Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) and Otherside Metaverse, announced the acquisition of Tokenproof’s technology.
This move aims to strengthen NFT ownership verification and solve fraud and security issues in the web3 ecosystem.
The acquisition also involves the transition of several Tokenproof team members to Yuga Labs, marking the evolution of their long-standing collaboration.
Source: TokenproofWhat is Proof of Token?
Tokenproof is a platform designed to securely verify NFT ownership without requiring users to connect to a wallet. This innovation helps reduce risks such as phishing and fraud that are prevalent in the NFT market.
Since its launch in 2022, Tokenproof has provided solutions for token-gated event access, secure membership verification, and online identity verification. Users can generate QR codes to access real-world activities, verify membership and interact with the gated digital platform, all while keeping their wallets secure.
The idea for Tokenproof was born during ApeFest 2021, when the need for a secure and efficient way to verify NFT ownership became apparent.
Why is this important?
The acquisition follows years of collaboration between Yuga Labs and Tokenproof, including Tokenproof’s support of multiple ApeFest events.
Fonz, founder of Tokenproof, said that the transition is based on the established partnership and is expected to proceed smoothly. While Fonz will not be joining Yuga Labs, several members of the Tokenproof team have now joined the company. Their expertise will help integrate Tokenproof’s technology into Yuga Labs’ operations.
This acquisition highlights Yuga Labs’ commitment to solving challenges in the NFT space, especially in terms of security and practical usability. By integrating Tokenproof’s verification system, Yuga Labs aims to:
- Improve security measures for NFT ownership and transactions
- Simplify online and offline access to token-gated events and services
- Expanding the use of NFTs in real-world applications such as memberships and ticketing
This integration could encourage wider adoption of NFTs by making them more secure and easier to use. The move is in line with Yuga Labs’ broader goal of bridging the gap between blockchain technology and everyday use cases.
