[Moon] Rare Traits

    What Moon Bird traits are rarest? How have different traits performed with buyers and sellers?

    NFT Traits

    NFT traits are the building blocks of so-called PFP projects in the category of NFT collectibles. One of the most iconic PFP projects of all time is the Bored Ape Yacht Club. Each Bored Ape consists of up to 7 different body parts and other accessories. Each one of these parts is referred to as an NFT trait.

    Moonbird Collection

    Moonbirds is a collection that was launched in April and has taken the crypto world by storm. Milk road explains why this collection did so well at launch:

    > 1/ The founder is well known & well connected. Kevin Rose created Digg, and is super well known in Silicon Valley. He had influential friends & NFT collectors like Gary V and Alexis Ohanian promoting the drop. > > 2/ He had a community (Proof Collective) backing it: 5 Months ago, Kevin launched Proof Collective for NFT enthusiasts. Proof’s membership NFT has been super successful, up ~50X, so people believe “if they did it once, they can do it again.”  PROOF is basically an NFT that gets you access to more NFTs.  2,000 Moonbirds were reserved for Proof members. > > 3/ You can “stake” your Moonbirds for better rewards. They have a cool mechanism called “Nesting” where the longer your Moonbird is staked, the better your rewards.

    Within 48-hours of launch, here are the numbers this collection generated:

    • $238M total sales volume
    • The initial mint was 2.5 eth, the floor rose to 20 ETH (8X+) 
    • 100% of the sale proceeds went to Proof Holdings, Inc. (~$60M) 
    • Proof Holdings got 5% of all secondary sales royalties too (~$10.5M) 
    • 66% of birds were held by unique buyers (ownership not concentrated)

    Since then, the collections total sales volume has increased to 156,358 ETH or nearly $470M at today's ETH prices.

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    Per Category Trait Distribution

    • Looking at the trait distribution, we see that the background and headwear category are the most equally distributed (almost).
      • There are still some background that are rare e.g. cosmic purple, jade green, glitch red with less than 10 NFTs.
    • The beak category has the fewest traits (only 3).
    • All the other categories have a lot of traits and have a pretty good distribution of common and rare traits.
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    Category Distribution

    • Looking at the categories (trait groups), we can see that the background, body and features are part of all the NFTs as expected.
    • The rarest trait groups are eyewear and outerwear with less than 2000 NFTs (i.e. less than 20%)
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    Traits and Categories (Trait Groups)

    • We can see the distribution of the traits between categories (trait group) and see that the beaks are the most common (as expected for birds 😁).
    • On the rare end - feathers, background and body categories seem to have the rarest traits with less than 10 NFTs.

    Sales Distribution

    • The number of sales show a similar distribution to the commonality of the traits i.e. the common traits have a higher number of sales. The most common traits and categories have about 2500 sales. This is likely because the floor price for the common traits is lower.
    • The rarest traits in feathers, background and body categories have had less than 10 sales.
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    Sales per category

    • Looking at the sales per category, there is a 6x difference between the most common and rarest categories.
    • The common categories such as background have racked up nearly 6000 sales while eyewear and outerwear have around 1000 sales.
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    What Are NFT Sub-Traits?

    NFT sub-traits are the final-form characteristics of a PFP character. While the “body” is a trait group, “blue fur”, “gold fur” or “cheetah” are sub-traits that you actually see in the PFP character’s image. Not all sub-traits are equally common and largely determine how rare an NFT is.

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    Let's start by understanding the NFT traits and how they are important. Tokenizedhq has a very good intro on this so I'll let them explain this in the context of probably the most popular NFT collection today - Bored Ape Yacht Club (BAYC).

    NFT Traits

    NFT traits are the building blocks of so-called PFP projects in the category of NFT collectibles. One of the most iconic PFP projects of all time is the Bored Ape Yacht Club. Each Bored Ape consists of up to 7 different body parts and other accessories. Each one of these parts is referred to as an NFT trait.

    What Are NFT Trait Groups?

    NFT trait groups are the highest-level categories of traits. They represent the different building blocks that eventually make up the final PFP character. Each NFT trait group contains one or more sub-traits which varying levels of occurrence.

    Here are the 7 trait groups of the Bored Ape Yacht Club:

    • Background
    • Clothes
    • Earring
    • Eyes
    • Fur
    • Hat
    • Mouth
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    Conclusion

    • Moonbirds have had an impressive start to their journey and seem like on their way to becoming a blue-chip NFT.
    • The common traits and categories have fetched around 6x the number of sales than rarest traits.
    • The rarest categories — feathers, background and body categories have had less than 10 sales.
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    Methodology

    • I looked at the nft_metadata table to find the distribution of Moonbird NFTs traits. Then I joined this table with the nft_sales table to find out how the traits were doing with sales.
    • The nft_sales didn't contain the sales amounts for Moonbirds, so that is missing from this analysis.

    Observations

    • The small, short and crescent are the most common traits.
    • Nearly 40% of the NFTs feature small and short as a trait.
    • On the rare end, legendery brave and legendary guardian are the rarest traits with only 4 NFTs.