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Yuga Labs, developer of leading NFT collectible Bored Ape Yacht Club (BAYC), has announced the acquisition of rival company PROOF.

This transaction is intended to give Yuga Labs full ownership of all PROOF assets and products, including the Moonbirds NFT collection.

Yuga Labs will introduce moonbirds in the metaverse project. Yuga Labs shared expansion details involving the purchase of development company PROOF NFT. As the exact amount of money involved in this deal is still unknown, BAYC curators stated this move is in line with their vision to be the “front door of Web3”.

Launching Bitcoinist, Sunday (18/2/2024), Yuga Labs, which is arguably the largest NFT studio in the crypto ecosystem, is now adding to its collection of all PROOF portfolios, including the collective PROOF, Oddities, Mythics, Grails, and the startup's flagship project Moonbirds .

Yuga Labs CEO Daniel Alegre stated that the acquisition of PROOF represents part of the company's vision to promote artistic and cultural excellence and foster community in the blockchain ecosystem.

Alegre also highlighted plans for several PROOF exhibition series, which most notably includes the incorporation of Moonbirds into Yuga Lab's metaverse project, Otherside.

Under the terms of the takeover agreement, Yuga Labs will also recruit all members of the PROOF team, including the company's CEO and Founder, Kevin Rose, who will assume an advisory role to the BAYC maker upon completion of the acquisition process.

The existence of the PROOF Collective shows Yuga's commitment to digital art. Their combined resources enable faster innovation and reach more people. This will be an exciting journey.

Yuga Labs has appointed certain former PROOF employees who will act as an oversight team, ensuring a smooth transition and adoption of Moonbirds into the Yuga ecosystem. This staff includes Josh Ong, Jesse Bryan, and Amanda Gadbow.