Yuga Labs, the company behind the popular Bored Ape Yacht Club (BAYC) NFT collection, has acquired PROOF, an NFT development firm. This deal gives Yuga Labs control of all PROOF’s assets, including the Moonbirds NFT collection.
Yuga Labs to Integrate Moonbirds into Metaverse Project
In a blog post, Yuga Labs announced that it plans to incorporate Moonbirds into its metaverse project, Otherside. The company believes that the two projects share “many unifying brand elements.”
PROOF CEO to Become Advisor to Yuga Labs
As part of the deal, Yuga Labs will also hire all PROOF team members, including CEO and Founder Kevin Rose. Rose will serve as an advisor to Yuga Labs after the acquisition is complete.
Yuga Labs Appoints Former PROOF Employees to Oversee Transition
Yuga Labs has already appointed former PROOF employees, including Ryan Carson, Jesse Bryan, and Amanda Gadbow, to oversee the transition and integration of Moonbirds into the Yuga Labs ecosystem.
NFT Trading Volume Remains Low
Despite the acquisition, NFT trading volume remains low compared to the peak of the 2021-2022 bull market. Data from NFT aggregator site Cryptoslam shows that daily trading volume is currently around $40.34 million, down over 93% from the peak of $579.09 million on May 1, 2022.
