Yuga Labs, arguably the biggest NFT studio in the industry, is getting even bigger. The company announced it has acquired rival non-fungible token creator Proof, which is best known for its Moonbirds collection.
Yuga Labs declined to reveal any details regarding the acquisition when asked how much the company may have paid to acquire Proof, which was founded by entrepreneur Kevin Rose. Though Proof's Moonbirds collection was at one time one of the more celebrated NFT brands on the market, it never managed to consistently match the sales volumes Yuga Labs' Bored Ape Yacht Club achieved.
Overall NFT trading volumes, while rebounding somewhat since the end of last year, have continued to register far below what they did during its bull run of 2021 and 2022. Bored Ape Yacht Club's NFTs surpassed more than $200 million in monthly sales volume on multiple occasions during the period, according to CryptoSlam data.
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