Yuga Labs sells Moonbirds NFT collection to Orange Cap Games
Orange Cap Games (OCG) acquired the intellectual property of the Moonbirds NFT collection from Yuga Labs, including the Mythics and Oddities collections, on May 30. The deal's financial details were not disclosed. Yuga Labs co-founder Greg Solano emphasized OCG's capability to enhance Moonbirds' potential, as Yuga focuses on its original collections like Bored Ape Yacht Club. Moonbirds will still launch on Yuga's Otherside platform, with new assets hosted on Ethereum or ApeChain. Following the acquisition, Moonbirds' price rose to 0.9 ETH but remains down nearly 98% from its peak of 38.5 ETH in April 2022. Yuga Labs has been offloading NFT collections amid a declining market, previously selling CryptoPunks' IP to Infinite Node Foundation and Meebits to The Meebit Company. In May, Disney partnered with Dapper Labs for a new loyalty program, while NFT market activity showed signs of recovery, with unique buyers increasing by 50% and volume rising to $430 million.
