uga Labs announced on February 16th that it had acquired NFT development company PROOF in a strategic move to expand its brand and vision. While financial terms of the deal were not disclosed, Yuga Labs stated that the acquisition aligns with its goal of becoming the "front door of Web3". Through the purchase, Yuga Labs now owns all of PROOF's assets and products including its flagship Moonbirds NFT collection.
Moonbirds Joins The Yuga Family
The Moonbirds project is considered a rival to Yuga Lab's own Bored Ape Yacht Club collection. As part of the deal, Moonbirds and the PROOF Collective will now fall under Yuga Lab's ownership. Yuga Labs CEO Daniel Alegre expressed excitement about the acquisition, saying it represented the company's commitment to supporting art and culture in web3. He also noted plans to introduce Moonbirds to Yuga Labs' upcoming metaverse project Otherside due to shared brand elements.
PROOF Founder Takes On Advisory Role
PROOF founder and CEO Kevin Rose will be coming on as an advisor to Yuga Labs following the completion of the acquisition. Rose said he was excited to bring Moonbirds to Otherside, calling it the "perfect home" for collectors. All PROOF team members will also be joining Yuga Labs. As part of the transition, certain former PROOF employees including Josh Ong, Jesse Bryan, and Amanda Gadbow have been appointed to an oversight team.
Positive Outlook Despite Market Declines
While NFT trading volumes have plunged over 90% from their 2021 highs, according to data from Cryptoslam, this acquisition shows confidence from Yuga Labs in the long-term potential of the space. By expanding its footprint with the addition of Moonbirds and PROOF's talent, Yuga Labs is positioning itself to continue leading in the NFT industry even during the current crypto winter. The incorporation of Moonbirds into upcoming projects like Otherside also provides collectors assurance that the project is here to stay. Overall the deal marks an ambitious move by Yuga Labs to solidify its presence as one of the premier NFT brands.
A New Era For Moonbirds
The acquisition is widely seen as a positive step for the future of the Moonbirds collection. Being brought into the Yuga Labs portfolio provides access to greater resources to develop the project further. Integration into the Otherside metaverse also offers collectors new utility for their NFTs. Under new leadership and with the support of Yuga Labs, Moonbirds enters a new phase focused on innovation and community building. For the project's dedicated users, the PROOF takeover signals an exciting new chapter and promising prospects to come.
