Yuga Labs Acquires PROOF Ecosystem in All-Stock Deal

Yuga Labs, the pioneering force behind iconic NFT projects like Bored Ape Yacht Club and Otherside, has made headlines again with its latest move. The company has officially acquired the PROOF ecosystem, encompassing PROOF Collective, Moonbirds, Mythics, Oddities, and the Grails exhibition series.

According to Greg, Co-Founder of Yuga Labs, this acquisition marks an "all-stock deal" on their end, emphasizing that the decision was made with mutual benefit in mind for both entities.

The acquisition not only includes the entire PROOF team but also grants Yuga Labs intellectual property rights, signalling a strategic expansion of Yuga's vision as the cultural hub of web3.

While Yuga Labs has long been regarded as a frontrunner in the web3 space, news of this acquisition has sparked mixed reactions within the community. Many express sentiments of disappointment, confusion, and concern about potential distractions from Yuga's core initiatives.

Critics have raised questions about previous decisions, particularly regarding employee layoffs associated with the 10KTF project.

The move appears to offer a momentary relief for Moonbirds holders, who have witnessed a gradual decline in the floor price over time. In the past 7 days alone, the floor price has surged by +60%. Meanwhile, Kevin Rose, CEO & Founder of PROOF, is set to transition into an advisory role within the Yuga Labs company after a transitional period.

The acquisition of the PROOF ecosystem represents a significant development in Yuga Labs' trajectory, yet it remains to be seen how this integration will unfold and whether it will indeed enhance the value proposition of the Yuga Labs ecosystem.