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Yuga Labs Streamlines Assets, Sells Moonbirds IP

Yuga Labs, the crypto startup renowned for its Bored Ape Yacht Club (BAYC) NFTs and the ambitious Otherside metaverse project, is strategically divesting itself of non-core intellectual property holdings.

In a move finalized earlier this week, Yuga Labs sold the Moonbirds NFT collection IP to Orange Cap Games. This acquisition was originally obtained by Yuga Labs from Proof Labs in 2024.

In a statement, Yuga Labs co-founder Greg Solano highlighted the transition, noting, 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. As for Yuga, we’re laser-focused on Apes, Otherside, and something special we’ve been cooking up.

Orange Cap Games, the new owner of Moonbirds, previously developed a trading card game themed around Pudgy Penguins. The Moonbirds collection originally sold for 2.5 ETH ($7,600) in 2022, and while its current floor price is 0.9 ETH ($2,290), it has seen a 40% increase over the last four days.

Moonbirds NFTs will remain functional within the Otherside metaverse, even as they no longer belong to Yuga Labs.

This sale is part of a broader trend of Yuga Labs shedding its acquired NFT IP portfolio:

• Last month, Yuga sold CryptoPunks to a new nonprofit for gallery exhibition in California.
• In February, Meebits were sold to MeebCo.
• In April 2023, HV-MTL and Legends of the Mara IPs were sold to Faraway.

The company’s stated goal is to eliminate “cruft” and become “thoughtful but also kinda fucking ruthless,” as Solano recently articulated. Co-founder Wylie Aronow further commented on the apparent conclusion of the Apecoin DAO’s role, suggesting its purpose may have “run its course” amid rapidly changing regulatory landscapes.

Focused entirely on its core initiatives moving forward, Yuga Labs reiterated plans for Otherside to launch as a “persistent” environment around June, potentially this month. The development of Otherside, which generated substantial revenue from its initial land sales but also faced criticism for exorbitant gas fees during its launch, remains a cornerstone of the company’s future strategy.

Yuga Labs, which reached a $4 billion valuation in March 2022 following a significant funding round, continues to navigate legal challenges, including a multi-defendant lawsuit alleging the creation of a “vast scheme” to sell securities.