Yuga Labs Transfers Moonbirds NFT Collection to Orange Cap Games
Orange Cap Games (OCG), a crypto gaming startup, has acquired the intellectual property of the Ethereum-based NFT collection Moonbirds from Yuga Labs.
On May 30, OCG announced the purchase of the Moonbirds, Mythics, and Oddities NFT collections from Yuga, though the specifics and pricing of the transaction were not revealed.
This acquisition comes just over a year after Yuga acquired the three collections by taking over PROOF, the company behind them, in February.
“Moonbirds deserve a team that is fully dedicated to their success, and there’s no better fit than Orange Cap Games to help them realize their potential,” said Yuga Labs co-founder Greg Solano in a statement.
He emphasized that Yuga remains “laser-focused” on its flagship collections, which include the previously sought-after Bored Ape Yacht Club and its spin-offs, such as the Mutant Ape Yacht Club, alongside its ambitious metaverse project, Otherside.
As part of the agreement, Moonbirds will still be launched on Otherside, and any new on-chain assets developed by the team will be hosted on Ethereum or Yuga’s layer-2 network, ApeChain.
Following the acquisition news, the price of Moonbirds surged to 0.9 ETH, more than tripling. However, this figure is still approximately 98% lower than its all-time high of 38.5 ETH achieved in April 2022, as reported by CoinGecko.
Continued Sell-off of Yuga Labs IP
Yuga has been actively divesting its NFT collections and intellectual properties as the NFT market experiences a significant downturn and struggles with low trading volumes.
Earlier this month, Yuga handed over the intellectual property rights of CryptoPunks, recognized by many as a pioneering NFT collection, to the nonprofit Infinite Node Foundation. The specifics of this deal have remained undisclosed.
In February, The Meebit Company acquired Meebits from Yuga Labs; however, Yuga retains a minority stake, alongside involvement from venture firm 1confirmation.
Related: Real-world assets could revive the declining NFT lending market
Last year, Yuga transferred the IPs of two of its games, HV-MTL and Legends of the Mara, as part of an effort to refocus on its core collections.
Meanwhile, on May 30, Disney announced a collaboration with Dapper Labs, the creators of NBA Top Shot and CryptoKitties, to launch a new loyalty program. Disney+ subscribers will receive a digital pin each month.
The downward trend for NFTs appears to be stabilizing.
In May, the number of unique NFT buyers increased by 50% to 936,000 compared to the previous month, while NFT volume rose to $430 million, reflecting a 15% increase from April.
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