Bored Ape Yacht Club has been riding a wave of success, and Yuga Labs, the mastermind, is catching more 'big fish' by taking over Proof.
The agreement they've struck is for a full acquisition of Proof.
, the startup behind the popular Moonbirds non-fungible token (NFT) collection.This strategic move places yet another premier NFT asset under Yuga's control, intensifying its stronghold in the digital collectibles realm.
TLDR
Yuga Labs, famed for Bored Ape Yacht Club, now has Proof, the creator of the Moonbirds series, in its arsenal.
The acquisition is a full package deal—Proof’s team, its creative works, and its IP are all part of the process.
Expect to see Moonbirds making their debut within Yuga’s Otherside metaverse soon.
In the aftermath of the acquisition, Proof's Kevin Rose will provide guidance to Yuga, ensuring a smooth shift before he steps back to an advisory capacity.
Yuga remains committed to fostering Proof Collective’s program as it aligns it with broader art initiatives.
With this acquisition, Yuga welcomes Proof’s personnel on board and embeds the incredible 10K Moonbirds collection into its forthcoming Otherside metaverse. Kevin Rose will assist with navigating this changeover, eventually taking on an advisory role at Yuga. Financial details remain under wraps.
The deal underscores Yuga’s ambition of leading the Web3 revolution, acting as an artistic and commercial epicenter in this evolving landscape. Welcoming Moonbirds adds another layer to Yuga's visionary pursuit.
The launch of Moonbirds in April 2022 sent ripples across the NFT world with $280 million trading in its early days. However, the market slump and open-source plans miffed collectors. Now, with a new chapter opening in Otherside, Moonbirds gets a fresh start.
This past year saw Yuga's appetite for acquisitions flourish, adding iconic NFT portfolios like CryptoPunks and Meebits. It's their first competitive startup acquisition with Proof, however.
Conversations between the two parties picked up steam quickly, naturally leading to the acquisition decision, aligning their strengths and synergies.
“It was like minds meeting. We thought, ‘Why not have Proof join the Yuga family?’”
said Yuga CEO Nicole Muniz
Despite Proof's recent hurdles, Moonbirds remain highly regarded with dedicated enthusiasts. Adding this collection to Otherside could bring newfound energy to the metaverse project. Yuga is keen on continuing Proof’s existing community-centric programs while shining a spotlight on their art brands.
As Proof navigated last year’s turmoil and market backlash, the acquisition offers a revival path. Employees bore the brunt of dissatisfaction from the NFT community, impacting morale.
Reflecting on recently tough months, Proof’s CEO Kevin Rose shared candid feelings—highlighting strains on wellbeing.
admitted in an interviewMoonbirds now finds itself with a rejuvenated horizon, backed by Yuga’s vision. Proof’s skills and creativity are poised to enrich Yuga’s broader Web3 ambitions.
Yuga Labs continuously shakes up industry norms, steering future directions with its bold decisions.
The Editor-in-Chief at Blockonomi, also the mind behind Kooc Media—a UK-based digital media establishment, champions Open-Source, Blockchain, and universal Internet access.
