Yuga Labs Acquires Tokenproof’s Tech Team to Strengthen Web3 Ventures

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Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) and ApeCoin has acquired the tech team of Tokenproof, a Web3 tokenization service. Tokenproof’s infrastructure verifies NFT ownership for real-world applications and has collaborated with Yuga since 2022. Tokenproof’s team will now join Yuga Labs’ R&D division, The Workshop, launched in 2024 to focus on projects like Otherside, a gamified metaverse. Yuga co-founder Greg Solano praised the partnership for solving challenges in bringing real-world utility to NFTs. The community welcomed the move, emphasizing Tokenproof’s contributions to enhancing NFT functionality.