Yuga Labs acquires Tokenproof to accelerate NFT innovation

Yuga Labs, the company behind popular NFT collections like Bored Ape Yacht Club and CryptoPunks, has acquired web3 tokenization provider Tokenproof to accelerate innovation in the NFT and crypto space. The acquisition, announced on December 3, will integrate Tokenproof into Yuga Labs’ research and development division, The Workshop, with a portion of the Tokenproof team joining Yuga Labs to drive further advancements.

Fonz O, the founder and CEO of Tokenproof, shared the news via an X post, expressing excitement about the seamless transition given the long history of collaboration between Tokenproof and Yuga Labs. He highlighted that their partnership had been instrumental since 2022, particularly around Yuga Labs’ annual event, ApeFest. This event inspired the creation of Tokenproof’s infrastructure, which helps verify NFT ownership in the real world—a key element in bridging the digital and physical spaces for NFT holders.

While Fonz O confirmed he would not be joining Yuga Labs, he expressed his commitment to staying in the web3 space and participating in events like ApeFest. In a humorous response to an inquiry about the price of the acquisition, he jokingly estimated it to be “somewhere between subway footlong and Elon Musk’s net worth.”

Yuga Labs co-founder and CEO Greg Solano also shared his enthusiasm for the acquisition, praising the collaboration between the two teams. He noted that the integration of Tokenproof will address key challenges and create new opportunities for making crypto and NFTs more accessible. Solano referred to the work done with Tokenproof as essential in ensuring that NFT ownership, like that of a “monkey jpeg,” could be used securely and efficiently in real-world settings, such as attending festivals.

This acquisition comes amid restructuring efforts at Yuga Labs, which included layoffs announced in April 2024. The integration of Tokenproof is expected to enhance Yuga Labs’ capabilities in both the NFT space and broader crypto adoption.