Yuga Labs Expands NFT Portfolio with PROOF and Moonbirds Acquisition

Yuga Labs, the creator of the popular Bored Ape Yacht Club, has made another significant move in the NFT space by acquiring PROOF, a Web3 project, expanding its extensive portfolio of NFT projects. This acquisition adds several key assets, including Moonbirds, PROOF Collective, Oddities, Mythics, and the Grails exhibition series, to Yuga Labs’ growing ecosystem.

Yuga Labs has acquired @PROOF_XYZ, which includes PROOF Collective, @Moonbirds, Mythics, @oddities_xyz, and @Grails exhibition series.

For more information, see the official Yuga News blog: https://t.co/ly3fTYxCBk pic.twitter.com/ouvIM4Hr4S

— Yuga Labs (@yugalabs) February 16, 2024

In a strategic move to strengthen its presence in the NFT market, Yuga Labs, known for acquiring Meebits and CryptoPunks in 2022, has now incorporated PROOF into its portfolio. Moonbirds, PROOF’s leading NFT project, is set to join Otherside, Yuga Labs’ metaverse project, while other assets like PROOF Collective and Oddities will become integral parts of Yuga Labs’ diverse NFT offerings.

The acquisition of PROOF’s assets aligns with Yuga’s vision to become the front door of Web3. Daniel Alegre, CEO of Yuga Labs, expressed the company’s vision in a statement

The move reflects Yuga Labs’ commitment to championing art, culture, and community within the blockchain space.

As part of the acquisition, Kevin Rose, CEO & Founder of PROOF, will become an advisor to Yuga Labs, ensuring a smooth transition and collaboration between the two entities. Key members of the PROOF team, including Josh Ong, Jesse Bryan, and Amanda Gadbow, will play essential roles in overseeing the integration of Moonbirds and other assets into the Yuga ecosystem.

Yuga Labs sees Moonbirds as a valuable addition to Otherside, and Alegre emphasized the alignment between Moonbirds and Otherside, particularly in terms of avatars and thematic elements. The acquisition not only enhances Yuga Labs’ NFT offerings but also signifies a commitment to digital fine art and community engagement.

Despite some controversies surrounding PROOF, Alegre sees the acquisition as an opportunity to leverage the passionate art community associated with PROOF. The challenge now is to integrate the PROOF community seamlessly into Yuga Labs’ existing ecosystem while maintaining a strong focus on community support and engagement.

Alegre sees the acquisition as part of a broader strategy for Yuga Labs, emphasizing a creative-first and community-first approach. With a mission to be the front door of Web3, Alegre envisions future opportunities for partnerships and acquisitions with companies that share a strong community ethos.

The integration of PROOF into Yuga Labs’ ecosystem is expected to unfold in the coming months, with a focus on preserving the unique identity of each acquired asset while fostering a collaborative and innovative NFT space within the Otherside metaverse.

As Yuga Labs continues to navigate the dynamic landscape of NFTs and Web3, the acquisition of PROOF marks a significant milestone in the company’s journey to shape the future of digital art, culture, and community on the blockchain.

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