Yuga Labs Acquires Technology Team from Tokenproof to Boost NFT Development
Yuga Labs, known for the Bored Ape Yacht Club (BAYC) NFT collection, has acquired the technology team from Tokenproof, a tokenization platform founded in 2022 by Fonz Olvera. This acquisition aims to enhance Yuga Labs' Web3 capabilities and reinforce its innovative projects in NFTs and blockchain applications.
Integration into Research and Development
The Tokenproof tech team will join Yuga Labs' research and development division, "The Workshop," established in August 2024 after corporate restructuring that included staff reductions. Their expertise is expected to accelerate advancements in NFT technologies.
Fonz O will not be joining Yuga Labs but plans to remain active in the crypto and NFT space as he transitions from his identity as the "Tokenproof guy."
This acquisition builds on a partnership between Yuga Labs and Tokenproof that began in 2022, including collaborations on events like ApeFest, which highlighted the need for reliable NFT verification systems.
“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.”
Enhancing NFT Accessibility
Greg Solano, co-founder and CEO of Yuga Labs, stated that the acquisition will improve accessibility to NFTs globally. He emphasized the collaborative efforts with Tokenproof in addressing challenges 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 feedback has been largely positive, with recognition of Tokenproof's contribution to enhancing NFTs' real-world utility. When asked about the acquisition's financial details, Fonz O humorously stated its value was "somewhere between a subway footlong and Elon Musk's net worth."
The acquisition aligns with a resurgence in NFT sales, which reached $562 million in November, marking a six-month high and indicating renewed interest in digital collectibles following earlier market declines.