Moonbirds NFTs Retain the Top Spot but Suffer Sybil Attack

Moonbird NFT consists of 8,888 non-fungible Moonbirds. The team defines Moonbird NFT as the next-generation deflationary protocol on Binance Smart Chain. Its governance token is MBIRD, and the reserve token is SBIRD.

MBIRD allows the holder to participate in the governance system of Moonbird, while SBIRD has been designed with a long-term vision. MBIRD can be mined by staking it, and MBIRD looks to increase the volume through MBIRD buyback & burn.

Moonbirds NFTs Retain The Top Spot

Moonbirds NFTs remained at the top spot in transaction volume for the last 24 hours. It is estimated that that trading volume amounted to $110 million.

As of April 16, 2022, the launch price was 2.5 ETH, and the floor price now stands at 9.5 ETH. The team tweeted on this occasion to announce that it had sold out all the NFTs; however, it could only sell 10,000 as there was a UI bug in the system.

Moonbirds NFTs experienced a Sybil attack where one person created multiple false identities. Someone could have created more than 400 accounts to manipulate and control the network.

Whoever that person was, they sold the majority of their share in the market. The P2P market has drawn closer to the problem of experiencing a Sybil attack, and the objective of such an attack remains to gain control and manipulate the network.

Holding Moonbird remains precious, though. A person holding the token gets exclusive access to the private PROOF Discord and many other benefits. One such benefit is that the holder keeps gaining from the holding depending on how long they keep the token in their wallet.

NFTs are powered by smart contracts with the powerful backing of the Ethereum network. In recent months, many more players have emerged, but Ethereum dominates the segment.

They are looked at as digital art or collectible for those who desire to own or trade them for a good profit margin. Defined as tokens, NFTs represent ownership of unique items.

One NFT cannot be traded for another NFT; however, you can trade it for a specific Crypto in the NFT marketplace. The original creator may, in the process, retain the right to earn a royalty for every time the NFT is traded in the market.

NFTs have gained more recognition among the platforms allowing owners to keep their NFTs as collateral for a decentralized loan. You can manage the ownership of an NFT through a Unique ID and metadata.

It can only have one owner at a time, and all the NFTs must have at least one owner. You can even verify information about NFT owners on the public network.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button