Yuga Labs and Tokenproof Partner to Enhance Real-World NFT Ownership Verification
In a significant development in the industry, a partnership between Yuga Labs and Tokenproof was recently revealed that aims to enhance real-world non-fungible token (NFT) ownership verification. Yuga Labs is a blockchain company behind Bored Ape Yacht Club (BAYC) and ApeCoin (APE).
A recent announcement revealed that Yuga Labs has acquired technology from Tokenproof, a Web3 tokenization service. The integration is intended to enhance Yuga Labs’ capabilities in verifying NFT ownership in real-world applications.
Tokenproof was founded by CEO Fonz O and has been playing a key role in developing infrastructure for authenticating NFT ownership outside of the digital world. Tokenproof CEO commented about the recent collaboration with Yuga Labs.
“I’m excited to announce that Yuga Labs has acquired tokenproof technology, and some 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 the utility of their tokens, especially in real life. I’m incredibly proud to say that we’ve achieved that mission. Tokenproof was inspired by ApeFest 2021 at NFTNYC. At the time, there were a number of events that required NFT ownership, but no effective infrastructure to verify ownership in the real world. This realization sparked the idea for the company.”
The executive highlighted that since the company’s launch at SXSW 2022, they have forged strategic partnerships, including supporting every ApeFest since then. “We have always admired Yuga and how they have navigated the opportunities and challenges of this dynamic market, as have we. Thanks to our years of partnership, this transition will be seamless. I am confident that this is a fantastic outcome for everyone, and I am excited to see our team succeed at Yuga Labs.”
In the same vein, Yuga Labs co-founder Greg Solano, stressed the collaboration between the companies in recent years, as well as their vision of making NFTs more accessible.
“I’ve really enjoyed collaborating with @fonzgm and the talented team at tokenproof over the past few years. A big part of BAYC has always been about finding new ways to leverage NFTs, whether it’s access to digital or physical events, merchandise, games, or just crazy experiments. Together with tokenproof, we’ve tackled a lot of thorny problems, so that your monkey jpeg could safely and efficiently get you to a festival halfway around the world. That was just scratching the surface. I’m thrilled that tokenproof’s technology has found a new home at Yuga, and that the tokenproof team is joining our R&D division, The Workshop, where we’re cooking up a bunch of exciting things to make crypto and NFTs more accessible and more fun.”
At the time of publication, the price of ApeCoin (APE) was quoted at $1,54 with an increase of 0.9% in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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