Yuga Labs Acquires PROOF and Introduces Moonbirds in Metaverse Project
Yuga Labs, the developers of the popular non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), has acquired rival NFT company PROOF. This acquisition grants Yuga Labs full ownership of PROOF’s assets and products, including the Moonbirds NFT collection.
Strategic Brand Expansion
In a recent blog post, Yuga Labs announced the acquisition of PROOF, signaling a strategic brand expansion. The exact amount of money involved in the deal remains unknown, but this move aligns with BAYC’s vision of becoming the “front door of Web3.”
Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!
Moonbirds in the Metaverse Project
As part of the acquisition, Yuga Labs now adds PROOF’s portfolio to its collection, including the PROOF collective, Oddities, Mythics, Grails, and their flagship project - the Moonbirds. Yuga Labs CEO Daniel Alegre expressed excitement about incorporating Moonbirds into their metaverse project called Otherside. Alegre believes that both projects share similar brand elements.
PROOF Boss as Advisor
As per the terms of the takeover deal, Yuga Labs will onboard all PROOF team members, including CEO and Founder Kevin Rose. Rose will take on an advisor role to BAYC’s creators following the acquisition. Rose expressed enthusiasm about bringing Moonbirds into Otherside and combining resources to innovate faster and reach more people.
Oversight Team for Smooth Transition
Yuga Labs has appointed former PROOF employees Josh Ong, Jesse Bryan, and Amanda Gadbow as an oversight team to ensure a smooth transition and adoption of Moonbirds into the Yuga ecosystem.
NFT Trading Volumes Decline
Meanwhile, NFT trading volumes continue to remain significantly lower compared to the peak levels seen during the 2021-2022 bull market. Data from NFT aggregator site Cryptoslam reveals a daily trading volume of $40.34 million, representing a 93% decline from the peak value recorded on May 1, 2022.
Total crypto market cap valued at $1.894 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
