This report is written by Tiger Research. Moonbirds launched as an NFT project in 2021. After being acquired by Orange Cap Games in 2025, its development direction has shifted. This raises a core question: Where is Moonbirds headed now?
Key Points
- After acquiring Moonbirds, Orange Cap Games announced plans to issue tokens and expand a broader ecosystem.
- To position the Moonbirds IP around fan culture rather than speculation, the team is launching various forms of engagement, including a card game, a blind box 2.0 plan, and mobile games.
- Although the expansion prospects for the Moonbirds IP are promising, a clearer and more specific utility framework for the $BIRB token still needs to be established.
1. Moonbirds Moving Towards a Larger Ecosystem
Source: Opensea
Moonbirds was a highly anticipated NFT project in 2021, with trading prices reaching as high as 40 ETH. As the NFT market entered a downturn, interest gradually faded. However, recently, Moonbirds has returned to the spotlight with the announcement of its token issuance plan. Viewing Moonbirds solely as an NFT project reflects a perspective stuck in 2021.
In May 2025, after being acquired by Orange Cap Games, Moonbirds entered a new phase. The acquirer's goal is not to operate Moonbirds as an independent NFT series but to develop it into a broader IP-driven business. This shift requires us to move beyond the valuation of a single NFT and instead assess Moonbirds within a larger strategic framework.
2. Moonbirds and the Ambition to Become the Next "Pop Mart"
Source: Solana Youtube
The future envisioned by Orange Cap Games through Moonbirds is to become the "next Pop Mart."
CEO Spencer Gordon Sand stated that his ambition is to build Orange Cap Games into a Web3 version of Pop Mart, establishing a company worth billions of dollars.
This ambition is closely related to Sand's professional background. He was an early investor in NFT projects such as Bored Ape Yacht Club, RTFKT, and Cool Cats, allowing him to witness firsthand how NFT projects evolve into IPs and how they can fail.
In particular, as one of the largest holders of Pudgy Penguins, he witnessed the brand's expansion into mainstream media, where non-crypto audiences actively engaged with these characters. This experience likely shaped his belief in creating the "next Pop Mart."
In line with this background, Orange Cap Games' vision for Moonbirds is distinctly different from typical NFT sales models. The company is not focused on NFT distribution within Web3 but sees Moonbirds as a starting point to acquire and expand multiple high-potential IPs, ultimately positioning itself as a diversified, IP-centric consumer business similar to Pop Mart.
What is Pop Mart's most popular blind box series?
Source: Pop Mart
A representative success story for Pop Mart is the character Labubu. Labubu was not originally created by Pop Mart. In 2019, the company signed an exclusive agreement with a Hong Kong artist and successfully brought this character to the mass market.
Pop Mart is not simply a third-party IP reseller. Its core advantage lies in vertical integration.
Similar to a talent agency, the company manages the entire lifecycle of IP development, from artist discovery and IP licensing to product design, manufacturing, and direct-to-consumer distribution through its own channels. This integrated structure allows Pop Mart to repeatedly expand new characters using a consistent expansion model.
Orange Cap Games seems to be pursuing a similar approach. The company's goal is not just to create products but to establish a distribution layer capable of delivering multiple IPs.
This system encompasses physical distribution (such as figurines and trading cards), cultural distribution through offline tournaments and events, and digital distribution through games and NFTs. The aim is to create a repeatable framework that can support and expand any IP introduced into the ecosystem.
3. To Become Pop Mart, Products Must Be Well-Made and Distributed Effectively
Source: Orange Cap Games
For Orange Cap Games, producing physical toys inspired by Moonbirds NFTs is important. However, trading cards play a more central role in establishing a scalable ecosystem.
To make its trading card game stand out, the company avoided the industry-standard blue core cardstock and developed its own orange core material. This proprietary cardstock reduces common issues such as edge wear and card bending. Orange Cap Games controls the material selection and manufacturing process, extending product ownership to production details.
These efforts were validated when the cards received a PSA 10 rating (the highest rating from PSA). Subsequently, the company collaborated directly with PSA to launch co-branded promotional cards.
Source: Moonbirds
Having product quality is not enough. The distribution infrastructure determines whether physical products can reach the right audience. It is crucial to establish a presence in high-traffic locations frequented by target consumers.
To this end, Orange Cap Games has established partnerships with major global distributors:
GTS Distribution: The largest collectibles distributor in North America
Star City Games: The core distributor for Magic: The Gathering
Asmodee: The third-largest board game and toy distributor globally
As a result, Moonbirds products are no longer limited to crypto-native channels like exchanges. They can now be found in local hobby shops and toy stores, meeting the basic requirements for global expansion.
At this stage, Orange Cap Games has ensured product quality and distribution channels. The next challenge is retention: Will customers who purchase these products remain engaged in the broader Moonbirds ecosystem?
4. Convincing Consumers to Choose Moonbirds
Producing high-quality products and ensuring distribution is necessary, but not sufficient. The real challenge lies in persuasion. Among countless character products on retail shelves, what makes consumers choose Moonbirds?
