Bored Ape Yacht Club Creator Yuga Labs Acquires NFT Startup Proof, Including Moonbirds Collection
In a significant move within the NFT space, Yuga Labs, the company behind the popular Bored Ape Yacht Club, has acquired Proof, the NFT startup responsible for the Moonbirds collection. The acquisition includes all of Proof's properties, such as Moonbirds, Oddities, Mythics, and Grails.
According to Yuga Labs, the acquisition of Proof and its assets is complete, with plans to integrate the Moonbirds collection into its highly anticipated Otherside metaverse game. The Proof team will also join Yuga Labs, with Proof co-founder and CEO Kevin Rose becoming an advisor to the company after assisting with the handover.
The acquisition comes as a surprise to some, as Rose had previously denied the possibility of a Moonbirds acquisition deal. However, discussions within the industry about the future of Moonbirds led Yuga Labs to reach out to Proof in an effort to assist. What started as a discussion quickly turned into a potential acquisition, with Yuga Labs CEO Daniel Alegre stating, "Let's have Proof become a part of the Yuga family."
The integration of the Moonbirds collection into Yuga Labs' Otherside metaverse game is seen as a natural fit. Otherside will feature avatars from various NFT projects, including Bored Apes, CryptoPunks, and Meebits. Alegre believes the Moonbirds art appears to have been "created for Otherside."
Yuga Labs plans to maintain the Proof Collective, an Ethereum NFT-based membership plan for digital art collectors, while aligning the Proof brand with its efforts around CryptoPunks and its TwelveFold collection on Bitcoin's Ordinals protocol. The future of the Proof branding is yet to be determined.
The Proof Collective, launched by Rose in late 2021, experienced success initially, with the sale of 1,000 passes generating significant trading volume. However, the NFT market's downturn presented challenges for Proof, including asset depreciation and pushback from Moonbirds holders over the decision to open-source the collection's artwork.
Despite these challenges, Yuga Labs saw the potential in the Moonbirds collection and the opportunity to continue the Proof Collective's offerings. The acquisition marks a significant step forward for Yuga Labs and solidifies its position as a major player in the NFT space.
Analyst comment
Positive news: Bored Ape Yacht Club creator Yuga Labs has acquired Proof, the NFT startup behind the Moonbirds collection. Yuga Labs plans to integrate Moonbirds into its upcoming Otherside metaverse game. This acquisition will enhance Yuga Labs’ position in the NFT market and expand its art world efforts. The Proof Collective will continue to operate, while the future of the Proof branding is under consideration. As an analyst, I anticipate that this acquisition will strengthen Yuga Labs’ market presence and drive further growth in the NFT industry.
