tl;dr
Yuga Labs, the developers of the Bored Ape Yacht Club (BAYC) NFT collection, has acquired rival NFT company PROOF, including the Moonbirds NFT collection, as part of a strategic expansion. The acquisition aligns with Yuga Labs' vision of becoming the "front door of Web3" and will involve the incorpo...
Yuga Labs, the developers of the Bored Ape Yacht Club (BAYC) NFT collection, has acquired rival NFT company PROOF, including the Moonbirds NFT collection, as part of a strategic expansion. The acquisition aligns with Yuga Labs' vision of becoming the "front door of Web3" and will involve the incorporation of Moonbirds into their metaverse project, Otherside. Kevin Rose, CEO and Founder of PROOF, will take on an advisor role at Yuga Labs, and former PROOF employees will help with the transition. Meanwhile, NFT trading volumes have seen a significant decline from peak levels in 2021-2022.
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. 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”. 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”.
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