TL; DR
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Speaking of BAYC…remember when Facebook acquired Instagram in 2012?
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 (which owns the Moonbirds NFT project).
“So? Acquisitions happen all the time!”
That’s true, but this is one big acquisition. Not necessarily in financial terms (we may not 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 countless NFT projects, just as there were countless social networks vying for the top spot (shoutout to Tom from MySpace) – but Yuga has created the most successful yet, with the Bored Ape Yacht Club.
Then they started the acquisitions…
First with Meebits and CryptoPunks, now with Moonbirds.
This is our opinion:
It’s not the acquisitions that matter, it’s what you do with them that counts. And we get it: starting a native Web3 business is, too difficult! It takes time.
Yuga Labs has been working on their ‘Otherside’ metaverse for the past few years and will soon be releasing the Otherside metaverse game (which will feature characters from all of their NFT portfolio collections).
This release will be the defining moment as to whether all this time, money and hard work has been worth it.
We’ve got our fingers, toes and eyes crossed, hoping it does!