- The Ethereum based Moonbirds NFT collections were acquired by Yuga Labs in February 2024.
- Yuga Labs has now sold intellectual property for the Moonbirds, to Orange Cap Games (OCG).
- Following the announcement, the floor price for Moonbirds surged more than threefold to 0.9 ETH.
- Orange Cap Games, a crypto gaming startup, is expected to use the Moonbirds ecosystem for game development.
In a shocking turn of events, just over a year after purchasing, Yuga Labs has sold intellectual property for the Moonbirds, Mythics, and Oddities NFT collections to Orange Cap Games (OCG).
The sale comes as a major shake up in the NFT sphere.
The Ethereum-based NFT collection Moonbirds, were originally developed by PROOF, which Yuga Labs acquired in February 2024.
Greg Solano, co-founder of Yuga Labs, in a statement said that, “Moonbirds deserve a team whose whole world is the birds, and there’s no one better than Orange Cap Games to help them reach their potential,”.
Solano also emphasized Yuga’s renewed focus on its flagship collections, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and its metaverse project, Otherside.
Despite the change in ownership, the Moonbirds collection is still slated to be integrated into Otherside.
OCG also confirmed that any new onchain assets tied to the collection will be developed on Ethereum or ApeChain.
Following the announcement, the floor price for Moonbirds surged more than threefold to 0.9 ETH.
However, it remains far below its all-time high of 38.5 ETH, recorded in April 2022.
The sale marks another step in Yuga Labs’ ongoing divestment of acquired NFT properties as the overall market continues to experience subdued trading volumes.
Orange Cap Games, a crypto gaming startup, is expected to use the Moonbirds ecosystem as a core part of its game development roadmap.
