{"id":2066,"date":"2025-06-04T19:51:53","date_gmt":"2025-06-04T19:51:53","guid":{"rendered":"https:\/\/bitunikey.com\/news\/yuga-labs-sheds-nft-icons-as-it-doubles-down-on-apes-and-otherside\/"},"modified":"2025-06-04T19:51:54","modified_gmt":"2025-06-04T19:51:54","slug":"yuga-labs-sheds-nft-icons-as-it-doubles-down-on-apes-and-otherside","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/yuga-labs-sheds-nft-icons-as-it-doubles-down-on-apes-and-otherside\/","title":{"rendered":"Yuga Labs sheds NFT icons as it doubles down on Apes and Otherside"},"content":{"rendered":"
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After acquiring some of the NFT world\u2019s biggest names, Yuga Labs is now offloading CryptoPunks, Moonbirds, and other brands as the market faces ongoing challenges.<\/p>\n

Yuga Labs has recently started slimming down, handing over IP rights to several NFT collections \u2014 including CryptoPunks and Moonbirds \u2014 in what may signal a shift for the once-dominant NFT giant. The CryptoPunks IP now belongs to the Infinite Node Foundation, a non-profit focused on digital art preservation.<\/p>\n

Meanwhile, Moonbirds \u2014 another blue-chip collection \u2014 has landed in the hands of a relatively unknown gaming company called Orange Cap Games.<\/p>\n

While Natalie Stone, general manager of CryptoPunks, said the terms of the deal won\u2019t be disclosed, reports suggest<\/a> the Infinite Node Foundation may have paid around $20 million. That\u2019s likely less than what Yuga paid in 2022, and a far cry from the hype-driven prices seen at the peak of the NFT boom.<\/p>\n

Still, Yuga isn\u2019t walking away entirely as the firm still retains its rights under the standard IP license, Stone told<\/a> The Verge.<\/p>\n

Nicki Schiller, chief of staff at Yuga Labs, emphasized in a commentary for crypto.news that \u201cwith Punks, we remain the largest holder and chose Node for their ability to steward the legacy \u2014 we\u2019ll stay involved via the advisory council.\u201d<\/p>\n

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\u201cMoonbirds deserve a team fully dedicated to their world, and Orange Cap Games is the right fit to take them forward. With Punks, we remain the largest holder and chose Node for their ability to steward the legacy \u2013 we\u2019ll stay involved via the advisory council. These moves reflect a clear focus: Yuga is going all-in on Apes, Otherside, and what\u2019s next.\u201d<\/p>\n

Nicki Schiller<\/p>\n<\/blockquote>\n

Cultural movement<\/h2>\n

Even so, the sale marks a big shift. When Yuga Labs acquired CryptoPunks from Larva Labs in 2022, the NFT market was still glowing. Prices were sky-high and one CryptoPunk famously sold<\/a> for over $23 million in Ethereum (ETH), and that sort of thing doesn\u2019t really happen anymore.<\/p>\n

While the exact reason behind the acquisition remains unclear, Node Foundation chair Micky Malka noted that CryptoPunks \u201csparked a cultural movement,\u201d adding that the firm is setting up a permanent exhibit space in Palo Alto and planning to show the full 10,000-piece collection at the Toledo Museum of Art to make it easier for \u201cscholars, curators, and collectors to engage with it.\u201d<\/p>\n

So what happened? CryptoPunks were created by Matt Hall and John Watkinson of Larva Labs in 2017. Just 24\u00d724 pixels, the 10,000 characters quickly became more than just JPEGs. They were status symbols, collector bait, and some say, the beginning of the NFT movement. Long before the Bored Apes took over Twitter profile pics, the Punks were already being auctioned by Christie\u2019s, an art and luxury auction house.<\/p>\n

Yuga came in during peak hype, acquiring multiple NFT collections. But now, it\u2019s offloading those same assets \u2014 and not just CryptoPunks. Earlier in May, Yuga also sold the Moonbirds IP to Orange Cap Games, a low-profile outfit in the NFT gaming space. The deal includes not just Moonbirds, but also related spinoffs Mythics and Oddities.<\/p>\n

