Yuga Labs acquires tokenproof to drive NFT innovation

Yuga Labs has acquired token-proof web3 tokenization supplier. By means of the combination, the blockchain hopes to stimulate the adoption of crypto and NFT.

In a current one X message on December 3, tokenproof founder and CEO, Fonz O, introduced the combination of the web3 tokenization service into Yuga Labs. He acknowledged that a part of the token-proof crew will be a part of Yuga Labs’ analysis and growth arm, The Workshop.

“Because of our a few years of collaboration, this transition can be seamless. I imagine it is a incredible consequence for everybody, and I’m glad to see our crew reaching success at Yuga Labs,” Fonz O stated in his submit.

The founding father of tokenproof emphasised that Yuga Labs and tokenproof have had an extended historical past of working collectively “over and over” since 2022. Fonz O even went as far as to quote Yuga Labs’ annual occasion ApeFest as what impressed him and “kick-started” the thought of ​​constructing an infrastructure to confirm non-fungible token possession in the actual world within the first place .

Whereas he will not be becoming a member of the Yuga Labs crew himself, he has vowed to remain within the crypto and NFT house even after he is not generally known as the “token-proof man.”

“Whereas I’m not transferring to Yuga Labs, I’m not leaving this house. I’ve an unwavering dedication to web3 and I sit up for hanging out as a monkey once more and attending ApeFest,” he wrote.

In response to a consumer who requested him in regards to the worth of the acquisition, Fonz O jokingly replied that the worth of the token-proof acquisition of Yuga Labs was someplace between “metro-footlong and Elon Musk’s internet price.”

Yuga Labs co-founder and CEO Greg Solano declared that the blockchain has loved working with the tokenproof crew over time and that the combination between the 2 corporations “will convey a variety of thrilling issues to make crypto and NFTs extra accessible.”

“Along with tokenproof, we tackled some thorny points so your monkey jpeg might get you to a competition all over the world safely and effectively,” Solano stated in his after.

Moreover, he revealed that post-acquisition, the token-proof crew will be a part of Yuga Labs’ R&D division generally known as The Workshop.

In April 2024, the corporate behind fashionable NFT collections together with Bored Ape Yacht Membership and CryptoPunks introduced a sequence of layoffs as a part of its restructuring efforts.