Yuga Labs Sells Moonbirds IP Amid Strategic Restructuring

Coin WorldMonday, Jun 2, 2025 2:01 pm ET
2min read

Yuga Labs, the company behind the Bored Ape Yacht Club NFTs and the anticipated metaverse game Otherside, has continued its recent trend of divesting from various

intellectual properties it has acquired over the years. The latest move involves the sale of the Moonbirds IP, which was originally acquired through the purchase of Proof Labs in 2024. The new owner of Moonbirds is Cap Games, a company known for its Pudgy Penguins-themed trading card game called Vibes.

Greg Solano, cofounder of Yuga Labs, expressed his thoughts on the sale, stating that Moonbirds deserves a team fully dedicated to its development. He emphasized that Yuga Labs is now focusing on its core projects, including the Bored Ape Yacht Club and Otherside, as well as an unspecified new venture. This strategic shift suggests a more streamlined approach to Yuga Labs' future endeavors, prioritizing quality over quantity.

Moonbirds NFTs, which were initially minted for 2.5 ETH in 2022, have seen a significant increase in value. The current floor price stands at 0.9 ETH, reflecting a 40% rise over the past four days. This surge in value indicates a strong market interest in Moonbirds, despite the change in ownership. Orange Cap Games, with its experience in developing games, could potentially enhance the utility and appeal of Moonbirds, making them more integrated into the Otherside metaverse or creating standalone games.

Yuga Labs' recent actions, including the sale of Moonbirds, CryptoPunks, Meebits, HV-MTL, and Legends of the Mara IPs, signal a significant restructuring within the company. This move to "clean house" and focus on core projects comes as Yuga Labs faces ongoing legal challenges, including a lawsuit alleging the sale of unregistered securities. The company's decision to streamline its operations may be a response to these legal issues, as well as a strategic move to concentrate resources on projects with the highest potential for success.

Looking ahead, Yuga Labs has set its sights on launching a "persistent" version of Otherside by June. This ambitious project, which has been in development for several years, aims to create a fully immersive metaverse experience. The initial minting of Otherside's virtual land, known as Otherdeed, generated $561 million in sales within a single day, highlighting the immense interest and potential of the project. However, the minting process was marred by high gas fees and technical issues, which Yuga Labs has since been working to address.

Yuga Labs' cofounders, Greg Solano and Wylie Aronow, have both expressed a desire to eliminate non-essential elements and focus on core projects. This includes the potential dissolution of the Apecoin DAO, which Aronow suggested may no longer be necessary given the rapidly changing regulatory landscape. The company's commitment to a more ruthless and focused approach indicates a determination to succeed in the competitive world of NFTs and the metaverse.