Moonbirds NFT: From "failure lesson" to an impressive comeback

More than a year ago, Moonbirds was seen as a wake-up call in the NFT space.

The avatar collection (PFP) on Ethereum, launched in 2022 by Kevin Rose's Proof with massive appeal, quickly fell into free fall due to backlash from the community, turmoil within the leadership, and a sharp decline in value.

Holders have continuously complained about unfulfilled promises, constantly changing roadmaps, and instability in the management team. By mid-2023, the floor price of Moonbirds has dropped from its peak of tens of ETH to below 1 ETH, turning the project into a laughing stock in the NFT community.

####The turning point named Orange Cap Games

However, to this day, Moonbirds has made a strong comeback, becoming one of the most talked-about collections in the crypto space. The catalyst came from the acquisition in May 2025 by Orange Cap Games – a game development studio and IP founded by Spencer Gordon-Sand, who is known online simply as Spencer.

"We want to take development to new heights by owning our own IP. Moonbirds is my favorite IP in crypto," Spencer shared with Decrypt. "I was the largest holder of Oddities because I really believed in the Mythics art, and I think it has truly succeeded. These birds are amazing."

Before Orange Cap took over, Moonbirds was almost "frozen" after being acquired by Yuga Labs – the founder of Bored Ape Yacht Club – a year prior. Yuga then sold the IP back to Orange Cap to focus on BAYC, the metaverse game Otherside, and related projects.

Spencer said: "The activity of Moonbirds has not been actively managed for a long time. Therefore, we need to take it step by step: first is to reactivate the current community, then attract Crypto Twitter and those who have never been in contact."

This strategy has quickly taken effect. When Orange Cap took over, the floor price of Moonbirds was only 0.29 ETH. Currently, it has surpassed 3 ETH. In USD terms, the increase is even more impressive: from below 800 USD in May to nearly 14,000 USD.

( Revived thanks to the community and the meme "birbish"

The return of Moonbirds is reminiscent of the second success of Pudgy Penguins – a project that had collapsed in 2022 but was dramatically revived by Luca Netz thanks to social media strategy, token-linked toys sold at Walmart, and other activities.

In the case of Moonbirds, surprisingly, the key factor is not technology or a famous star, but rather a shift in language.

"If I had to choose one factor that contributes to the growth momentum, it would be the decision to introduce the term 'birb' into the community's language," Spencer said.

"'Birbs' and 'birbish' have a very high virality. 'GBirb' is the community's slogan, while 'birbish' is a concise, meaningful response that's easy to use in any situation. It has brought a new, youthful vitality and a strong meme quality."

The keyword "birbish" even appears in the new work ALL TIME HIGH by the famous artist Beeple, featuring an image of a McDonald's counter defaced by crypto graffiti, prominently displaying the word "birbish". This helps Moonbirds reconnect with the NFT Twitter culture, where memes can determine the survival of a brand.

Spencer emphasized: "The Moonbirds community truly cares about leading in technology, not just hunting for airdrops or engaging in short-term speculation. That is what sets them apart."

) Long-term vision

Orange Cap Games, known for the card game Vibes TCG based on the Pudgy Penguins brand, sees Moonbirds as a foundational stone to expand into the gaming and entertainment sector – similar to how Pop Mart builds an ecosystem around the characters Labubu and Hirono.

However, Spencer stated that they deliberately have not made any public commitments.

"If you want to join us, come along. We will create many exciting things, but we do not make promises until we are ready to deliver. It is these premature promises that put many teams in a difficult position when they have to pivot."

####Is NFT really coming back?

Not only Moonbirds, the NFT market is showing signs of recovery. The CryptoPunks collection has just reached a price peak not seen in over 3 years, with a floor price of nearly 250,000 USD. Other "blue chip" NFTs like Fidenza have also recorded multi-year highs, while NFT trading volume in July increased compared to June.

However, Spencer warns not to have too high expectations for a new "boom:"

"This is exactly like the dot-com bubble. Initially, many projects were inflated, but when the tide receded, only the real brands and businesses survived – like Facebook, Amazon, Google. It is the same now, the real brands will come out on top."

Thạch Sanh