Yuga Labs acquires tokenproof to drive NFT innovation
Yuga Labs has acquired web3 tokenization supplier tokenproof. By the mixing, the blockchain hopes to drive crypto and NFT adoption.
In a latest X put up on Dec. 3, tokenproof founder and CEO, Fonz O, introduced the web3 tokenization service’s integration into Yuga Labs. He said that a part of the tokenproof staff will be part of Yuga Labs’ analysis and improvement division, The Workshop.
“Because of our years of partnership, this transition can be seamless. I’m assured this can be a unbelievable consequence for everybody, and I’m excited to see our staff succeed at Yuga Labs,” mentioned Fonz O in his put up.
The tokenproof founder highlighted that Yuga Labs and tokenproof have had a protracted historical past of collaborating “time and time once more” since 2022. Fonz O even went so far as to quote Yuga Labs’ annual occasion ApeFest as what impressed him and “soar began” the concept to construct an infrastructure to confirm non-fungible token possession in the actual world within the first place.
Though he himself is not going to be becoming a member of the staff in Yuga Labs, he vowed to remain within the crypto and NFT area even after he’s now not often known as the “tokenproof man.”
“Whereas I cannot be transitioning to Yuga Labs, I’m not leaving this area. I’ve an unwavering dedication to web3, and I’m wanting ahead to persevering with to hang around and attending ApeFest as an ape once more,” he wrote.
Thrilling information! I am happy to announce that Yuga Labs has acquired tokenproof’s expertise, and a part of our gifted staff has transitioned to Yuga Labs.
After we began tokenproof, our mission was to offer a safe method for crypto customers to unlock utility of their tokens,…
— Fonz ᵍᵐ🍌 (@FonzGm) December 2, 2024
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Responding to a person who requested him in regards to the worth of the acquisition, Fonz O jokingly replied that the worth of Yuga Labs’ tokenproof acquisition was someplace between “subway footlong and Elon Musk’s internet price.”
Yuga Labs co-founder and CEO Greg Solano said that the blockchain has loved collaborating with the tokenproof staff all through the years and the mixing between the 2 firms will result in “a bunch of thrilling stuff to make crypto and NFTs extra accessible.”
“Along with tokenproof, we tackled a bunch of thorny issues, in order that your monkey jpeg might safely and effectively get you right into a competition internationally,” mentioned Solano in his put up.
Moreover, he revealed that the tokenproof staff can be becoming a member of Yuga Labs’ R&D division, often known as The Workshop following the acquisition.
In April 2024, the corporate behind common NFT collections together with Bored Ape Yacht Membership and CryptoPunks, introduced a sequence of layoffs as a part of its restructuring efforts.
Learn extra: Yuga Labs CEO publicizes layoffs, specializing in ‘getting again to roots’
