Opinion: The floor price of Moonbirds has dropped over 95%, with six reasons behind it, including the actions of its former COO and changes to the CC0 license
ChainCatcher news, Azuki researcher wale.swoosh tweeted that the floor price of Moonbirds has dropped over 95% from its peak of 40 ETH in the past year, mainly for 6 reasons:
PROOF's former COO Ryan Carson left the project just days after the minting, which people were not aware of. However, the issue was that Ryan's frequent inappropriate behavior damaged PROOF's reputation.
Moonbirds introduced the concept of soft staking, which was a clever idea, but the nesting rewards did not meet expectations.
Initially, Moonbirds held a license similar to BAYC. In August 2022, the team decided to switch to a CC0 license without consulting the community, leading holders to feel betrayed.
Earlier this year, PROOF canceled the highly anticipated PROOF conference and abandoned the metaverse project Highrise and the Moonbirds token. To the public, its project vision seemed to have vanished.
PROOF placed nearly 50% of its total reserve funds in the bankrupt Silicon Valley Bank. Although these funds are currently safe, it raised questions about financial responsibility, such as poor communication and risk management.
There is a huge gap between expectations and reality due to excessive early hype. (Source link)
