Yuga Labs Acquires Proof Collective, Expands NFT Empire

The acquisition of Proof Collective and its Moonbirds NFT collection by Yuga Labs signifies a major expansion in the NFT industry, despite facing challenges.

Yuga Labs, the creator of Bored Ape Yacht Club, has acquired Proof Collective and its Moonbirds NFT collection, marking a significant expansion in the NFT industry.
The acquisition integrates Moonbirds into Yuga's Otherside metaverse, with plans to potentially transfer intellectual property rights to NFT holders.
Despite the acquisition, Proof's Grails series, focusing on digital fine art, will continue to operate independently.
The deal reflects Yuga Labs' ambition to dominate the NFT space, despite challenges such as declining NFT trading volumes and criticism of becoming too centralized.
Proof co-founder Kevin Rose will assist with the transition before becoming an advisor to Yuga Labs.