Moonbirds Nesting Is Now Live, Here's What We Know
Moonbirds nesting went live on Apr. 22. The official nesting website can be found here.
On Apr. 21, Moonbirds hosted an official Twitter Spaces event to discuss nesting (the project's equivalent to NFT staking), next steps, and more. Listen to the full event below:
Join me in my Space! https://t.co/WYuUtBODYu— Moonbirds (🥃, 🦉) (@moonbirds_xyz) April 21, 2022
The process requires a Moonbirds NFT to be locked up. The NFT will not leave the holder's crypto wallet, but it cannot be sold on the secondary marketplace while it is nested.
Nesting entitles holders to certain perks and rewards.
"As soon as your Moonbird is nested, they'll begin to accrue additional benefits," the project's official website reads. "As total nested time accumulates, you'll see your Moonbird achieve new tier levels, upgrading their nest. Upgraded nests enable enhanced drops and rewards."
Most of the benefits awarded to stakers, or nesters, come from increased nest rarity, which increases with the amount of time a Moonbird is staked for. Rare-trait Moonbirds could see benefits in addition to those that common-trait Moonbirds get from nesting, but the team is committed to rewarding long-term holders.
Nest rarity will be capped at a certain point so that new holders can achieve the max rarity as long as they're willing to nest and hold for a certain period of time.
The first nesting reward will unlock after 30 days, and nesting rewards are expected to include in-person events, merchandise, airdrops, and more.
With nesting, the team hopes to create a stronger community and encourage long-term holders to influence the direction of the project.
But how does the nesting process technically work?
Hammering down the @moonbirds_xyz nesting details today. This is our way to unlock rewards over time (IRL events, airdrops, physical goods) -- coming soon 🙏🦉 pic.twitter.com/UYWVkNsnoX— KΞVIN R◎SE (🥃,🦉) (@kevinrose) April 18, 2022
First, nesters lock up their Moonbird via a smart contract and a timer begins. The Moonbird never leaves their crypto wallet, and it is possible to transfer the NFT from a hot wallet to a cold storage wallet without resetting the nest timer.
As the timer continues to tick, the Moonbird's nest rarity increases. The first nest is straw, the second nest is bronze, etc. The timer is stopped and reset if a Moonbird is placed for sale.
Nesting a Moonbird does not cancel an active listing. Holders will have to cancel the active listing before nesting their Moonbird or risk it selling while nested.
There is no benefit to holding multiple Moonbird NFTs in one crypto wallet versus spreading them out in multiple crypto wallets.
The team has yet to announce the details for nesting rewards. Lucky Trader will continue to update this article as more information is provided.