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The largest studio in the NFT sector, Yuga Labs, continues to grow in retrospect. The company announced that it has purchased Proof, a non-fungible token creator best known for its Moonbirds collection.
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Yuga Labs CEO Daniel Alegre said in a statement, “As a company committed to supporting art, culture, and community on the blockchain, we are excited for PROOF to join the Yuga ecosystem”.
When asked how much Yuga Labs, which was founded by entrepreneur Kevin Rose, paid to acquire Proof, they declined to disclose any details about the purchase.
Despite being one of the most famous NFT brands in the market at one time, Proof’s Moonbirds collection never consistently reached the sales volumes achieved by Yuga Labs’ Bored Ape Yacht Club.
Yuga Labs said in its statement that it plans to add Moonbirds to the gamified metaverse game Otherside. Alegre said, “Moonbirds is a collection with great potential and many unifying brand elements with Otherside. We are eagerly looking forward to PROOF Collective’s ongoing art and community engagement efforts becoming an important part of our efforts.”
Although overall NFT trading volumes have shown some recovery since the end of last year, they continue to fall far below the values recorded during the bull run in 2021 and 2022. The NFTs of the Bored Ape Yacht Club have exceeded $200 million in monthly sales volume several times.
While the transaction volume of the Moonbirds collection nearly reached $500 million in April 2022, since then, the brand’s NFTs have consistently sold for less than $5 million per month, according to various data.
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