Yuga Labs, the entity behind the Bored Ape Yacht Club and a prominent figure in the web3 and lifestyle sector, recently declared its acquisition of Proof, a competitor in the non-fungible token (NFT) market.
Proof, renowned for its Moonbirds NFT collection, which serves as digital profile pictures (PFPs), is now part of Yuga Labs. This acquisition encompasses Proof's team, intellectual property, and an array of artistic endeavors, including the Oddities NFTs, Mythics PFPs, and the Grails exhibition series.
Yuga Labs, apart from its Bored Ape Yacht Club fame, has made its mark with the metaverse game Otherside, the blockchain art series TwelveFold, and has proprietary rights over NFT brands like Meebits, CryptoPunks, and 10KTF. In March 2022, Yuga Labs expanded its portfolio by acquiring Meebits and CryptoPunks from Larva Labs. Daniel Alegre, the CEO of Yuga Labs, expressed enthusiasm over integrating Proof into the Yuga ecosystem, citing the artistic and cultural synergy between Moonbirds and Otherside. Alegre looks forward to the role of the PROOF Collective in enhancing the company's art and community initiatives.
Previously, Proof had partnered with Pace Verso, the web3 division of Pace Gallery, on "Archive of Feelings," an NFT endeavor by artist Mika Tajima, which expanded on her series of large-scale art installations.
Following the acquisition, Proof's CEO and founder, Kevin Rose, is set to transition into an advisory role after a brief handover period. Rose highlighted the merger's potential to expedite innovation and broaden their audience reach.
This acquisition news comes after Yuga Labs had to lay off several of its U.S. employees four months earlier, with Alegre emphasizing the need to focus on core projects, particularly Otherside.
Data from the Block indicates a significant drop in the trading volumes of Proof's Moonbirds NFT collection, from a high of $500 million in April 2022 to less than $5 million in monthly sales subsequently.
Jean Dubreil