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Speaking of BAYC…remember back in 2012 when Facebook acquired Instagram?
Something similar just happened in the NFT space.
(Sounds weird, but hear us out.)
Yuga Labs (the company behind NFT projects like Bored Ape Yacht Club) just acquired Proof Collective (who created the Moonbirds NFT project).
“So what? Acquisitions happen all the time!”
Which is true, but this is a big acquisition. Not necessarily in financial terms (it might be, we don’t know), but in terms of what it could mean for the NFT industry as a whole.
See, Yuga Labs is kind of like ‘the Facebook of NFT companies.’ There are tons of NFT projects, just like there were tons of social networks vying for the top spot (shoutout to Tom from MySpace) — but Yuga has created the most successful one to date, with Bored Ape Yacht Club.
Then they started the acquisitions…
First with Meebits and CryptoPunks, now with Moonbirds.
Here’s our take:
It’s not the acquisitions that matter, but what you do with them that counts. And we get it — starting a native Web3 company is hard! It takes time.
Yuga Labs have been working on their ‘Otherside’ metaverse for the past few years, and are soon releasing the Otherside metaverse game (which will include characters from all of their portfolio NFT collections).
This release will be the deciding moment on whether or not all of this time, money, and hard work has been worth it.
We have our fingers, toes, and eyes crossed, hoping it is!
