Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) and the Otherside metaverse, has announced the acquisition of Tokenproof’s technology.
This move aims to strengthen NFT ownership verification, addressing concerns around fraud and security in the web3 ecosystem.
The acquisition also involves the transition of several Tokenproof team members to Yuga Labs, marking an evolution in their long-standing collaboration.
Source: TokenproofWhat is Tokenproof?
Tokenproof is a platform designed to securely verify NFT ownership without requiring users to connect their wallets. This innovation helps reduce risks such as phishing and fraud, which 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 authentication. Users can generate QR codes to access real-world events, authenticate memberships, and interact with gated digital platforms, all whilst keeping their wallets safe.
The idea for Tokenproof was born during ApeFest 2021, where the need for a secure and efficient way to verify NFT ownership became apparent.
Why is this significant?
The acquisition follows years of collaboration between Yuga Labs and Tokenproof, including Tokenproof’s support for multiple ApeFest events.
According to Tokenproof founder Fonz, this transition builds on an established partnership and is expected to be smooth. Whilst Fonz will not be joining Yuga Labs, several members of the Tokenproof team are now part of the company. Their expertise will contribute to the integration of Tokenproof’s technology into Yuga Labs’ operations.
The acquisition highlights Yuga Labs’ focus on addressing challenges within the NFT space, particularly around security and practical usability. By incorporating Tokenproof’s verification system, Yuga Labs aims to:
- Improve security measures for NFT ownership and transactions
- Simplify access to token-gated events and services, both online and offline
- Expand the use of NFTs in real-world applications, such as memberships and ticketing
This integration could encourage broader adoption of NFTs by making them safer and more accessible. This move aligns with Yuga Labs’ broader goal of bridging the gap between blockchain technology and everyday use cases.
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