Yuga Labs, the creator of the iconic Bored Ape Yacht Club (BAYC), has announced the sale of the Moonbirds Ethereum NFT property to Orange Cap Games, a rising gaming startup. This move marks another step in Yuga’s strategy to refocus its efforts on core projects like the BAYC. They are also focusing on the Otherside metaverse game, and related ventures. The decision comes shortly after Yuga sold off the CryptoPunks and Meebits intellectual properties earlier this year.
Moonbirds Finds a New Home with Orange Cap Games
On Friday, Yuga Labs revealed that it had sold the Moonbirds IP, which it acquired just over a year ago, to Orange Cap Games. Known for its innovative approach to blending digital and physical trading card games, Orange Cap Games made its debut with Vibes TCG. This game is a Pudgy Penguins-themed game built on the Ethereum layer-2 network Abstract.
In a statement on X , Yuga Labs co-founder and CEO Greg “Garga” Solano praised the new owners:
While Orange Cap Games has yet to disclose specific plans for the Moonbirds IP and its associated collections (Mythics and Oddities), the studio confirmed in an X post that any future on-chain assets tied to Moonbirds will either be minted on a layer-1 chain or on ApeChain, Yuga’s Ethereum layer-2 network.
Additionally, Moonbirds characters will still make an appearance in Yuga’s highly anticipated Otherside metaverse game. This ensures continuity for fans of the project.
Yuga Labs’ Strategic Divestments
The sale of Moonbirds aligns with Yuga Labs’ broader strategy to streamline its portfolio and focus on its flagship projects. Earlier this year, the company parted ways with the CryptoPunks and Meebits IPs. These were acquired from Larva Labs in 2022.
These divestments underscore Yuga’s commitment to concentrating resources on the Bored Ape Yacht Club ecosystem, including the Otherside metaverse. They allow other projects to thrive under new ownership.
The Rise and Challenges of Moonbirds
The original Moonbirds NFT collection launched on Ethereum in April 2022, generating immense demand and amassing $280 million in primary and secondary sales during its first weekend. Backed by Proof, a company led by Digg co-founder and venture capitalist Kevin Rose, the project initially raised $60 million to build a crypto ecosystem. The ecosystem includes content, assets, and events.
However, as the NFT market cooled in late 2022 and throughout 2023, Proof faced growing criticism from collectors. They felt disillusioned by the declining value of their investments.
In February 2024, Yuga Labs acquired Proof and the Moonbirds IP. Consequently, Kevin Rose joined Yuga as an advisor. Now, with the sale to Orange Cap Games, Moonbirds is poised to enter a new chapter under a team fully dedicated to its growth.
Final Thoughts
The sale of Moonbirds to Orange Cap Games highlights Yuga Labs’ strategic vision. They aim to refocus on core projects while allowing other IPs to flourish under specialized ownership. With the Bored Ape Yacht Club and Otherside metaverse remaining at the forefront of Yuga’s agenda, the company is positioning itself to maintain its leadership in the evolving Web3 landscape.
For Moonbirds, the transition to Orange Cap Games represents an opportunity to unlock its full potential under a team dedicated to building experiences around the NFT collection. Moonbirds deserve a team whose whole world is the birds. There’s no one better than Orange Cap Games to help them reach their potential.
