[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.
Per Category Trait Distribution
- Looking at the trait distribution, we see that the
background
andheadwear
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.
- There are still some background that are rare e.g.
- 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.
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
andbody
categories have had less than 10 sales.
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.
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
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
andbody
categories have had less than 10 sales.
Methodology
- I looked at the
nft_metadata
table to find the distribution of Moonbird NFTs traits. Then I joined this table with thenft_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
andcrescent
are the most common traits. - Nearly 40% of the NFTs feature
small
andshort
as a trait. - On the rare end,
legendery brave
andlegendary guardian
are the rarest traits with only 4 NFTs.