Product Keynote: Moonbirds

OrangeCap Games, the parent company behind the beloved Moonbirds NFT collection, is charting an ambitious course to become crypto's answer to the $4 billion collectibles giant Popmart—and they've just announced a native token launching on Solana in early 2026.

Summary

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At Breakpoint 2025, OrangeCap Games CEO Spencer Gordon-Sand delivered a compelling vision for the future of crypto collectibles, positioning the Moonbirds IP (affectionately called "Burb") as Web3's equivalent to Popmart's wildly successful LeBubu character. The company has achieved remarkable traction in just its second year of operations, reaching $8 million in revenue compared to Popmart's mere $900,000 at the same stage of its journey.

Gordon-Sand argued that as crypto technology has plateaued, distribution has become the critical success factor—and OrangeCap Games has been executing aggressively on this front. The company's reach spans both physical and digital realms, from producing the largest RWA primary sale ever on Solana ($1.7 million in physical blind boxes) to spreading digital collectibles across nearly 200,000 unique wallets.

Perhaps most significantly, the company announced that the ticker BURP will launch as their native token on Solana in early Q1 2026, marking a major milestone in their journey toward becoming a multi-billion dollar enterprise. With projected revenues of $20 million for the coming year and partnerships spanning eBay, CGC, and PSA, OrangeCap Games is positioning itself at the intersection of traditional collectibles and crypto innovation.

Key Points:

The Popmart Comparison and Revenue Growth

OrangeCap Games has set its sights on an ambitious target: becoming the Popmart of Web3. For context, Popmart is now larger than Hasbro, Mattel, and Sanrio combined, projected to hit $4 billion in revenue this year. While OrangeCap Games' $8 million revenue might seem modest in comparison, Gordon-Sand emphasized an apples-to-apples comparison—Popmart only achieved $900,000 in its second year, while OrangeCap Games has reached $8 million at the same stage.

The growth trajectory looks even more promising, with distributor commitments pointing to approximately $20 million in revenue next year. This would put the company roughly where Popmart was two years before its IPO, suggesting a similar path to market dominance could be achievable. The comparison isn't just about revenue—it's about positioning the Moonbirds "Burb" character as crypto's LeBubu, a character-driven IP that can span merchandise, games, and collectibles.

Vibes TCG Success and Physical Distribution

One of OrangeCap Games' most impressive achievements is the Vibes trading card game, produced in partnership with Pudgy Penguins. This product has generated approximately $6 million in revenue over the past 12 months and has become a genuine global phenomenon, with thousands of players from Singapore to Manila to Connecticut participating in organized play.

The competitive scene has attracted serious talent from outside the crypto space. At the North American championships, which drew over 130 players, the top eight included professional players from Magic: The Gathering, Flesh and Blood, and Lorcana—alongside two crypto newcomers for whom Vibes was their first trading card game. This cross-pollination between traditional gaming and crypto demonstrates the product's mainstream appeal. The company also announced that the Moonbirds "Burb" IP will join the Vibes TCG product line in the coming year.

Strategic Partnerships and Secondary Market Validation

OrangeCap Games has secured partnerships with major players in the collectibles industry, lending credibility to their physical products. CGC, the world's second-largest grading company, is a partner, while PSA distributed co-branded cards at both New York Comic-Con and San Diego Comic-Con. eBay has also partnered with the company, and collaborations extend beyond collectibles to brands like Haritos and Vanek.

The secondary market has validated the quality and collectibility of their products in dramatic fashion. One Vibes card sold for $12,200 at Gold and Auctions, one of the largest auction houses in the collectibles space. Gordon-Sand noted this price point is comparable to first-printing Charizard cards and Black Lotus from Unlimited Magic: The Gathering—legendary cards in the traditional collectibles world.

Digital Distribution and the BURP Token Announcement

On the digital side, OrangeCap Games has achieved impressive distribution for the Moonbirds IP. Nearly 200,000 unique wallets have minted Moonbirds digital collectible soulbound tokens this year, spreading brand awareness across the Solana ecosystem and beyond.

The keynote's major announcement was the confirmation that the BURP token will launch on Solana in early Q1 2026. While specific tokenomics weren't detailed, this represents a significant development for the company as it pursues its goal of becoming a multi-billion dollar enterprise. The token announcement follows the earlier reveal in Singapore that a Moonbirds token was coming to Solana, now crystallized with both a ticker and timeline.

