Luna Market, a New York-based advertising agency behind several notable NFT drops, is rebranding to Insomnia Labs as part of a larger effort to pivot the focus of its business. It’s also escaping a PR nightmare.
Luna happens to be the name of an unrelated cryptocurrency on the Terra blockchain that crashed in dramatic fashion several months ago, falling from $86 to virtually zero in eight days. The meltdown was highly publicized in both mainstream and crypto publications, and its impact on various industries is still being felt today. Luna, the agency, is rebranding to avoid any further confusion with the currency.
“A lot of our partners had to come back and be like, ‘Just to make sure, you are not affiliated with [Luna the coin] in any way, shape, or form,’” said Insomnia Labs co-founder and CEO Billy Huang.