Bored Ape Yacht Club Acquires NFT Startup Proof, Including Moonbirds Collection
Bored Ape Yacht Club creator Yuga Labs has announced its acquisition of Proof, the NFT startup behind the Moonbirds collection and Proof Collective membership program. Yuga Labs has acquired all of Proof’s properties, including Moonbirds, Oddities, Mythics, and Grails. The Proof team will be integrated into Yuga Labs, and the Moonbirds collection will be incorporated into the upcoming Otherside metaverse game.
Proof co-founder and CEO Kevin Rose will assist with the handover and become an advisor to Yuga Labs. Previously, Rose had denied rumors of a Moonbirds acquisition deal. However, discussions between Yuga Labs and Proof led to the decision for Proof to join the Yuga family.
Yuga Labs CEO Daniel Alegre stated that integrating Moonbirds into Otherside makes perfect sense. The company also plans to continue running the Proof Collective as it is and align the Proof brand with its art world efforts around CryptoPunks and TwelveFold on Bitcoin’s Ordinals protocol.
What is Proof?
Proof Collective was launched by Kevin Rose in 2021 as an Ethereum NFT-based membership plan for digital art collectors. It offered member-exclusive mints and other benefits. The launch of Moonbirds, a 10,000 item profile picture collection, generated significant trading volume in the first two days alone.
However, Proof faced challenges as the NFT market declined. Moonbirds holders expressed pushback when Proof announced plans to open-source all of the collection’s artwork. Additionally, Proof canceled a planned conference due to limited demand and conducted layoffs.
Kevin Rose has been open about the difficulties of running an NFT company and has spoken about seeking treatment for health issues caused by the experience.
Hot Take: Bored Ape Yacht Club Expands with Proof Acquisition
The acquisition of Proof by Bored Ape Yacht Club is a significant move that expands Yuga Labs’ presence in the NFT space. By acquiring Proof and integrating the Moonbirds collection into their upcoming Otherside metaverse game, Yuga Labs strengthens its position as a leading player in the industry. The addition of Proof’s team and properties will contribute to Yuga Labs’ continued success and growth.
This acquisition also demonstrates the ongoing evolution and consolidation within the NFT market. As companies like Bored Ape Yacht Club expand their portfolios, they solidify their position as key players in shaping the future of digital art and collectibles. This move is sure to generate excitement among NFT enthusiasts and further propel the growth of the industry.
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