Facts + Figures

• OrangeCap Games is on track for $8 million in revenue in their second year of operations, compared to Popmart's $900,000 at the same stage

• Projected revenue for next year is approximately $20 million based on distributor commitments

• Popmart, the company OrangeCap aims to emulate, is projected to do $4 billion in revenue this year—larger than Hasbro, Mattel, and Sanrio combined

• The Moonbirds physical blind box sale generated $1.7 million at $25 per unit, making it the largest RWA primary sale ever on Solana

• Vibes TCG has generated approximately $6 million in revenue over the past 12 months

• North American Vibes championships drew over 130 players each

• Nearly 200,000 unique wallets have minted Moonbirds digital collectible soulbound tokens

• A Vibes card sold for $12,200 at Gold and Auctions, comparable to first-printing Charizard or Unlimited Black Lotus prices

• BURP token will launch on Solana in early Q1 2026

• The company has partnerships with CGC (second-largest grading company), PSA, and eBay

Top quotes

• "As with many technological innovations, in prior cycles, we saw a lot of really rapid tech innovation... But right now, I think we've seen that plateau in this most recent cycle."

• "What matters today in crypto, I'm going to make the argument, is distribution, distribution, distribution."

• "Our goal is to make sure that OrangeCap Games is to be the Popmart of crypto."

• "Moonbirds or Burb, our IP is crypto's LeBubu."

• "This was actually the largest RWA's primary sale ever on Solana."

• "It's things like that that really bring us all together"—on the diverse mix of traditional card game pros and crypto newcomers competing in Vibes tournaments

• "Internally, we've had this mantra which we're starting to put out more, which is all roads lead to Burb."

• "Ticker BURP, our native token is coming early Q1 in 2026."

• "We're so excited for this major development in our journey... I hope you guys have a great rest of Breakpoint."

Questions Answered

What is OrangeCap Games and what do they do?

OrangeCap Games is the parent company of Moonbirds, one of the most recognizable NFT collections in crypto. The company operates across both physical and digital collectibles, producing their own Moonbirds-branded products as well as creating products for other IPs like Pudgy Penguins. Their product lineup includes physical blind boxes, the Vibes trading card game, and digital soulbound tokens. CEO Spencer Gordon-Sand positions the company as aspiring to become the "Popmart of crypto," building a collectibles empire around character-driven IP.

When is the BURP token launching on Solana?

The BURP token is scheduled to launch on Solana in early Q1 2026. This was announced for the first time at Breakpoint 2025, building on an earlier announcement in Singapore that a Moonbirds token was coming to Solana. While specific tokenomics and utility details weren't shared, the launch represents a major milestone for OrangeCap Games as they pursue their goal of becoming a multi-billion dollar company. The token will trade under the ticker BURP.

How successful has the Vibes trading card game been?

Vibes TCG, the Pudgy Penguins trading card game produced by OrangeCap Games, has been remarkably successful, generating approximately $6 million in revenue over the past 12 months. The game has developed a global player base spanning Singapore, Manila, Connecticut, and beyond. Championship events regularly draw over 130 players, with competitive play attracting professional players from established card games like Magic: The Gathering, Flesh and Blood, and Lorcana. A single Vibes card sold for $12,200 on the secondary market, demonstrating strong collector demand.

What makes Moonbirds comparable to Popmart's LeBubu?

Gordon-Sand positions Moonbirds (or "Burb") as crypto's equivalent to LeBubu, Popmart's wildly successful character IP. The comparison is based on both companies' focus on character-driven collectibles that can span multiple product categories and merchandise types. While Popmart has grown to a $4 billion revenue company—larger than Hasbro, Mattel, and Sanrio—OrangeCap Games is following a similar growth trajectory. In their second year of operations, OrangeCap Games' $8 million revenue significantly exceeds Popmart's $900,000 at the same stage, suggesting potential for similar long-term success.

What was the largest RWA primary sale ever on Solana?

OrangeCap Games achieved the largest RWA (Real World Asset) primary sale ever on Solana with their Moonbirds physical blind box release, generating $1.7 million at $25 per unit. These physical collectibles bridge the gap between digital crypto collectibles and traditional merchandise, representing an important proof point for the company's ability to monetize their IP across different mediums. The products are available at their Breakpoint booth and online.

What partnerships has OrangeCap Games secured in the collectibles industry?

OrangeCap Games has assembled an impressive roster of partnerships with traditional collectibles industry leaders. CGC, the second-largest grading company in the world, is a formal partner. PSA distributed co-branded cards at major events including New York Comic-Con and San Diego Comic-Con. eBay has also partnered with the company. Beyond collectibles, partnerships extend to brands like Haritos and Vanek, demonstrating the company's ability to expand the reach of crypto-native IP into mainstream distribution channels.