In a surprising turn of events, Yuga Labs has made headlines by announcing its acquisition of PROOF on Feb. 16. This acquisition encompasses the entire PROOF collective, including Moonbirds, Oddities, and the Grails exhibition series, along with their intellectual property and team.
The deal encompasses the project IP and the entire PROOF team, marking an all-stock transaction from Yuga’s end. Greg Solano, co-founder of Yuga, expressed confidence in the deal’s mutual benefit, emphasizing its value for both Yuga and the PROOF/MB ecosystem.
Furthermore, Kevin Rose, the founder and CEO of PROOF, will facilitate a smooth transition as he joins Yuga as an advisor. Alongside the existing PROOF team, key members from Yuga, including Josh Ong, Jesse Bryan, and Amanda Gadbow, will collaborate to integrate PROOF into Yuga’s ecosystem.
Daniel Alegre, CEO of Yuga Labs, hailed the acquisition as a significant step towards championing art, culture, and community on the blockchain. He expressed excitement about PROOF joining the Yuga ecosystem, underscoring the alignment of values between the two entities.
The acquisition talks between Yuga and PROOF have been ongoing for months, evolving from discussions centered around Moonbirds to broader strategic considerations. Alegre revealed that the dialogue initially revolved around Moonbirds but expanded to encompass the entire PROOF Collective, given the synergies between Moonbirds and Yuga’s Otherside.
While specifics of the deal remain undisclosed, Alegre highlighted the artistic prowess of Moonbirds and its potential for integration into Yuga’s gaming and metaverse ventures. He emphasized the seamless fit between Moonbirds and Otherside, affirming Yuga’s commitment to providing the necessary focus and attention to drive PROOF’s evolution within their ecosystem.
Despite the challenges associated with integrating PROOF, Alegre expressed confidence in Yuga’s ability to navigate the transition successfully. He emphasized the importance of preserving the community-centric ethos that defines both Yuga and PROOF, pledging to prioritize engagement and support for existing and prospective community members.
For Kevin Rose, the acquisition heralds a new chapter for Moonbirds within Otherside, offering a promising future for collectors. He expressed optimism about the combined resources of PROOF and Yuga, anticipating accelerated innovation and expanded reach.
Nevertheless, the acquisition unfolds against the backdrop of controversy surrounding PROOF’s tumultuous journey since its inception in December 2021. While some stakeholders have welcomed the acquisition, others have voiced concerns about past grievances and unmet promises.