Bored Apes' Creator Yuga Labs Completes Proof Acquisition

TL;DR

• Bored Ape Yacht Club creator Yuga Labs has acquired Proof.

• Proof is the company behind Moonbirds.

Yuga Labs Acquires Proof, Takes Over Moonbirds

Yuga Labs, one of the leading NFT studios in the crypto space, is expanding its presence in the industry. The company announced the acquisition of rival non-fungible token creator Proof.

Proof is the parent company behind the Moonbirds NFT collection. While commenting on this latest development, Yuga Labs CEO Daniel Alegre said,

"As a company committed to championing art, culture, and community on the blockchain, we’re excited to have PROOF join the Yuga ecosystem."

 Yuga Labs didn’t provide many details regarding the acquisition. At the moment, it is unclear how much Yuga Labs paid to acquire Proof. 

The Moonbirds collection remains one of the most one of the more celebrated NFT brands on the market. However, it never attained the sales volume recorded by Yuga Labs' Bored Ape Yacht Club. 

Yuga Labs further revealed that it intends to fold Moonbirds into its gamified, metaverse play Otherside. Alegre added that, 

"Moonbirds is a collection with great potential and many unifying brand elements with Otherside. We look forward to PROOF Collective becoming an important part of our ongoing art and community engagement efforts."

Similar to the cryptocurrencies, NFT trading volumes continue to stay below the record figures recorded during the 20221/2022 Bull Run. however, the trading volume has been increasing over the last couple of months. 

For context, Bored Ape Yacht Club's NFTs surpassed more than $200 million in monthly sales volume on multiple occasions during the bullish cycle. Meanwhile, the Moonbirds collection nearly hit $500 million in trading volume in April 2022. However, the NFT brand’s trading volume has tanked below $5 million monthly since then.