Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), has sold off another major NFT project. This time, it's the Moonbirds IP, which now belongs to a rising web3 gaming startup named Orange Cap Games. The sale was officially announced on May 30, and also includes the Mythics and Oddities collections tied to Moonbirds.

This move comes just over a year after Yuga Labs acquired Moonbirds and its creator, Proof, in early 2024. Proof was first led by Digg co-founder Kevin Rose, who later became an advisor at Yuga as part of that deal. The original Moonbirds NFT collection launched in April 2022, raking in over $280 million in primary and secondary sales during its opening weekend.

Yuga Labs Refocuses on Bored Ape

The sale is part of a bigger shift by Yuga to focus more closely on its top projects. These include the Bored Ape Yacht Club, the Otherside metaverse game, and related ecosystems. Earlier this year, Yuga Labs also sold off the IPs for CryptoPunks and Meebits. The Meebits IP went to a startup called MeebCo, while the nonprofit Infinite Node Foundation took over CryptoPunks.

"Spencer [Gordon-Sand, CEO] and the team at Orange Cap Games are among the smartest, most detail-oriented builders in consumer crypto," said Yuga Labs CEO Greg "Garga" Solano on X. "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."

Orange Cap Games Plans Moonbirds Integration

Orange Cap Games is known for creating both digital and physical trading card games. Their first title, Vibes TCG, is built around the Pudgy Penguins NFT and is available on the Ethereum layer-2 network Abstract. Now, they're set to expand their portfolio with the Moonbirds universe.

While the team hasn't shared exact plans yet, they've hinted at possible developments. In a post on X, the studio confirmed that any new on-chain Moonbirds assets will be launched either on a layer-1 blockchain or on ApeChain, Yuga's Ethereum layer-2 network. The Moonbirds characters will also appear in Yuga's Otherside game, which has been in the making for some time.

Web3 Gaming Sees Strategic Shifts

The sale is likely more than just a business move. It reflects a broader trend in the NFT space. As the market matures, many companies are refining their focus and choosing to build on a smaller set of strong brands. For Yuga, that means going all in on Bored Apes and the Otherside metaverse. By letting go of other NFT collections, they're looking to channel more resources into what they see as their most important projects.

For Moonbirds holders, the news offers both excitement and uncertainty. A new owner with a gaming focus could bring fresh life to the brand. With Orange Cap's experience in games and community building, there's a chance to see Moonbirds evolve in new ways, possibly into gaming ecosystems that go beyond simple PFPs. 

The market has reacted positively so far. After the announcement, the floor price of Moonbirds NFTs jumped from 0.295 ETH to 0.9 ETH. 

A New Chapter for Moonbirds

Moonbirds started as one of the most hyped NFT projects of 2022. But as the overall NFT market dropped in late 2022 and into 2023, Proof (its original creator) faced pressure from its community. That downturn may have set the stage for the collection to change hands twice in just over a year.

Now, under Orange Cap Games, the Moonbirds IP could be heading into a new chapter. Whether that means digital trading cards, in-game characters, or something else entirely remains to be seen. 

As the web3 gaming space continues to grow, projects like Moonbirds could play a bigger role in blending NFTs with interactive experiences.