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- Yuga Labs has acquired web3 platform Tokenproof to make NFTs more fun
- Yuga Labs will onboard some of Tokenproof’s staff into its workforce
- The staff will join Yuga Labs’ The Workshop division
Bored Ape creator Yuga Labs has acquired web3 tokenization platform Tokenproof to make “NFTs more accessible and more fun.” The acquisition will see Yuga Labs absorb some of Tokenproof’s staff in its research and development (R&D) unit called The Workshop. Yuga Labs disclosed that it has previously engaged the web3 platform in other projects to boost the accessibility of the monkey-themed NFTs in games, events, “or just crazy experiments,” an indication that the acquisition may add more utility to Yuga-developed web3 projects.
Yuga Labs Working On “A Bunch of Exciting Stuff”
Tokenproof founder and CEO Fonz O revealed that he isn’t part of the team joining Yuga Labs but is not leaving the Web3 space, saying that he has an “unwavering commitment to web3.”
Exciting news! I’m pleased to announce that Yuga Labs has acquired tokenproof’s technology, and part of our talented team has transitioned to Yuga Labs.
When we started tokenproof, our mission was to provide a secure way for crypto users to unlock utility of their tokens,…
— Fonz ᵍᵐ🍌 (@FonzGm) December 2, 2024
Yuga Labs co-founder Greg Solano said that previous collaborations with Tokenproof helped scratch the surface of how to leverage NFTs, adding that the R&D unit is working “on a bunch of exciting stuff.”
Have deeply enjoyed collaborating with @fonzgm and the talented tokenproof team over the past few years.
A big part of BAYC has always been about finding new ways to leverage NFTs, whether it’s access for digital or physical events, merch, games, or just crazy experiments.… https://t.co/JRyDmYCXrV
— Garga.eth (Greg Solano) (@CryptoGarga) December 2, 2024
Fonz O said that the company was created to provide infrastructure to boost the verification of NFT ownership in the real world. The acquisition comes over a year after Yuga Labs announced plans to acquire Roar Studios to enhance its metaverse game Otherside.
The Acquisition Adds to Strategic Partnerships
It also adds to Yuga Labs’ strategic partnerships to improve its web3 products. In October last year, for example, the Bored Ape creator invested in spatial computing platform Hadean as a way of bringing it on board in the development of Otherside.
The acquisition comes eight months after Yuga Labs sold some of its NFT games to increase its focus on other creations. Yuga Labs has also in the past laid off some of its staff to refocus the company.
With Tokenproof’s acquisition, it’s yet to be seen how Yuga Labs will use it to enhance its NFT and web3 projects.
