Yuga Labs has recently sold the intellectual property rights to the Moonbirds NFT collection to a new player in the crypto gaming space—Orange Cap Games.

Announced on Friday, the deal marks Yuga Labs’ third major divestment of a high-profile NFT collection in 2025, following the sales of CryptoPunks and Meebits earlier this year.

Whilst financial terms were not disclosed, the sale signals a continued shift in strategy at Yuga Labs as it narrows its focus to its core offerings, including its flagship Bored Ape brand and the long-awaited Otherside metaverse game.

Why is Yuga Labs selling Moonbirds?

Yuga Labs acquired Moonbirds as part of its purchase of Proof in February 2024, at a time when the NFT market was still in recovery after a steep decline. The deal was seen as an effort to consolidate promising NFT IP under one roof. Kevin Rose, co-founder of Proof and a prominent figure in web3, joined Yuga as an advisor following the acquisition.

However, in recent months, Yuga Labs has made clear that it intends to refocus its efforts on its original projects. In addition to Moonbirds, it has transferred control of both the Meebits and CryptoPunks IP, which were obtained from Larva Labs in 2022. These moves reflect an internal strategy shift prioritising development of the Bored Ape Yacht Club and Otherside, while moving away from managing outside collections.

The company said the Moonbirds brand would benefit from a team fully dedicated to it—something Yuga Labs could no longer provide.

What to expect from Orange Cap Games?

Orange Cap Games is a relatively new entrant to the crypto gaming scene, best known for Vibes TCG, a trading card game themed around Pudgy Penguins and launched on the Ethereum layer-2 network Abstract.

Although the company has yet to outline specific plans for Moonbirds, it has indicated that any future blockchain-based content will be launched on a layer-1 chain or on ApeChain, an Ethereum-based layer-2 network supported by Yuga Labs. The studio has not announced whether Moonbirds will be integrated into future games or adapted into other formats, such as collectibles or interactive media.

In a post on X, Yuga Labs CEO Greg Solano praised Orange Cap’s leadership, describing them as “smart” and “detail-oriented: builders, and suggested the studio would be a better long-term home for the project.

What’s next for Moonbirds?

Despite the transfer of ownership, Moonbirds characters are still expected to appear in Otherside, Yuga Labs’ long-running metaverse project that remains in active development.

Moonbirds launched in April 2022 with significant fanfare, generating over $280 million in primary and secondary trading within days. The collection was seen as a flagship project for Proof, which raised roughly $60 million in funding to build a broader ecosystem of content and events. However, as market interest waned in late 2022 and throughout 2023, Proof faced growing criticism from holders and ultimately sold the IP to Yuga Labs early the following year.

Now, under a new owner, Moonbirds IP—along with its affiliated Mythics and Oddities collections—will now be managed by Orange Cap Games, which has emerged as a developer of both digital and physical trading card games.

Yuga Labs has handed off the Moonbirds, Mythics, and Oddities NFT collections to Orange Cap Games, signalling a shift in how the company wants to operate moving forward. The move shows where the NFT giant sees long-term value and where it’s willing to let others take the lead.

Key Takeaways

• Yuga Labs sold Moonbirds, Mythics, and Oddities to Orange Cap Games as it narrows its focus to core projects.

• Orange Cap Games plans to build on these NFT collections within its growing game development ecosystem.

• The sale follows earlier Yuga divestments like CryptoPunks and Meebits.

• Despite the sale, Moonbirds will remain part of Yuga’s Otherside metaverse through continued interoperability and character inclusion within the virtual world framework.

Why Yuga Sold Moonbirds: Strategic Refocus

This wasn’t just another NFT deal. Moonbirds, Mythics, and Oddities had been part of Yuga Labs’ portfolio for barely a year after it acquired them through PROOF. But with the market cooling and attention spans shrinking, Yuga decided to sharpen its focus. Instead of trying to manage multiple brands, it’s doubling down on what it knows best: Bored Ape Yacht Club and Otherside.

In that context, passing these collections to Orange Cap Games makes sense. It’s not a retreat—it’s a realignment. And it comes on the heels of similar moves: Yuga also sold off CryptoPunks and Meebits earlier this year. The message is clear—Yuga wants to get lean and stay focused.

Moonbirds NFTs on OpenSea

Who Is Orange Cap Games?

Orange Cap Games might not have the name recognition Yuga does, but it’s been making quiet waves in the NFT space. The team is already behind Vibes TCG, a collectible card game known for its cultural resonance and hybrid experiences. Vibes features sets like “Enter the Huddle” and “Legend of the Lils,” centred around Pudgy Penguins.

Now, with Moonbirds under its wing, OCG has a chance to do something different. They’re not just picking up a brand—they’re picking up a community that’s been waiting for a second wind.

As part of the acquisition terms, Orange Cap Games has stated that any future on-chain components of the Moonbirds IP will be deployed either on Ethereum mainnet or—if using a Layer 2 solution—exclusively on ApeChain.

Critically, Moonbirds will retain active functionality within Otherside via avatar representation, access permissions, and potential future story arcs—ensuring they remain part of Yuga’s immersive ecosystem.

Market and Community Reaction: Optimism and Momentum

As of June 2, 2025, the floor price of Moonbirds NFTs is approximately 0.9 ETH, following renewed interest sparked by the acquisition. According to data from CoinGecko, the price surged over 150% in the past 7 days, with strong upward momentum starting around May 30. In the past 24 hours alone, Moonbirds saw a 22.6% increase, underscoring a dramatic return of attention to the collection.

For context, the all-time high floor price for Moonbirds was 37.8 ETH (about $115,500 USD) in April 2022. Some rare Moonbirds even fetched up to 265 ETH (approximately $804,600) during peak hype, though the average floor hovered around 37–38 ETH. The current rebound, while far below those historic highs, marks the most meaningful upward movement in months.

And that optimism is being met with vision. OCG describes Moonbirds as having “been nesting during the bear market” and believes the brand’s nonlinear journey is actually its greatest strength.

Final Thoughts: A Hand-Off with Purpose

What’s happening here isn’t unusual in maturing industries—assets get reassigned, priorities shift, and new leaders step up. Yuga Labs, once the face of NFT expansion, is now tightening its scope. Meanwhile, Orange Cap Games is stepping into a bigger spotlight, bringing with it a fresh approach to NFT-powered games and storytelling.

For Moonbirds holders and observers alike, this shift brings something that’s been missing for a while: direction. It’s too early to say exactly what the next phase looks like, but the pieces are now in place for a renewed effort—one that could bridge the gap between past hype and future substance.