Yuga Labs Acquires Proof Collective

Yuga Labs, the company behind the Bored Ape Yacht Club, has inked a deal to acquire the Proof Collective, which includes the popular NFT collections Moonbirds, Oddities, Mythics, and Grails.

The addition of Proof's assets and intellectual property is seen as a strategic fit for Yuga Labs' goal of fostering creativity and collaboration within the web3 ecosystem.

"We are excited to welcome Proof to the Yuga family. Moonbirds has great potential, and its brand elements align well with Otherside,” said Daniel Alegre, CEO of Yuga Labs.

Proof passes soared 80% on the news, while Moonbirds are up 30% to 2.1 ETH.

Kevin Rose, the founder and CEO of Proof, will facilitate a smooth transition before taking on an advisory role at Yuga Labs. The existing Proof team will oversee integrating the Moonbirds collection and other important components into the Yuga ecosystem.

"We are thrilled to bring Moonbirds into Otherside, which we consider the perfect home for our collectors. Yuga Labs' dedication to digital fine art is evident, and our collective efforts will enable faster innovation and reach a larger audience," said Rose.

The acquisition comes after Moonbirds slumped to an all-time low below 1 ETH in January. The much-hyped collection peaked above 25 ETH soon after it launched in 2022.