Yuga Labs Expands Empire by Acquiring Moonbirds Creator Proof

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Yuga Labs, the powerhouse behind the iconic Bored Ape Yacht Club, has announced its acquisition of Proof, the studio known for the Moonbirds collection. This strategic acquisition marks a major consolidation in the NFT space, bringing together two of the most influential entities in the market.

Yuga Labs’ Expansion: Beyond Bored Ape Yacht Club

Yuga Labs, renowned for its pioneering role in the NFT domain, has consistently led the charge in integrating art, culture, and community through blockchain technology. The acquisition of Proof, a direct competitor best known for its Moonbirds collection, signifies Yuga Labs’ ambition to further dominate the industry. “As a company committed to championing art, culture, and community on the blockchain, we’re excited to have PROOF join the Yuga ecosystem,” stated Daniel Alegre, CEO of Yuga Labs.

Despite the buzz surrounding the acquisition, Yuga Labs has kept the financial details under wraps. Proof, founded by entrepreneur Kevin Rose, has been a notable player in the NFT market, though its Moonbirds collection has struggled to consistently match the sales volumes seen by Yuga Labs’ Bored Ape Yacht Club.

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

Yuga Labs plans to integrate Moonbirds into its Otherside metaverse, a gamified virtual world. “Moonbirds is a collection with great potential and many unifying brand elements with Otherside,” Alegre commented. “We look forward to PROOF Collective becoming an important part of our ongoing art and community engagement efforts.”

The NFT market has seen fluctuating trading volumes, with a significant peak during 2021 and 2022. Bored Ape Yacht Club’s NFTs, for instance, surpassed $200 million in monthly sales volume several times during this period. Moonbirds also saw a notable spike in April 2022, with trading volumes nearing $500 million. However, the brand’s sales have since cooled, often not exceeding $5 million in monthly sales.

As part of the acquisition, Kevin Rose will transition to an advisory role following a brief handover period. Yuga Labs will also take control of other Proof brands, including Moonbirds’ spinoff collections Oddities, Mythics, and Grails. Rose expressed enthusiasm for the merger, stating, “Excited to bring Moonbirds into Otherside,” and highlighting the potential for accelerated innovation and expanded reach resulting from the combined resources of the two companies.

This acquisition not only signifies a pivotal moment for Yuga Labs and Proof but also reflects broader trends in the NFT market, where consolidation may become increasingly common as companies strive to innovate and capture larger audiences. With the backing of prominent investors like Andreessen Horowitz, both companies are well-positioned to lead the next wave of growth and creativity in the blockchain space.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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