Yuga Labs, the web3 company known for creating the Bored Ape Yacht Club non-fungible token (NFT) collection, has Announced its acquisition of PROOF, a key player in the NFT space.
Yuga Labs, the web3 company known for creating the Bored Ape Yacht Club non-fungible token (NFT) collection, has Announced its acquisition of PROOF, a key player in the NFT space.
This acquisition includes PROOF Collective, along with popular collections such as Moonbirds, Oddities, Mythics, and the Grails exhibition series. The move is seen as a strategic step for Yuga Labs toward realizing its vision of becoming the “gateway to web3,” according to CEO Daniel Alegre.
By integrating PROOF’s assets, team and intellectual property into its ecosystem, Yuga Labs aims to enhance its offerings and further solidify its position in the digital art and blockchain community.
Moonbirds migrate to the Other Side
An important aspect of this acquisition is the addition of the Moonbirds collection to Otherside, Yuga Labs’ ambitious metaverse project.
Otherside is conceived as a collaborative space for content creators, communities and brands to interact with the web3 social fabric.
Kevin Rose, CEO and founder of PROOF, expressed excitement for Moonbirds’ new home and anticipated a fruitful future for collectors of the collection within the Other Side metaverse.
This integration underscores Yuga Labs’ commitment to fostering digital fine arts and community engagement, promising innovative developments and greater reach in the digital sphere.
A history of strategic acquisitions
Yuga Labs’ acquisition of PROOF is not its first foray into expanding its web3 empire through acquisitions and strategic partnerships.
Previously, the company acquired Roar Studios to enhance the Otherside metaverse and secured the Web3 WENEW ecosystem and its flagship NFT collection, 10KTF.
These acquisitions, along with partnerships with high-profile brands such as Louis Vuitton and Gucci, demonstrate Yuga Labs’ aggressive expansion strategy and its dedication to building a cohesive and interoperable digital world.
Each acquisition has brought unique technologies, creative talents and intellectual properties.
