Yuga Labs, developers of the prominent non-fungible token collection (NFT) collection Bored Ape Yacht Club (BAYC), has announced the acquisition of rival NFT company PROOF. This transaction is understood to grant Yuga Labs full ownership of all PROOF’s assets and products, including the Moonbirds NFT collection.
Yuga Labs To Introduce Moonbirds In Metaverse Project
Via a blog post on Friday, Yuga Labs shared details of a strategic brand expansion involving the purchase of the PROOF NFT development firm. With the exact amount of money involved in this deal remaining unknown, the BAYC curators have stated that this move aligns with their vision of becoming the “front door of Web3”.
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, which is arguably the biggest NFT studio in the crypto ecosystem, now adds to its collection all of PROOF’s portfolio, including the PROOF collective, Oddities, Mythics, Grails, and the startup’s flagship project – the Moonbirds.
Commenting on this development, Yuga Labs CEO Daniel Alegre has expressed much excitement stating that PROOF’s acquisition represents part of the company’s vision of promoting art and cultural excellence as well as fostering community in the blockchain ecosystem.
Alegre also highlighted plans for some of PROOF’s exhibition series, which notably includes the incorporation of Moonbirds into Yuga Lab’s metaverse project, the Otherside, as he believes both projects share “many unifying brand elements”
PROOF Boss Set To Take Advisor Role In New Setup
In accordance with the terms of this takeover deal, Yuga Labs will also be onboarding all PROOF team members, including the company’s CEO and Founder, Kevin Rose, who will take up an advisor role to the BAYC’s creators following the completion of the acquisition process.
Kevin Rose, who also appears impressed with this deal, said:
We’re very excited to bring Moonbirds into Otherside. It’s the perfect home and future for our collectors. With the PROOF Collective on board, it shows Yuga’s commitment to digital fine art, and our combined resources will allow us to innovate faster and reach more people. It’s going to be an exciting journey.
Notably, Yuga Labs has already appointed certain former PROOF employees who will serve as an oversight team, ensuring the smooth transition and adoption of Moonbirds into the Yuga ecosystem. This staff includes Josh Ong, Jesse Bryan, and Amanda Gadbow.
In other news, NFT trading volumes continue to remain at abysmal levels compared to the heights recorded in the bull market of 2021-2022. Data from NFT aggregator site Cryptoslam reveals that the current daily trading volume of $40.34 million, representing over a 93% decline from the peak value of $579.09 million recorded on May 1, 2022.
Total crypto market cap valued at $1.894 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Binance, chart from TradingView
