- Yuga Labs remained tight-lipped about the purchase price.
- The Moonbirds collection almost reached $500 million in trading volume in April 2022.
Yuga Labs is rapidly expanding in the NFT sector with strategic moves. The Moonbirds-renowned Proof, a competitor in the non-fungible token creation space, was bought out by the corporation.
Yuga Labs CEO Daniel Alegre stated:
“As a company committed to championing art, culture, and community on the blockchain, we’re excited to have PROOF join the Yuga ecosystem.”
Strategic Move
Regarding details about the possible purchase price, Yuga Labs remained tight-lipped. Proof was started by entrepreneur Kevin Rose. Despite its once-great reputation, Proof’s Moonbirds collection of NFTs was never able to compete with Yuga Labs’ Bored Ape Yacht Club in terms of sales volume. According to Yuga Labs’ announcement, their gamified metaverse play Otherside will include Moonbirds.
Alegre added:
“Moonbirds is a collection with great potential and many unifying brand elements with Otherside. We look forward to PROOF Collective becoming an important part of our ongoing art and community engagement efforts.”
Overall, NFT trading volumes have been much lower than they were during its 2021 and 2022 bull run, but they have been on the upswing since the 2023 end. According to statistics from CryptoSlam, Bored Ape Yacht Club’s NFTs sold over $200 million each month on several occasions during that time.
Also, according to CryptoSlam statistics, the Moonbirds collection almost reached $500 million in trading volume in April 2022. However, since then, the brand’s NFTs have reliably achieved fewer than $5 million in monthly sales.
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