Yuga Labs Acquires NFT Rival to Gain Moonbirds Collection

Yuga Labs, which created the Bored Ape Yacht Club (BAYC), has successfully bought PROOF, a competing NFT company.

Full ownership of PROOF’s assets and products is part of an undisclosed deal. Adding the Moonbirds NFT collection to Yuga Labs’ extensive collection is the deal’s highlight.

Moonbirds Integration into Otherside Metaverse

In an official blog post released on Friday, Yuga Labs shared its future goals following the acquisition. Yuga Labs wants to become the “front door of Web3” through this strategic brand growth, but the deal’s financial details have not been made public yet.

Yuga Labs has acquired @PROOF_XYZ, which includes PROOF Collective, @Moonbirds, Mythics, @oddities_xyz, and @Grails exhibition series.

For more information, see the official Yuga News blog: https://t.co/ly3fTYxCBk pic.twitter.com/ouvIM4Hr4S

— Yuga Labs (@yugalabs) February 16, 2024

The CEO of Yuga Labs, Daniel Alegre, was excited about the acquisition and said it matches the company’s mission to support art, culture, and community building in the blockchain environment. Alegre also discussed plans to combine Moonbirds with Yuga Lab’s metaverse project, the Otherside. He emphasized that the two projects share some brand aspects.

As part of the deal, Kevin Rose, CEO and founder of PROOF, will help Yuga Labs after the acquisition process. Rose emphasized how well Moonbirds would fit into Otherside and how combining resources could create new ideas.

Yuga Labs has already hired Josh Ong, Jesse Bryan, and Amanda Gadbow, who used to work for PROOF, as members of an oversight team to make the change go smoothly. This group ensures Moonbirds fit perfectly with the Yuga Labs environment.

In similar news, the non-fungible tokens (NFT) trading market is going through a significant downturn, even though Yuga Labs made its move. Cryptoslam, a website that collects NFTs, says that daily trade volumes have dropped to $40.34 million, a 93% drop from the high point of $579.09 million on May 1, 2022, when the market was rising.