Yuga Labs, the powerhouse behind the wildly popular Bored Ape Yacht Club NFTs, has broadened its domain by purchasing Proof, a competitor known for the Moonbirds NFT collection. Yuga Labs CEO Daniel Alegre expressed enthusiasm for the integration, highlighting that Proof will contribute significantly to their Blockchain ecosystem’s art, culture, and community.
Yuga Labs Strengthens Its Position
While Yuga Labs declined to reveal any financial details surrounding the acquisition of Proof, founded by Kevin Rose, the company made its ambitions clear. Yuga anticipates that the Moonbirds collection will synergize with its Otherside metaverse, as Alegre noted the shared brand elements and the potential that lies ahead for the combined efforts.
NFT Market Dynamics
The NFT market has seen a modest recovery in sales volume recently but still lags behind the highs of the 2021-2022 bull run. Despite Moonbirds’ initial success with substantial transaction volume, recent monthly sales have dipped significantly. Yuga Labs remains optimistic, with plans for Kevin Rose to transition into an advisory role post-acquisition.
The acquisition includes Proof’s additional collections such as Oddities, Mythics, and Grails. Rose shared his excitement for the future of Moonbirds under the Yuga Labs umbrella, anticipating accelerated innovation and expansion of reach. Notably, both companies have received substantial investments from Andreessen Horowitz, with Proof and Yuga Labs securing $50 million and an undisclosed amount respectively in 2022 Series A funding rounds.