Yuga Labs’ Acquisition of Proof Fuels Moonbirds NFT Sales
Yuga Labs, known for its Bored Ape Yacht Club (BAYC) NFT series, has acquired Proof, the NFT startup behind the Moonbirds collection.
Kevin Rose, founder of Proof, will assume an advisory role within Yuga, and the startup’s team plans to integrate into the Yuga framework.
The Moonbirds NFT compilation ranked second in 24-hour sales volume among NFT collections, generating $3.37 million in sales over the past day.
Yuga’s acquisition of Proof and its assets aligns with its previous move in March 2022, when it acquired Cryptopunks and Meebits from Larva Labs.
Yuga plans to integrate Moonbirds into the Otherside, its Web3-powered metaverse. This move follows the prolonged downturn in the NFT market during 2022 and the first half of 2023, where many NFTs experienced over a 90% decline from their peak values.
Moonbirds saw a significant decline in floor value since its peak in 2022, but in the last 24 hours, it has surged by over 19% and its trading volume has soared by 919% compared to the previous day.
(With inputs from Shikha Singh)
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