Bored Ape Yacht Club creator Yuga Labs strengthens its Web3 presence by acquiring Tokenproof’s technology team, integrating their expertise in NFT verification systems into their research and development division, The Workshop.
Yuga Labs, the creative force behind the renowned Bored Ape Yacht Club (BAYC) NFT collection, has taken a significant step in its restructuring efforts to expand its Web3 capabilities by acquiring the technology team from Tokenproof, a pioneering tokenization platform. Founded in early 2022 by Fonz Olvera, commonly known as Fonz O, Tokenproof has been instrumental in helping users securely verify ownership of cryptocurrencies and NFTs.
Announcing the deal on December 3, Fonz O shared that the acquisition will see key members of Tokenproof’s tech team transition to Yuga Labs. According to him, their expertise will reinforce Yuga Labs’ innovative projects as the company continues to shape the future of NFTs and blockchain applications.
New Team to Join Yuga Labs’ R&D Unit
The newly integrated team will join Yuga Labs’ research and development division, “The Workshop,” established in August 2024 following a corporate restructuring in April that saw staff reductions.
The addition of Tokenproof’s experts is expected to accelerate Yuga Labs’ advancements in NFT technologies and related ecosystems.
While Fonz O will not be part of Yuga Labs’ team, he intends to remain active in the crypto and NFT space, even as he steps away from his “Tokenproof guy” identity.
The acquisition builds on a longstanding partnership between Yuga Labs and Tokenproof, which dates back to 2022. The duo have collaborated on several NFT-focused initiatives, including supporting ApeFest, an annual event for BAYC community members.
Fonz O revealed that Tokenproof was inspired by ApeFest 2021 when the need for reliable NFT verification systems became evident.
“Tokenproof was born out of ApeFest 2021 at NFTNYC,” Fonz O explained. “At the time, events required NFT ownership verification, but there was no effective infrastructure for real-world use. That challenge sparked the idea behind Tokenproof.”
Driving Accessibility in NFTs
While acknowledging the acquisition on X (formerly Twitter), Greg Solano, co-founder and CEO of Yuga Labs, said the deal will open the door to making NFTs more accessible to the global audience.
“We’ve tackled many challenges together with Tokenproof,” Solano noted, adding that their collaboration has set a foundation for exciting new developments in the crypto and NFT sectors.
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
Community reactions to the acquisition have been overwhelmingly positive, with developers and enthusiasts recognizing Tokenproof’s role in adding real-world utility to NFTs.
When asked about the financial details of the acquisition, Fonz O humorously described its value as being “somewhere between a subway footlong and Elon Musk’s net worth.”
Meanwhile, the acquisition coincides with a resurgence in NFT sales, which reached $562 million in November, marking a six-month-high. This growth reflects a renewed appetite for digital collectibles following a period of market decline earlier this year.
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