KEY POINTS
Two months post-acquisition, Yuga Labs has already shared developments regarding the Moonbirds non-fungible token (NFT) project.
On April 29, in a post on X (Twitter), the project revealed “Moonbirds Universe” — a digital space for Moonbirds NFT holders to engage within the “Volaria” world.
Access to the Moonbirds Universe will be exclusive to NFT holders, as the project shifts from a Creative Commons Zero (CC0) model to joining Mythics as a collection with commercial rights.
This new direction entails a collaboration with Colin Hesterly, an acclaimed artist and director associated with Mythics.
In addition to this shift, Moonbirds are slated to become 3D avatars within Yuga Labs’ Otherside metaverse. Furthermore, they will extend into the physical realm with branded items and collectibles.
The project also plans to foster community engagement through dedicated events, with an upcoming event scheduled alongside Apefest 2024 in Lisbon this October.
This announcement follows Yuga Labs’ February acquisition of PROOF, the entity behind Moonbirds. Post-acquisition, Kevin Rose, co-founder of PROOF, reportedly divested his NFT holdings, totaling $1.2 million.
The acquisition aligns with Yuga Labs’ focus on advancing its Otherside project, which has prompted strategic decisions within the company. Recently, Yuga Labs announced employee layoffs, aiming to streamline operations and focus on more impactful endeavors with a smaller team.
This strategic shift comes in light of market downturns affecting Yuga Labs’ flagship projects, such as the Bored Ape Yacht Club (BAYC) collection, which experienced declines in value compared to previous years. Just two weeks ago, the collection’s floor price hit a low of 11.08 ETH, its lowest since August 2021.
