- Yuga Labs has acquired Proof Collective, the startup behind popular NFT collection Moonbirds, fully integrating Moonbirds into Yuga’s upcoming Otherside metaverse.
- The acquisition brings Proof’s team, properties like Moonbirds and Mythics, and CEO Kevin Rose into Yuga Labs. Rose will advise during the transition.
- This continues Yuga’s efforts to expand beyond Bored Apes into a broader NFT and metaverse company, further solidifying its position in the space.
Yuga Labs, the creator of Bored Ape Yacht Club, has acquired Proof Collective, the startup behind the popular Moonbirds NFT collection. This big move will bring Moonbirds into Yuga’s upcoming Otherside metaverse.
About the Acquisition
Yuga Labs has fully acquired Proof and all of its properties, including Moonbirds, Oddities, Mythics, and Grails. The Proof team, including CEO Kevin Rose, will join Yuga, with Rose becoming an advisor after assisting with the transition.
The terms of the acquisition were not disclosed. Yuga Labs CEO Daniel Alegre said there were talks in the industry about Moonbirds‘ future, and Yuga reached out to help. That quickly turned into acquisition talks, leading to a “meeting of the minds.”
Integrating Moonbirds into Otherside
Alegre said Moonbirds’ art looks like it was made for Otherside. He didn’t share specifics but said Moonbirds will be integrated into the metaverse game world.
Yuga will continue running Proof Collective as-is for now but may rebrand it long-term. It will align Proof with Yuga’s art-focused efforts around CryptoPunks and TwelveFold.
The Story Behind Proof and Moonbirds
Proof launched in late 2021 as an NFT membership program offering perks like exclusive mints. Moonbirds, a 10,000-piece PFP collection, was revealed months later with free mints for Proof holders.
Moonbirds was a huge success, generating $280 million in sales in two days. But the NFT market crash meant assets quickly lost value, leading to community backlash.
Despite raising $60 million in VC funding, Proof faced other issues like canceling a conference. Rose admitted the challenges of running an NFT company have taken a toll.
Yuga Labs’ Big Web3 Push
Acquiring Proof is Yuga’s latest move to expand beyond Bored Apes into a broader NFT and metaverse company. It also owns CryptoPunks and launched the Otherside metaverse game.
With Proof’s team and Moonbirds community onboard, Yuga further solidifies itself as a leading force in the NFT space as it builds out its vision for Otherside.
