if you’re not doing that, you’re doing it wrong.
Who are your top three favorite follows for NFTs on Crypto Twitter?
If you want to see interesting different opinions, I’d say the following:
1. Seedphrase is really good and an interesting follow. He’s a lot more analytical.
2. I actually think people might see this one as a controversial one, but I think Wizard of SoHo generally is a better trader than most people will admit that he is, so I like Wizard.
3. I also think OSF and Mando. I’m going to loop them together, but the two of them are actually some of the best traders in the space.
Where do you see Moonbirds this time in 12 months?
As I said, the first 51 days, I think we’ve done a pretty good job. If we can continue streaks of 51 days that are as productive, then at the end of this, we should be in a good spot.
LINKS:
Moonbirds Mythics X (Twitter) Account
Greg Oakford
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