Yuga Labs, the web3 company known as the creation of 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 "front door of 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 cement its position in the digital art and blockchain community.
A significant aspect of this acquisition is the incorporation of the Moonbirds collection into Otherside, Yuga Labs' ambitious metaverse project.
Otherside is envisioned as a collaborative space for content creators, communities, and brands to engage with the web3 social fabric.
Kevin Rose, CEO and Founder of PROOF, expressed enthusiasm for Moonbirds' new home, anticipating a fruitful future for the collection's collectors within the Otherside metaverse.
This integration underscores Yuga Labs' commitment to fostering digital fine art and community engagement, promising innovative developments and expanded reach in the digital sphere.
Yuga Labs' acquisition of PROOF is not its first foray into expanding its web3 empire through strategic acquisitions and partnerships.
Previously, the company acquired Roar Studios to enhance the Otherside metaverse and secured the Web3 ecosystem WENEW and its flagship NFT collection, 10KTF.
These acquisitions, alongside partnerships with high-profile brands like Louis Vuitton and Gucci, demonstrate Yuga Labs' aggressive expansion strategy and its dedication to building a cohesive, interoperable digital world.
Each acquisition has brought unique technologies, creative talents, and intellectual properties.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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