Yuga Labs Acquires Web3 Tokenization Provider Tokenproof

Through the integration, the blockchain hopes to drive crypto and NFT adoption.

Blockchain Yuga Labs has acquired web3 tokenization provider tokenproof in a move that will see the blockchain hope to drive crypto and NFT adoption.

Announcing the integration in a recent X post on Dec. 3, tokenproof founder and CEO Fonz O stated that part of the tokenproof team will join Yuga Labs’ research and development division, The Workshop.

“Thanks to our years of partnership, this transition will be seamless. I’m confident this is a fantastic outcome for everyone, and I’m excited to see our team succeed at Yuga Labs,” Fonz O wrote in his post.

The tokenproof founder highlighted that Yuga Labs and tokenproof have had a lengthy history of working together “time and time again” since 2022. Fonz O went on to cite Yuga Labs’ annual event ApeFest as the inspiration that “jump started” the idea to build an infrastructure to verify non-fungible token ownership in the real world.

While he himself will not be joining the team at Yuga Labs, Fonz O vowed to remain in the crypto and NFT space even after he is no longer known as the “tokenproof guy.”

“While I will not be transitioning to Yuga Labs, I am not leaving this space. I have an unwavering commitment to web3, and I’m looking forward to continuing to hang out and attending ApeFest as an ape again,” he wrote.

Responding to a user who asked him about the price of the acquisition, Fonz O jokingly replied that the value of Yuga Labs’ tokenproof acquisition was somewhere between “subway footlong and Elon Musk’s net worth.”

Meanwhile, Yuga Labs co-founder and CEO Greg Solano stated that the blockchain had enjoyed working with the tokenproof team over the years and the integration between the two companies will bring about “a bunch of exciting stuff to make crypto and NFTs more accessible.”

“Together with tokenproof, we tackled a bunch of thorny problems, so that your monkey jpeg could safely and efficiently get you into a festival across the world,” Solano wrote in his post.

He went on to reveal that the tokenproof team will be joining Yuga Labs’ R&D division, The Workshop following the acquisition.

In April 2024, the company behind popular NFT collections including Bored Ape Yacht Club and CryptoPunks announced a series of layoffs as part of its restructuring efforts.