In a Discord announcement, the Moonbirds team stated that they are canceling their PROOF of Conference event due to a declining interest in NFTs from the general community. The team said they held several discussions with community leaders and sponsors which inevitably led to the decision to cancel the event believing that it would fail to attract a meaningful audience.

The decision doesn’t come as much of a surprise following the downward trend that has plagued the NFT market since the spring of 2022. Collectors are finding it increasingly difficult to see value in NFTs which have depreciated in value immensely. Although Moonbirds and PROOF are highly exclusive communities, this could cause problems in the future for events like NFT.NYC.