Yuga Labs, developers of the prominent non-fungible token (nft) collection Bored Ape Yacht Club (BAYC), has announced the acquisition of rival nft company PROOF. This transaction is understood to give Yuga Labs full ownership of all PROOF assets and products, including the Moonbirds nft collection.
Yuga Labs will present Moonbirds in the Metaverse project
off to blog post On Friday, Yuga Labs shared details of a strategic brand expansion involving the purchase of nft development company PROOF. Since the exact amount of money involved in this deal is unknown, BAYC curators have stated that this move aligns with their vision of becoming the “gateway to Web3.”
Yuga Labs has acquired @PROOF_XYZwhich includes PROOF Collective, @moonbirdsmythical, @rarezas_xyzand @grails series of exhibitions.
For more information, check out the official Yuga News blog: https://t.co/ly3fTYxCBk pic.twitter.com/ouvIM4Hr4S
– Yuga Laboratories (@yugalabs) February 16, 2024
Yuga Labs, which is arguably the largest nft studio in the crypto ecosystem, now adds to its collection the entire PROOF portfolio, including the PROOF collective, Oddities, Mythics, Grails, and the startup's flagship project: the Moonbirds.
Commenting on this development, Yuga Labs CEO Daniel Alegre expressed much enthusiasm stating that the acquisition of PROOF represents part of the company's vision to promote artistic and cultural excellence, as well as foster community in the ecosystem. blockchain.
Alegre also highlighted plans for some of PROOF's exhibition series, notably including Moonbirds joining Yuga Lab's metaverse project Otherside, as he believes both projects share “many unifying brand elements.”
The head of PROOF will take on the role of advisor in the new configuration
Under the terms of this acquisition deal, Yuga Labs will also bring on board all members of the PROOF team, including the company's CEO and founder, Kevin Rose, who will assume the role of advisor to the creators of BAYC upon completion. the acquisition process.
Kevin Rose, who also seems impressed with this deal, said:
We are very excited to bring Moonbirds to Otherside. It is the perfect home and future for our collectors. With the PROOF Collective on board, it shows Yuga's commitment to digital fine arts, and our combined resources will allow us to innovate faster and reach more people. It will be an exciting journey.
Notably, Yuga Labs has already appointed certain former PROOF employees who will act as an oversight team, ensuring the smooth transition and adoption of Moonbirds into the Yuga ecosystem. This staff includes Josh Ong, Jesse Bryan and Amanda Gadbow.
In other news, nft trading volumes remain at abysmal levels compared to the peaks recorded in the 2021-2022 bull market. Data of Cryptoslam nft Aggregator Site reveals that the current daily trading volume is $40.34 million, representing a decline of over 93% from the peak value of $579.09 million recorded on May 1, 2022.
Total crypto market cap valued at $1.894 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image of Binance, TradingView chart
