Moonbirds Floor Price pump over 33%! Ethereum big pump drives NFT recovery, did Yuga Labs miss out on profits by exiting early?

The volatility of the crypto assets market is always full of surprises. Today (21st) during the Asian afternoon session, the long-silent Moonbirds NFT saw its floor price on the OpenSea platform suddenly pump over 33%. This surge is closely related to the recent strong performance of Ethereum (ETH), seemingly indicating that NFT projects on this public chain are welcoming signs of "revival." However, just before the recent surge of Moonbirds, NFT giant Yuga Labs had prematurely sold its intellectual property rights, raising the question: Did Yuga Labs miss out on this profit opportunity? What changes and strategic adjustments does this reflect in the NFT market?

(Source: OpenSea)

Moonbirds Prices Surge: Ethereum's Recovery Revives NFT Vitality

Today, the Floor Price of Moonbirds NFT has surged significantly in a short period, becoming the market focus. This wave of increase is not an isolated event but is closely related to the recent strong performance of Ethereum (ETH). As the underlying blockchain for the vast majority of blue-chip NFTs, the price increase of Ethereum often drives the liquidity and value recovery of NFT projects within its ecosystem.

In fact, the entire NFT market seems to be emerging from a slump. In May, the number of independent NFT buyers increased by 50% compared to the previous month, reaching 936,000; NFT trading volume rose to $430 million, an increase of 15% from April. The total market capitalization of NFTs grew by 17.3% compared to the previous day, reaching $6.047 billion. It is worth noting that the rebound of NFTs on the Ethereum (ETH) network has played an important role in this upward trend. Reports indicate that the prices of major NFT collections such as CryptoPunks, Moonbirds, Infynex Patron, Pudgy Penguins, and BAYC have all risen simultaneously, indicating that overall market confidence is recovering.

Yuga Labs' Strategic "Exit": Focusing on Core Business

Just as the price of Moonbirds is rebounding, the crypto game startup Orange Cap Games (OCG) announced on May 30 that it has acquired the intellectual property rights to the Ethereum-based NFT collections Moonbirds, Mythics, and Oddities from Yuga Labs. Although the details or pricing of the transaction were not disclosed, this deal occurred before the Moonbirds price surged, sparking discussions in the market about Yuga Labs' decisions.

In fact, Yuga Labs acquired the creative company PROOF for these three series over a year ago (in February of this year). Yuga Labs co-founder Greg Solano stated, "Moonbirds deserves a team that sees birds as the whole world, and no one can help them realize their potential better than Orange Cap Games." He added that Yuga focuses on its original series, which includes the once high-priced "Bored Ape Yacht Club" and its various derivatives, including the "Mutant Ape Yacht Club," as well as its long-term development of the metaverse "Otherside."

As part of the transaction, Moonbirds will still launch on Otherside, and any new on-chain assets created by the team will be hosted on Ethereum or Yuga's second-layer network ApeChain. This shows that although Yuga Labs has sold the intellectual property, it still retains some space for collaboration and integration.

Yuga Labs Intellectual Property Continues to Be Liquidated: Strategic Adjustments in a Bear Market

Due to the sharp decline in the NFT market and the continued low trading volume, Yuga Labs has recently been continuously selling off its non-core NFT collectibles and intellectual property. This seems to be a strategic adjustment in response to the bear market, aimed at refocusing on core business and optimizing resource allocation.

CryptoPunks Intellectual Property Sale: In early May this year, Yuga Labs sold the intellectual property of CryptoPunks to the non-profit organization Infinite Node Foundation. CryptoPunks is regarded by many as a pioneering series of NFTs, and although the terms of the transaction have not been disclosed, this sale once again demonstrates that Yuga Labs is streamlining its asset portfolio.

Meebits Intellectual Property Sale: In February this year, Meebit Company acquired Meebits from Yuga Labs; however, Yuga still holds a minority stake, and the venture capital firm 1confirmation also participated in this transaction.

Game Intellectual Property Sale: Last year, Yuga sold the intellectual property rights of its two games "HV-MTL" and "Legends of the Mara" to realign the organization's core collection.

These consecutive selling actions reflect Yuga Labs' choice to concentrate resources on its most representative Bored Ape series and Otherside metaverse project during the downturn of the NFT market, in hopes of being more competitive when the market recovers.

Future Outlook of the NFT Market: Coexistence of Revival and Challenges

Although Yuga Labs' strategic sale may have caused them to miss the short-term pump of Moonbirds, from a broader perspective, it also reflects that the NFT market is undergoing a deep adjustment and evolution.

At the same time, the market has also seen new collaborations and developments. On May 30, Disney announced a partnership with Dapper Labs, the developer of NBA Top Shot and CryptoKitties, to launch a new membership program. Disney+ subscribers will receive a digital badge each month. This shows that traditional giants are still interested in NFTs and are trying to integrate them into their existing business models.

The downward trend of NFTs seems to be coming to an end, as market data shows signs of recovery. However, the future development of the NFT market is still filled with challenges, including regulatory uncertainties, the need for user education, and how to create more practical applications rather than purely speculative ones. For leaders like Yuga Labs, maintaining a leading position during the market recovery and making the right strategic decisions in a constantly changing environment will be key to their continued growth.

The surge in the Floor Price of Moonbirds undoubtedly brings a glimmer of hope to the long-silent NFT market, further proving the importance of Ethereum as the core of the NFT ecosystem. Yuga Labs chooses to sell part of its non-core intellectual property at this time; although it may miss out on short-term profits, it is also a strategic consideration to focus on core business and streamline operations during the bear market. The NFT market is at a crucial turning point, and the future will be an era of both practicality and innovation. Investors and project teams need to remain vigilant and adapt flexibly to market changes, in order to seize new opportunities in this potential wave of recovery.