Moonbirds NFT Holders Fuming Over Canceled PROOF of Conference

Moonbirds NFT Holders Fuming Over Canceled PROOF of Conference

  • Kevin Rose has confirmed that the 2023 PROOF of Conference will no longer take place.
  • Moonbirds NFT holders are selling their digital assets in light of the event.
  • The price of the Moonbirds NFT collection has plummeted in the last 24 hours.

A flock of Moonbirds NFT holders and community members have been upset that the anticipated PROOF of Conference 2023 has been canceled.

On February 20th, 2023, PROOF Collective disclosed that the reasoning behind the PROOF of Conference cancellation was due to “considerably less interest than anticipated for.”

Kevin “KRO” Rose and PROOF Collective have apologized to the community for the disappointment and inconvenience stemming from the controversial cancellation of the NFT conference. The PROOF of Conference creators have further vowed to refund affected community members with Ethereum (ETH) reimbursements for tickets, upgrades, and related transactions.

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In light of the event, the floor price of Moonbirds has decreased 9.6% to 6.656 ETH in the last 24 hours, according to data from CoinGecko. The collection has fallen from the #2 to the #5 rank by 24-hour trading volume. The market capitalization for the collection has recorded a similar decrease of 9.6% to $108M, leaving the collection with -02% of the total NFT owners.

Moonbirds 24 hours price chart

24-Hour chart for Moonbirds. Source: CoinGecko

The cancellation of the event and the nature of the announcement have sparked FUD amidst the Moonbirds NFT holders and members, who are expressing a spectrum of reactions and commentary.

Some Feathers are Ruffled

Moonbirds was launched in 2022 by Kevin Rose’s PROOF Collective to build connections between NFT collectors, and the PROOF of Conference was set to be a flagship event for the community. 

According to a statement by PROOF Collective, the Web 3.0 celebration of art, culture, community, and technology was a “major lift” for the community. In its absence, the creators have shared they will be able to “concentrate on delivering products, art, and connections that benefit all of the Moonbirds and PROOF Collective communities.”

Appearing displeased, one holder reportedly sold 16 Moonbirds NFTs for a loss of 596 ETH (approximately $978,778) on February 21st, according to CirrusNFT.

NFT holder DancingEddie called the occurrence “absurd,” questioning the long-term viability of the project when the “crux piece” has been canceled.

Other community members are displaying various reactions on Crypto Twitter, considering the hefty price tag of 1.5 ETH (approximately $2, 452 USD at the time of writing) for a ticket to PROOF of Conference. Some members believe this was asking a lot from the community, especially in the current market.

Although there is a degree of understanding displayed by some commenters, the “sugary sweet positivity” is referred to as “Stockholm Syndrome” by Twitter user Astronaught.eth, considering the cancellation of the event.

Tr0m chimed in as a self-proclaimed “expert in events and throwing them,” opining that a mass amount of ticket sales would possibly have been purchased at the last minute or on the day of the event. The comment could aim to discredit the creators’ main reason for canceling the event despite the inconvenience to the community.

To appease the backlash, the conference creators have stated that they will host a “holistic PROOF and Moonbirds update” on all active initiatives on March 2nd, assuring the community that the occurrence does not mark the permanent cancellation of the events.

On the Flipside

Why You Should Care

Moonbirds is a high-volume NFT collection and thus a significant player in the broader ecosystem. The increased negative sentiment from the Moonbirds community could infect a similar FUD in the broader NFT market.

Read more about Kevin Rose’s NFT scam that cost him a pretty penny:
Kevin Rose in Phishing Scam that Claims $1.1M in NFTs

Read more about Moonbirds’ glory days:
10,000 Pixelated Owl NFT Collection ‘MoonBirds’ Generates over $200M in Just Four Days

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