Labubu's success at Pop Mart is not driven solely by visual appeal. Orange Cap Games applies a similar logic, using structured strategies to influence consumer behavior rather than relying solely on design.
4.1 Trading Card Game as a Cultural Entry Point
Cards are not only collectibles but also components of a game. To make cards meaningful collectibles, there must first be a playable game. Without active gameplay, even beautifully designed and well-made cards are just decorations.
Source: Vibes
The core question is how to attract players to join a new card game.
Orange Cap Games targets participants in large trading card tournaments. These events typically last five days, with about half of the participants eliminated on the first day. The company schedules its own tournament on the second day, positioning it as an alternative for eliminated players.
From the participants' perspective, the additional competitive opportunity is appealing. The preparation familiarizes them with the game, core players begin to gather, and the product starts to operate as a real game rather than a niche experiment.
When the Moonbirds tournament is held alongside a large, established event, players also begin to associate it with the same competitive standards. This cognitive shift is crucial. The focus of this strategy is not on immediate conversion but on repositioning Moonbirds TCG as a legitimate part of the broader card game ecosystem.
Essentially, this approach is not just about participation; it is about changing the way the product is perceived.
Source: scgcon
In practice, Orange Cap Games applied this strategy at SCG Con in 2025, hosting side events next to the main competition. Over time, this approach steadily expanded the scale and visibility of Vibes TCG events.
4.2 Blind Box 2.0: From Single Experience to Triple Experience
Source: Moonbirds
Pop Mart's traditional blind boxes, such as the Labubu series, typically contain a single figurine. Once the box is opened and the item revealed, the experience ends. This model is designed around one-time consumption.
Moonbirds has taken a different approach—Blind Box 2.0. Each box contains three different collectibles:
- A plush toy or figurine
- A trading card
- An NFT
By purchasing a single box, consumers engage in three independent experiences rather than just one.
Orange Cap Games refers to this model as a "hybrid" category. It is not merely a bundling of three products. The core idea is to drive cross-channel traffic, with each item serving as an entry point into different parts of the ecosystem.
- Buyers focused on toys discover TCG cards and are introduced to gameplay.
- Buyers focused on TCG acquire NFTs and engage with on-chain assets.
- Buyers focused on NFTs obtain physical toys and are guided into offline communities.
A single blind box becomes a gateway to all three business lines of Orange Cap Games (toys, TCG, and NFTs). Consumers may initially participate based on their original purchase intent. However, once curiosity surpasses the initial purpose, they are naturally guided into adjacent parts of the ecosystem.
4.3 Mobile Games as an Extension Channel for Daily Engagement
Source: Vibes
Purchasing trading cards requires spending money, and collecting figurines necessitates prior interest. In contrast, free mobile games only require a download. Some users may subsequently invest time or money to improve their decks or progress, but the initial entry barrier remains low.
"Angry Birds" provides a useful reference. The gameplay is simple, yet the characters have gained global recognition. From there, the IP expanded into movies, merchandise, and theme parks. The game became the starting point for widespread IP distribution.
Moonbirds' mobile game aims to serve a similar purpose. Through gameplay, users become familiar with the characters and gradually absorb a broader worldview. Even users who do not initially intend to purchase cards or figurines are exposed to Moonbirds through the game.
Over time, this familiarity creates recognition. When consumers later encounter Moonbirds products in retail environments, these characters are no longer unfamiliar. The mobile game establishes a psychological bridge that transforms passive awareness into potential purchase intent.
5. From Moonbirds to Orange Cap Games: The Role of $BIRB
Orange Cap Games has established the infrastructure and strategy to expand Moonbirds. However, for investors, the key question remains: What does the $BIRB token actually do?
The team describes $BIRB as a "coordinating layer." Within this framework, the token is designed to accelerate cultural dissemination, making memes spread more effectively. The strategy is to anchor the business in physical consumer products while leveraging crypto-native dynamics to amplify brand influence.
The challenge lies in specificity. It is currently unclear what specific benefits token holders will receive. Revenue sharing from product sales, NFT-related memberships, or other incentive mechanisms have not been clearly defined.
Orange Cap Games emphasizes long-term ecosystem growth. Revenue is expected to be reinvested into the business rather than distributed to token holders. The goal is to create a positive feedback loop that channels attention generated in the non-crypto market back to the crypto community.
A notable advantage is that this is not a business assembled solely for the purpose of token issuance. The company generated real revenue through Vibes TCG before introducing the token layer. This approach is fundamentally different from meme coins that lack underlying operations.
However, there are still unresolved questions. Whether the proposed "cultural coordination" function of the token can operate in practice, and whether this function can translate into sustained token value, remains to be seen. The priority of reinvestment may also have lower appeal for short-term investors.
Whether Moonbirds can achieve success on the level of Pop Mart remains uncertain. Nevertheless, the project serves as a real-time experiment in how an NFT-origin IP can be monetized in the real world, and the specific design of $BIRB and its early performance will determine the outcome of this experiment.
Related reading: Moonbirds: The Wealth Narrative of Birbillions.
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