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https:\/\/t.co\/dWNVvZKTuZ<\/a><\/p>\n

\u2014 Orange Cap Games (@Ocapgames) May 30, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Orange Cap Games described the acquisition in an X post<\/a> as a chance to bring \u201cbeloved IPs to life through carefully crafted experiences that introduce them to new fans and deepen the connection with existing communities.\u201d The company emphasized its excitement about taking over the Moonbirds franchise, stating that Moonbirds \u201chave simply been nesting during the bear market, filled with untapped possibility, and under our stewardship, it is now time to take flight.\u201d<\/p>\n

Orange Cap Games has a track record in NFT gaming, having launched Vibes TCG, a collectible card game centered around the Pudgy Penguins IP, which \u201ccelebrates culture, community, and joy.\u201d The studio prides itself on attention to detail, saying that \u201cthose who know us through Vibes know that we obsess over excellence, whether in game design, physical product development, or creative execution.\u201d<\/p>\n

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\u201cIn fact, we\u2019re the only TCG studio we know of that developed its own custom paper stock for our upcoming physical release. Details matter. This is the attitude that we bring to everything we do.\u201d<\/p>\n

Orange Cap Games<\/p>\n<\/blockquote>\n

Yuga Labs co-founder Greg Solano seemed optimistic. \u201cMoonbirds deserve a team whose whole world is the birds,\u201d he said, praising Orange Cap Games\u2019 execution so far.<\/p>\n

Regarding the blockchain environment, Orange Cap Games pointed out that that future on-chain components of Moonbirds created by them will be on either mainnet or, if on a layer-2, will exclusively use ApeChain, a network which was also backed by Yuga Labs.<\/p>\n

Once-hyped time<\/h2>\n

Still, it\u2019s hard to ignore the backdrop: NFTs aren\u2019t what they used to be. Market activity has dropped off a cliff. According to data<\/a> from DappRadar, trading volumes for top NFT collections are down 95% from their peaks. Once-hyped projects have either vanished or turned to licensing deals, art exhibits, or physical merch, all in the name of staying alive.<\/p>\n

<\/source><\/p>\n<\/picture>
Art NFTs yearly trading volume and sales count | Source:\u00a0DappRadar<\/a><\/figcaption><\/figure>\n

Schiller pushed back on the idea that declining market conditions prompted the selloff, emphasizing that the deals \u201cweren\u2019t driven by market volatility\u201d but instead reflected \u201cstrategic clarity, not short-term conditions.\u201d<\/p>\n

Yuga Labs seems to be doubling down on what it sees as core, with Solano saying in an X post<\/a> that the firm is \u201claser-focused on Apes, Otherside, and something special we\u2019ve been cooking up.\u201d<\/p>\n

The company\u2019s Otherside metaverse \u2014 a gamified, immersive world tied to Bored Apes \u2014 remains a key focus. And maybe that\u2019s the real story. Whike Yuga isn\u2019t necessarily giving up, it certainly retreating from the idea that one company can own the NFT canon.<\/p>\n

When Yuga acquired CryptoPunks\u2019 IP, \u201cit wasn\u2019t just about ownership \u2014 it was about honoring a cultural icon we believed in,\u201d said<\/a> Yuga Labs co-founder Wylie Aronow, adding that giving the brand away was \u201ca full-circle moment.\u201d<\/p>\n

Meanwhile, the Infinite Node Foundation seems to be pulling together a pretty serious team to steward the collection. Founders from both Larva Labs and Art Blocks are on its advisory board, and a live Ethereum node will run at its new facility to emphasize decentralization.<\/p>\n

Looking ahead, Schiller confirmed that the \u201cpersistent Otherside experience begins this summer, marking a major new phase in the project,\u201d and teased upcoming developments around ApeFest and the long-awaited real-life Clubhouse. \u201cWe\u2019ll be sharing more on all of this soon,\u201d she added.<\/p>\n

While some in the NFT community view this as a big win, others see it differently, likening the sale of a high-profile collection to a small gaming startup as the web3 version of a garage sale. But maybe that\u2019s simply the new reality, the NFT market isn\u2019t dead. It\u2019s just quieter, more mature, and, possibly, a bit wiser.<\/p>\n

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