Yuga Labs Acquires Tokenproof's Tech Team to Enhance NFT Ownership Verification in Real-World Applications

The innovative blockchain company behind the renowned Bored Ape Yacht Club (BAYC) and ApeCoin, has made a significant move by acquiring the tech team of Tokenproof

Blockchain company Yuga Labs, known for Bored Ape Yacht Club (BAYC) and ApeCoin, has acquired the tech team of Web3 tokenization service Tokenproof.

Announced on December 3, this move aims to bolster Yuga Labs' capabilities in verifying NFT ownership for real-world applications. Tokenproof, led by CEO Fonz O, has been instrumental in creating infrastructure to authenticate NFT ownership outside the digital realm. Yuga Labs and Tokenproof have collaborated throughout 2022 on initiatives in the NFT space.

As part of the acquisition, Tokenproof's tech team will join Yuga Labs' research and development division, The Workshop, which was established in August 2024.

Yuga Labs co-founder Greg Solano highlighted the long-standing partnership with Tokenproof and the shared vision of making NFTs more accessible and enjoyable. Solano noted that integrating Tokenproof's technology will allow NFT holders to effortlessly use their digital assets for real-world events and experiences. This move is set to enhance the utility of NFTs, expanding their role beyond being merely digital collectibles.

The acquisition has been met positively by the NFT community, with several developers commending Tokenproof's contribution to bringing real-world utility to ape-themed NFTs. This response underscores the potential of this partnership to drive further innovation in the Web3 space.

In the broader market, NFT sales volumes crossed $562 million in November 2024, hitting a six-month high. This acquisition is poised to strengthen Yuga Labs' standing in the market as it continues to push the boundaries of NFT applications.