Yuga Labs, the blockchain giant behind the popular Bored Ape Yacht Club (BAYC) NFTs and ApeCoin, has acquired the technology team of Tokenproof, a Web3 tokenization service.
The move aims to bolster Yuga’s research and development capabilities as it continues to innovate in the NFT space.
In a recent post on X, Tokenproof’s founder and CEO Fonz O confirmed the acquisition, noting that Yuga Labs had taken over Tokenproof’s technology and onboarded several key team members.
Tokenproof Developing Tools to Verify NFT Ownership
Tokenproof has been a long-term collaborator with Yuga Labs, developing tools to verify NFT ownership in real-world applications since 2022.
“Together with Tokenproof, we’ve solved thorny problems to ensure that your monkey JPEG can securely and efficiently grant you access to global events,” Greg Solano, Yuga Labs’ co-founder, said.
The integration of Tokenproof’s team into Yuga Labs’ research and development division, known as The Workshop, marks a strategic step in advancing its Otherside metaverse project.
Launched in August, The Workshop has become a cornerstone of Yuga’s focus amid significant company restructuring and layoffs earlier this year.
Yuga Labs is doubling down on making NFTs and cryptocurrency tokens more engaging and accessible.
Despite fluctuating market conditions, the NFT space has seen promising signs of recovery, with November’s sales volume exceeding $562 million, the highest in six months, according to CryptoSlam.
NFT Sectors Faces More Setbacks
It is worth noting that the NFT sector has faced numerous setbacks as of late.
Last week, crypto exchange Kraken announced the closure of its NFT marketplace after less than a year in operation.
“We’ve made the decision to close our NFT marketplace so we can shift more resources into new products and services, such as unannounced initiatives in-development,” a Kraken spokesperson said.
“Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice.”
More recently, Nike-owned digital fashion and web3 studio RTFKT announced plans to wind down operations.
According to an announcement shared on RTFKT’s social media channels, its Web3 services will cease by the end of January 2025.
The company cited a transition to preserving its legacy through an updated website showcasing its previous projects.
Back in March, Starbucks, the renowned multinational coffee chain, made the decision to terminate its NFT rewards program.
In January, gaming retailer GameStop announced the closure of its NFT marketplace after scaling back its crypto services over the past two years.
More recently, X, under the ownership of Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.
The post Yuga Labs Acquires Tech Team of Web3 Tokenization Firm Tokenproof appeared first on Cryptonews.
