Yuga Labs has announced the sale of the intellectual property of the Moonbirds collection to Orange Cap Games, marking the second such sale after CryptoPunks.
Sale of Moonbirds
Yuga Labs has transferred the rights to the Moonbirds collection to Orange Cap Games, a card trading game company. Orange Cap Games will also hold the rights to the Mystics and Oddities collections, a variation of the main Moonbirds mint. This was announced by Greg Solano, co-founder of Yuga Labs.
Moonbirds Market After the Sale
Following the IP sale announcement, trading activity for the Moonbirds collection has surged. For context, Moonbirds' floor price has ranged from 0.30 ETH to 28 ETH before these events. After the announcement, the price of the collection rose to 0.47 ETH, leading to a 579.5% increase in daily trading volume.
Future of Moonbirds with Orange Cap Games
Orange Cap Games plans to expand the Moonbirds universe and integrate it with its real-world products and games. They will also maintain their collaboration with Yuga Labs by adapting Moonbirds as 3D avatars in the Otherside metaverse environment.
The sale of Moonbirds and its forthcoming usage by Orange Cap Games highlights the shifts in the NFT market and the cultural significance of the collection despite current market challenges.
