Yuga Labs has acquired Tokenproof, a Web3 tokenization provider. Through this integration, blockchain hopes to accelerate the adoption of cryptocurrencies and NFTs.
In a recent post on X on December 3, tokenproof founder and CEO Fonz O announced the integration of the Web3 tokenization service into Yuga Labs. He said part of the tokenproof team will join Yuga Labs' research and development arm, The Workshop.
“Thanks to our long-standing partnership, this transition will be seamless. We are confident this will be a great outcome for everyone and look forward to watching our team succeed at Yuga Labs.” ,” Fonz O said in the post.
The tokenproof founder emphasized that Yuga Labs and tokenproof have a long history of collaborating “many times” since 2022. Fonz O even cited Yuga Labs' annual event, ApeFest, as inspiring him to “start jumping.” First, the idea is to build an infrastructure to verify ownership of non-fungible tokens in the real world.
Although he himself will not be joining the team at Yuga Labs, he has vowed to remain in the cryptocurrency and NFT space even after he is no longer known as the “token proof guy.”
“While I have no intention of moving to Yuga Labs, I have no intention of leaving this space. I have an unwavering commitment to web3 and look forward to continuing our association and attending ApeFest as a monkey once again.” ” he wrote.
Exciting news! We are excited to announce that Yuga Labs has acquired tokenproof's technology and some of our talented team has transitioned to Yuga Labs.
When we started Tokenproof, our mission was to provide a secure way for cryptocurrency users to unlock the utility of their tokens.
— Fonzᵍᵐ🍌 (@FonzGm) December 2, 2024
In response to a user who asked about the acquisition price, Fonz O jokingly said that the value of Yuga Labs' token-proof acquisition is somewhere between “a subway walk and Elon Musk's net worth.”
Greg Solano, co-founder and CEO of Yuga Labs, said Blockchain has enjoyed working with the Tokenproof team for years and that the combination of the two companies will “make cryptocurrencies and NFTs more accessible.” “There are a lot of exciting things coming to make it easier.”
“Together with Tokenproof, we've tackled a number of thorny issues so you can safely and efficiently bring your Monkey JPEGs to festivals around the world,” Solano said in the post. “I did it,” he said.
He also revealed that following the acquisition, the Tokenproof team will join Yuga Labs' research and development arm, known as The Workshop.
In April 2024, the company behind popular NFT collections such as Bored Ape Yacht Club and CryptoPunks announced a series of layoffs as part of a restructuring.
