As per Moonbirds tweet below, the mint was launched via Dutch auction mechanic where the price will be reduced by 0.1 ETH over 6 hours.

Graph below shows the mint count for every minute. It seems that most of the mint was transacted in the first 30 minutes and the last ever mint was 3 hours after the minting went live. At 4.02pm which is 2 minutes after launch, there was 800 successful mints which equates to 10% of the supply.

Graph below shows the mint price paid by minter. Since all the 7875 Moonbirds were minted in the first 3 hours after launch, all minter paid the same 2.5 $ETH price for each Moonbirds token. The collection sold out before Dutch auction start to reduce the price.

In conclusion, NFT project with solid team tends to do very well hence why we see Moonbirds manage to sold out within 3 hours despite very high minting price. So, always do your due diligence especially on team developing the project.

Moonbirds Gas Fees

For the public mint, there are total of 9967 transactions made and only 7875 went through. There were 2092 failed transactions; where the user still has to pay transaction fees.

Transaction fees is the fees paid to transact any transaction to blockchain. Transaction fees = gas price (gwei) * gas used.

For Moonbirds mint, total of 429.46 ETH has been collected as transaction fees. 63.8% of those collected from the successful mint while the rest 36.2% (155.3 $ETH) came from failed transaction.

On average, failed transaction paid 0.074 ETH and successful transaction paid almost half of it which is 0.0348 ETH. Some users paid up to 4 ETH in transaction fees for successful transaction. Gas price also significantly higher on failed transaction.

In conclusion, doing this bounty reminds me why I haven't been using Ethereum network in long time. Cheap fees on Terra, Avalanche, Solana, Cosmos etc has spoiled me and I can never imagine myself paying 3 ETH for a transaction. But even so, for Moonbirds minter, the price was well justified as the floor price for secondary market surpassed Azuki, at 26ETH. Some notable finding is that, many of the failed transaction comes from later block timestamp.