Yuga Labs has acquired token-proof web3 tokenization provider. Through the integration, the blockchain hopes to stimulate the adoption of crypto and NFT.
In a recent X-post on December 3, Tokenproof founder and CEO, Fonz O, announced the integration of the Web3 tokenization service into Yuga Labs. He stated that part of the token-proof team will join Yuga Labs’ research and development arm, The Workshop.
“Thanks to our many years of collaboration, this transition will be seamless. I believe this is a fantastic outcome for everyone, and I am happy to see our team achieving success at Yuga Labs,” Fonz O said in his post.
The founder of tokenproof emphasized that Yuga Labs and tokenproof have had a long history of working together “over and over again” since 2022. Fonz O even went so far as to cite Yuga Labs’ annual event ApeFest as what inspired him and “kick-started” the idea of building an infrastructure to verify non-fungible token ownership in the real world in the first place .
While he won’t be joining the Yuga Labs team himself, he has vowed to stay in the crypto and NFT space even after he’s no longer known as the “token-proof guy.”
“While I am not transferring to Yuga Labs, I am not leaving this space. I have an unwavering commitment to web3 and I look forward to hanging out as a monkey again and attending ApeFest,” he wrote.
Exciting news! I’m happy to announce that Yuga Labs has adopted tokenproof technology and part of our talented team has moved to Yuga Labs.
When we started tokenproof, our mission was to provide crypto users with a secure way to unlock the utility of their tokens,…
— Fonz ᵍᵐ🍌 (@FonzGm) December 2, 2024
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In response to a user who asked him about the price of the acquisition, Fonz O jokingly replied that the value of the token-proof acquisition of Yuga Labs was somewhere between “metro-footlong and Elon Musk’s net worth.”
Yuga Labs co-founder and CEO Greg Solano stated that the blockchain has enjoyed working with the tokenproof team over the years and that the integration between the two companies will bring “a lot of exciting things to make crypto and NFTs more accessible to make.”
“Together with tokenproof, we tackled some thorny issues so your monkey jpeg could get you to a festival around the world safely and efficiently,” Solano said in his post.
Furthermore, he revealed that post-acquisition, the token-proof team will join Yuga Labs’ R&D division known as The Workshop.
In April 2024, the company behind popular NFT collections including Bored Ape Yacht Club and CryptoPunks announced a series of layoffs as part of its restructuring efforts.
Read more: Yuga Labs CEO Announces Layoffs, Focusing on ‘Going Back to the Roots’