Yuga Labs Expands NFT Empire with Acquisition of Proof and Moonbirds Brand

In a strategic move that further solidifies its leadership position in the cryptocurrency space, Yuga Labs, known for being the studio behind the iconic Bored Ape Yacht Club, has expanded its horizons by acquiring Proof, creator of the famous Moonbirds collection. This step not only expands Yuga Labs’ portfolio, but also signals a strengthening of art, culture and community in the blockchain ecosystem.

Daniel Alegre, CEO of Yuga Labs, expressed excitement about the new addition, stating: “As a company committed to championing art, culture and community on blockchain, we are excited to have PROOF join the Yuga ecosystem.” This acquisition, the financial details of which remain under wraps, represents a significant milestone for both companies, bringing two of the most influential NFT collections on the market under one roof.

Moonbirds’ integration into the Yuga ecosystem promises to be an interesting move, especially with plans to include it in the Otherside gamified metaverse. “Moonbirds is a collection with great potential and many elements that unify the brand with Otherside”, highlighted Alegre, pointing to a future where collaboration between the brands can further enrich the experience in the metaverse.

Yuga Labs has acquired @PROOF_XYZwhich includes PROOF Collective, @MoonbirdsMythics, @oddities_xyzand @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

While Moonbirds has enjoyed considerable success, reaching nearly $500 million in turnover as of April 2022, its monthly sales performance has been more modest compared to the astronomical numbers achieved by Bored Ape Yacht Club. This acquisition could be the catalyst Moonbirds needs to revitalize its market performance.

Kevin Rose, CEO and founder of Proof, expressed optimism about the merger, highlighting the two companies’ ability to “innovate faster and reach more people.” Rose will take on an advisory role after a brief transition period, during which Yuga Labs will also take control of other Proof brands such as Oddities, Mythics and Grails.

This development comes at an interesting time for the NFT market, which has seen a recovery in its trading volumes, although still far from the peaks of 2021 and 2022. The acquisition by Yuga Labs not only reinforces its dominant presence in the sector, but also signals a continued bet on the growth potential of NFTs and community engagement through digital art.

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