Yuga Labs, the powerhouse behind the Bored Ape Yacht Club, has recently confirmed its acquisition of Proof, the entity responsible for the Moonbirds NFT series. This acquisition not only extends Yuga Labs’ influence in the realm of digital collectibles but also signifies its ambition to lead the Web3 evolution.
With the inclusion of Proof’s team and the Moonbirds collection into its upcoming Otherside metaverse initiative, Yuga Labs is set to leverage this new asset for further growth. Kevin Rose, the CEO of Proof, will contribute his expertise as an advisor after a brief transition period. The financial specifics of the deal remain undisclosed.
This acquisition is aligned with Yuga’s vision to serve as the gateway to Web3, fostering a vibrant ecosystem for artists, creators, communities, and brands. Incorporating Moonbirds, a collection that quickly became a sensation with $280 million in trades within its first two days in April 2022, marks a significant milestone towards achieving Yuga’s ambitious goals.
Despite encountering a downturn in the crypto market and facing criticism for its open-source art plans, Moonbirds finds a renewed opportunity for growth within Yuga Labs’ ecosystem. Yuga’s acquisition strategy, previously incorporating major NFT collections like CryptoPunks and Meebits, now includes its first competitive startup acquisition with Proof.
The decision for Yuga Labs to acquire Proof emerged swiftly during discussions about potential collaborations, leading to a unanimous decision to merge Proof into Yuga Labs’ portfolio.
Nicole Muniz, CEO of Yuga Labs, highlighted the synergy between the two companies, expressing enthusiasm for Proof’s integration into the Yuga family. Despite recent challenges faced by Proof, including market downturns and community dissent, Moonbirds maintains a strong following and is poised to enhance the Otherside’s allure significantly.
The acquisition not only revitalizes Proof and the Moonbirds collection but also underscores Yuga Labs’ strategic positioning and vision for the future of the Web3 and NFT landscapes.
