Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) and the Otherside metaverse, has announced the acquisition of Tokenproof's technology.
The move aims to strengthen verification of NFT ownership and address concerns about fraud and security in the Web3 ecosystem.
The acquisition also includes the transition of several members of the Tokenproof team to Yuga Labs, marking the evolution of a long-standing collaboration.
Source: Tokenproof
What is token proof?
Tokenproof is a platform designed to securely verify ownership of NFTs without requiring users to connect to a wallet. This innovation helps reduce risks such as phishing and fraud that are prevalent in the NFT market.
Since its launch in 2022, Tokenproof has provided solutions for token-gated event access, secure membership verification, and online authentication. Users can generate QR codes to access real-world events, authenticate memberships, and interact with gated digital platforms while keeping their wallets safe.
The idea for Tokenproof was born during ApeFest 2021, when the need for a secure and efficient way to verify NFT ownership became clear.
Why is this important?
The acquisition comes after years of collaboration between Yuga Labs and Tokenproof, including Tokenproof's support for multiple ApeFest events.
According to Tokenproof founder Fonz, the transition is based on established partnerships and is expected to be smooth. Although Mr. Fonz will not be joining Yuga Labs, several members of the Tokenproof team are now part of the company. Their expertise will help integrate Tokenproof's technology into Yuga Labs' operations.
This acquisition highlights Yuga Labs' focus on addressing challenges in the NFT space, particularly around security and practical usability. By incorporating Tokenproof's verification system, Yuga Labs aims to:
Strengthen NFT ownership and transaction security measures Simplify access to token-gated events and services both online and offline Expand the use of NFTs in real-world applications such as membership and ticketing
This integration could make NFTs more secure and accessible, facilitating their widespread adoption. The move is in line with Yuga Labs' broader goal of bridging the gap between blockchain technology and everyday use cases.
