Yuga Labs Moonbirds Acquisition Marks New Growth Of NFT Empire

Key Points:

• Yuga Labs, the parent company of Bored Apes Yacht Club, acquires Proof, an NFT startup famous for its Moonbirds collection.
• Moonbirds NFTs will be integrated into Yuga’s gaming universe, Otherside, with potential intellectual property rights transferred to NFT holders.

Yuga Labs, the parent company of Bored Apes Yacht Club (BAYC), has sealed a significant deal by acquiring Proof, a notable Non-Fungible Token (NFT) startup known for its Moonbirds collection.

Yuga Labs Moonbirds Acquisition Aims to Expand Its Power

The Yuga Labs Moonbirds acquisition signifies Yuga’s expansion into the NFT space and its commitment to integrating unique assets into its gaming universe, Otherside.

Under the agreement, Moonbirds NFTs will be seamlessly integrated into Otherside, offering new experiences to users within Yuga’s metaverse. Furthermore, Yuga’s approach suggests that intellectual property rights associated with Moonbirds could eventually be passed on to NFT holders, aligning with the company’s ethos of decentralization.

Transition Plan for Proof Under Yuga’s Umbrella

The Yuga Labs Moonbirds acquisition encompasses various elements of Proof, including its Grails series, which focuses on digital fine art. However, Proof will maintain its autonomy, operating independently within the Yuga Labs umbrella. Financial details of the deal remain undisclosed.

Moonbirds, characterized by pixelated owls adorned with distinctive accessories, gained prominence during the 2022 crypto boom, with individual pieces fetching substantial sums. Despite a significant drop in prices since then, the collection continues to attract attention, especially following Yuga Labs Moonbirds acquisition.

Daniel Alegre, CEO of Yuga Labs, emphasized the company’s commitment to promoting art and culture within the blockchain space. He sees Moonbirds as a valuable addition to Yuga’s ecosystem, enhancing the overall user experience within Otherside. Meanwhile, Proof CEO Kevin Rose will facilitate the transition before assuming an advisory role.