Yuga Labs, known for popular NFT collections like Bored Ape Yacht Club and CryptoPunks, has recently acquired web3 tokenization provider tokenproof in an effort to drive crypto and NFT adoption. The founder and CEO of tokenproof, Fonz O, announced the integration in a post on Dec. 3, stating that part of the tokenproof team will join Yuga Labs’ research and development division, The Workshop. Fonz O expressed confidence in the seamless transition and excitement for the team’s success at Yuga Labs, highlighting the long history of collaboration between the two companies dating back to 2022.
Fonz O mentioned that Yuga Labs’ annual event ApeFest inspired him to build an infrastructure to verify non-fungible token ownership in the real world, setting the foundation for tokenproof’s mission. While he will not be joining the team at Yuga Labs, Fonz O emphasized his commitment to the crypto and NFT space, expressing his excitement to continue participating in events like ApeFest as a supporter of the community. Yuga Labs co-founder and CEO Greg Solano also praised the collaboration with tokenproof, stating that the integration will bring exciting advancements to make crypto and NFTs more accessible to users.
In response to inquiries about the acquisition price, Fonz O humorously compared it to the cost of a Subway footlong sandwich or Elon Musk’s net worth, playfully alluding to the significant value of the deal. Solano highlighted the challenges that Yuga Labs and tokenproof have worked together to address, ensuring the safe and efficient use of NFTs for various purposes, such as gaining access to events across the globe. As part of the acquisition, the tokenproof team will be joining Yuga Labs’ R&D division, The Workshop, signaling a collaborative effort to innovate within the blockchain space.
This acquisition comes at a time when Yuga Labs announced a series of layoffs in April 2024 as part of its restructuring efforts to refocus on its core initiatives. By bringing tokenproof’s technology and expertise into the fold, Yuga Labs aims to strengthen its position in the crypto and NFT market, providing users with enhanced security and utility for their digital assets. The acquisition aligns with Yuga Labs’ strategy to expand its offerings and drive adoption of blockchain technology, positioning the company for further growth and innovation in the evolving digital landscape.
