From competitive fencer to executive, Spencer Gordon-Sand's journey into Web3 is anything but ordinary. As a seasoned trader and early NFT collector, Spencer leveraged his investment talents to establish Orange Cap Games - a studio that merges intellectual property, gaming, and trading card culture.
After making a stunning debut with the Vibes TCG for Pudgy Penguins, Spencer and the team recently acquired one of the most famous NFT series, Moonbirds, causing a stir.
We interviewed Spencer to gain further insights into his views on community-driven IP, the long-term vision for Moonbirds, and how physical collectibles can bridge the gap with digital.
OpenSea: Let's start with a brief introduction about yourself. How did you initially enter this field?
Spencer Gordon-Sand: My career is quite unusual. I was a competitive fencer in the World Cup and Grand Prix. After that, I joined a startup and helped the company win millions in contracts, eventually rising to executive level. We also engaged in venture capital, and I eventually left to pursue an economics degree at the University of Chicago.
I later held executive roles at several startups, two of which received venture capital, one was acquired, and another raised $125 million in about 18 months with my help. After the pandemic broke out, I turned to investing and completed about 100 early-stage venture investments through the platform Lofty Ventures, which I co-founded with my business partner. Although most of the investments were not in Web3, I always had some experience with cryptocurrency investments.
Before this, I funded my early startup by trading trading cards. Rather than being a player, I was more like a trader. In 2021, I stumbled upon NFTs on Clubhouse and realized, 'It's like venture capital, but with trading cards.'
I got into Bored Apes, RTFKT, Cool Cats - you name it - early on, and my portfolio increased by about 7000% in eight months, cashing out in December 2021 and buying stablecoins.
By Q3 2022, I raised my first fund supported by the Pritzker Group (the Illinois governor's family office). During the FTX crash, we held most of our cash, allowing us to do a lot of interesting things after FTX. At its peak, our trading volume accounted for 5% of Blur's volume, and we were one of its largest contributors before the airdrop.
We are also the largest holders of Pudgy Penguins. We acquired these works at the Three Arrows Capital (3AC) liquidation auction, and it turned out to be a very profitable deal.
This led to a conversation with Luca two years ago at Art Basel, when I suggested developing a trading card game (TCG) to monetize the IP. This idea ultimately led to the birth of Orange Cap Games, and our first project is the Vibes trading card game for Pudgy Penguins.
OpenSea: The performance of Vibes has indeed been great, right?
Spencer: Yes, we launched both the physical and digital versions within eight months and raised $2 million. We partnered with companies like eBay, CGC, and Van. Since last December, our product sales have exceeded $1.5 million, and our online game has accumulated over 350,000 plays. We have also received ratings from PSA and CGC. In fact, we ranked 19th in the highest-rated trading card games (TCG) by CGC, and we just launched in December last year.
We are very focused on growth outside of cryptocurrency, but the participation of the cryptocurrency community is also very high. This success has brought us other opportunities, including the acquisition of Moonbirds.
OpenSea: Tell me more about it. Why Moonbirds?
Spencer: The mission of Orange Cap is to revitalize IP. Vibes has proven that we can do this. After seeing that Moonbirds was looking for a new owner, we realized it was a perfect fit. We understand the ins and outs of IP, and we work closely with Pudgy to grasp how it operates.
Having its own intellectual property opens up new possibilities, and Moonbirds has always had strong IP. I have been a fan of theirs from the beginning; their art is stunning, and Justin Mezzell's work is a masterclass, especially in the creation of the Mythics band.
Their community is also quite unique, with extensive influence in Europe and Silicon Valley, not just the typical cryptocurrency crowd. When we announced the acquisition, many who still cared about Moonbirds came back, and that's the most gratifying part.
OpenSea: The nostalgia for 2021 is real.
Spencer: That's absolutely correct. For many, the peak of Moonbirds was their happiest time in the cryptocurrency space. Memecoins might earn more money, but they aren't as fun. We are working hard to regain that joy and to explore the uniqueness of Moonbirds.
OpenSea: How has the community reacted so far?
Spencer: Overall, the response has been very positive. We haven't delivered any significant achievements yet - it's still too early - but we are very optimistic about the future. We have made it clear that we will not continue with the old vision of Moonbirds but will build our own vision. Some people may not like this, and that's okay.
We are leveraging AI as a tool to drive the development of intellectual property. Moonbirds has always attracted those eager to be at the forefront. In 2021, NFTs were their benchmark; today, AI is their benchmark. We have already seen the community begin to create AI artworks of their Moonbirds, and witnessing this creativity is exciting.
OpenSea: How do you plan to expand the IP into the mainstream?
Spencer: The platform is the first step. Currently, Moonbirds primarily operates on the X platform. We have launched a Telegram channel and are developing content strategies for TikTok, YouTube Shorts, Instagram, Snapchat, and Giphy.
The short video market is huge, and AI makes it easy to create engaging content at scale. This also relates to brand refreshes to meet the challenges of 2025. In 2021, being native to Twitter was decent. Now, platform risk has come, and you need to be everywhere. We see Moonbirds as a bridge - it can bring external users into cryptocurrency.
OpenSea: What other community-driven IP approaches have you considered?
Spencer: In the long run, we want to create products that leverage intellectual property, just like Pudgy and now Rekt Drinks. We have manufacturing teams in Asia, allowing us to produce high-quality physical products as a bridge to digital.
In Vibes, at least half of the players are not cryptocurrency enthusiasts. Some were initially skeptical, but once they started playing, they even forgot it had any connection to cryptocurrency. This is exactly the experience we want.
OpenSea: You mentioned that Moonbirds already has 3D avatars?
Spencer: Yes, Yuga Labs has created fully 3D-bound virtual characters for Moonbirds, which is significant. This opens up a variety of possibilities - including in Otherside, although this has not been confirmed yet.
OpenSea: What is your long-term vision for Moonbirds?
Spencer: This is a phased approach. The first step is to reactivate the community and develop the IP into a platform. The second step is to provide products and establish partnerships. In five years, I hope Moonbirds will be a ubiquitous IP - well-known, with both physical products on shelves and an online platform that attracts new users.
OpenSea: What are the next steps for Orange Cap besides Moonbirds?
Spencer: We are about to release 'Legend of the Littles', a set themed around little chubby ones, as part of the Vibes series. Our first set, 'Enter the Huddle', was pretty good - this one is great too.
We even developed a special paper called 'Orange Core' for this purpose. Most trading card games use 'Blue Core'. 'Orange Core' is more durable, less prone to warping during shuffling, and has a better feel. This level of detail might seem excessive, but it's part of our philosophy - to do things well, even if it's harder.
OpenSea: The intersection of physical and digital is indeed interesting.
Spencer: Yes, we will continue to explore. Trading card games are great because they can be used in both physical and digital spaces. We are not too fond of NFC chips in cards - their scalability is poor - but we are exploring other physical collectibles that can connect to the digital world.
In Vibes, the last card in each pack has a QR code that can take you into an online game. This is not just a gimmick, but a way to use physical items to attract players to experience digital content. We see huge potential in this.
OpenSea: Is there anything else you'd like the readers to know?
Spencer: We just want to bring back the fun. We miss the excitement that NFTs once brought. If we can make them enjoyable again, we can achieve something extraordinary. Moonbirds is always committed to being at the forefront of technology. 2021 was about NFTs, and now it's about AI. This evolution is healthy, and we are committed to driving it forward.
#MoonBirds #PudgyPenguins #bayc #BLUR
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