Can Spencer pull a Luca Netz? NFT Creator

Moonbirds are back. The once maligned project that still ranks in the top 10 for all-time trade volume at 356,000 ETH has skyrocketed back up the NFT charts to 2.36 ETH, quadrupling its floor price in the past month. 

But it’s definitely spent some time in the wilderness due to multiple ownership changes, directionless plans and waning community sentiment. The NFT project had one of the most highly anticipated mints ever in April 2022, and with prices once again soaring and momentum building, much of the renewed optimism centers around one name: Spencer.

Known simply as Spencer on X, the new owner of Moonbirds is no stranger to NFTs — he’s a prolific collector and head of “Spencer Ventures,” an institutional-grade NFT fund.

“I bought my first Bored Ape at like 2.8 ETH. I was on Clubhouse and heard people making monkey sounds and was like, ‘What is this?’” Spencer says. At the time, Spencer was writing venture checks, and he came to an unusual but very profitable conclusion.

“Seed stage companies have a 95%+ failure rate. A bunch of people making ape sounds in a Clubhouse room can’t possibly have a higher failure rate than that. That single bet ended up outperforming all of my venture investments by a pretty wide margin.”

Spencer is optimistic about “Birbs” being able to fly once more and playing a pivotal part in a larger comeback of the NFT space.

“There wasn’t a lot of attention, especially net new attention in the NFT space for quite a while. But I always believed the most important thing to build toward in a bear market is being top of mind for that friend who stayed plugged in. The one you call to find out what’s next and who should I join. In my mind, that was always the Moonbirds customer,” Spencer says. 

With the recent run up of NFTs led by collections such as CryptoPunks and Moonbirds, Spencer’s arrival could be the beginning of a turnaround to rival the Pudgy Penguins 2.0 success story. 

Who is Spencer?

If you’ve spent any time on NFT Twitter, chances are you’ve come across Spencer, one of the most active voices in the space. He comes from the class of 2021 and says it’s possible no one has traded more NFTs in the world than he has.

“I run a liquid NFT trading fund. I parlayed the success of my personal NFT trading into a fund. We’re one of the most active and successful funds in the broader crypto space. At peak, we did about 5% of market volume on Blur. I would make the argument no one who has traded more NFTs than me and my team. We’ve done a lot of NFT trading. You name it, we’ve traded it.”

It’s a reflection of how immersed he’s been in the market’s every twist and turn. Arguably, his company’s most famous trade was becoming one of, if not the, largest holder of Pudgy Penguins, scooping up 3AC’s liquidated stash during the tumultuous back half of 2022.

“We bought a lot of Pudgy’s during the FTX collapse, and I’ve been a really big proponent of that company and collection for quite a while. I’ve been watching really closely and working really closely with that team. It’s been awesome,” Spencer says.

Spencer is also the co-founder of Orange Cap Games, the studio behind Vibes, a physical and digital trading card game built around the Pudgy Penguins IP. In just eight months, Vibes did $1.5 million in sales, with partnerships spanning eBay, PSA and CGC.

That success laid the groundwork for his interest in Moonbirds. “The team we’ve built is incredibly good at taking IP and bringing it to life. At some point, it makes sense to have our own IP,” he says.

“NFTs build a sentimental attachment. I’ve made money trading memecoins, too, but it’s not the same. Everyone who’s stuck around is nostalgic for the era of trading NFTs.”

Luca 2.0? Why Spencer’s Moonbirds playbook feels familiar

As Moonbirds continue their fast run up in price and enthusiasm for the project’s future, many are wondering: Is Spencer going to pull off a Luca Netz?

The comparison isn’t a lazy one, given Spencer’s closeness with the Pudgy Penguins CEO and team.

Netz, the magnetic CEO of Pudgy Penguins, flipped a flailing project into one of Web3’s most notable brands. From physical toys in Walmart to viral content to having its mascot, Pengu, ring the opening bell for…