Friday saw Yuga Labs, known for creating the Bored Ape Yacht Club (BAYC) non-fungible token ( NFT) series, unveiled its acquisition of Proof, a notable NFT startup behind the Moonbirds collection. Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework.
Yuga Labs' Acquisition of Proof Fuels Moonbirds NFT Sales Uptick
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Moonbirds NFT Sales Lift After Yuga Reveals Proof Asset Acquisition
Before the weekend commenced, the Moonbirds NFT compilation ranked second in 24-hour sales volume among NFT collections. According to Cryptoslam.io data, the Moonbirds collection, issued by Proof, generated $3.37 million in sales over the past day. Yuga Labs’ announcement of acquiring Proof and its assets, team, intellectual property, and artistic portfolio fueled this sudden surge.
In addition to Moonbirds, Yuga secures Oddities, Mythics, the Grails exhibition series, and assets from Proof Collective. Yuga’s acquisition of blue-chip NFT assets aligns with its previous move in March 2022, when the firm, supported by Andreessen Horowitz, Coinbase, Samsung, and Google Ventures, acquired Cryptopunks and Meebits from Larva Labs. Regarding Proof, Yuga intends to integrate Moonbirds into the Otherside, its Web3-powered metaverse.
“As a company committed to championing art, culture, and community on the blockchain, we’re excited to have Proof join the Yuga ecosystem,” the CEO of Yuga Labs Daniel Alegre said in a statement. “Moonbirds is a collection with great potential and many unifying brand elements with Otherside. We look forward to Proof Collective becoming an important part of our ongoing art and community engagement efforts.”
Yuga’s decision follows the prolonged downturn in the NFT market during 2022 and the first half of 2023, during which many NFTs witnessed over a 90% decline from their peak values. BAYC, like other collections, experienced significant depreciation in floor value during this period. Similarly, Moonbirds saw a considerable decline in floor value since its peak in 2022, but in the last 24 hours, it has surged by over 19%. Moonbird’s trading volume has also soared, marking a 919% increase compared to the previous day.
What do you think about Yuga acquiring Moonbirds and Proof’s other assets and intellectual property? Share your thoughts and opinions about this subject in the comments section below.
