Yuga Labs, the Web3 company known for successful non-fungible token (NFT) projects like Bored Ape Yacht Club (BAYC) and its metaverse endeavor Otherside, has recently completed the acquisition of PROOF, the entity behind the popular NFT project Moonbirds.
This strategic move, detailed in a press release on February 16, marks an expansion of Yuga Labs’ Web3 ecosystem and integrates Moonbirds into Otherside, an adventure-based metaverse that raised $450 million in funding in 2022.
Moonbirds, currently ranking fourteenth in the all-time list of NFT collections by sales volume, boasts a substantial volume of 389,548.17 ETH, exceeding $1 billion. According to CoinMarketCap data, following the acquisition announcement, Moonbirds has surged to the second position, trailing only BAYC. In the last 24 hours, it recorded a significant +121.59% increase in volume and a +104.44% rise in sales.
Besides Moonbirds, the acquisition also encompasses various properties of PROOF, including Mythics, an expansion of the Moonbird ecosystem with NFTs in the form of Stone, Runic, and Legendary eggs; Moonbirds Oddities, featuring NFTs with randomly assigned traits and features; and Grails, a distinctive art collector experience.
While the specific acquisition cost remains undisclosed, it has been confirmed that the PROOF team will transition to roles within Yuga Labs. Kevin Rose, PROOF’s CEO & Founder, will serve as an advisor to Yuga Labs after a brief handover period.
This marks Yuga Labs’ second acquisition, following the incorporation of Roar Studios in July 2023, a move aligned with the company’s ambitious plans for the Otherside metaverse.
Since 2022, Otherside has been a key focus for Yuga Labs, with its two initial experiences, involving competitive gameplay and exploration of new environments, drawing over 11,000 participants.
By the end of 2023, Otherside secured the highest NFT land sales of the year with the “Otherdeeds” collection, further solidifying Yuga Labs’ position in the evolving metaverse landscape.
