Yuga Labs, the company behind it Bored Ape Yacht Club (BAYC) and the Otherside Metaverse, has announced the acquisition of Tokenproof’s technology.
This move aims to strengthen verification of NFT ownership and address concerns about fraud and security in the Web3 ecosystem.
The takeover also involves the transfer of several companies Token safe team members to Yuga Labs, which represents a further development of their long-standing collaboration.
Source: TokenproofWhat is Tokenproof?
Tokenproof is a secure verification platform NFT Ownership without requiring users to connect their wallets. 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-driven event access, secure membership verification, and online authentication. Users can generate QR codes to access real-world events, authenticate memberships, and interact with closed digital platforms while protecting their wallets.
The idea for Tokenproof was born during ApeFest 2021 when the need for a secure and efficient way to verify NFT ownership became clear.
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 proceed smoothly. Although Fonz is not moving to Yuga Labs, several members of the Tokenproof team are now part of the company. Their expertise will contribute to the integration of Tokenproof technology into Yuga Labs’ operations.
The acquisition underscores Yuga Labs’ focus on addressing challenges in the NFT space, particularly in terms of security and practical usability. By integrating Tokenproof’s verification system, Yuga Labs aims to achieve the following:
- Improve security measures for NFT ownership and transactions
- Simplify access to token-driven 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 wider adoption of NFTs by making them more secure and accessible. This move is in line with Yuga Labs’ broader goal of bridging the gap between blockchain technology and everyday use cases.
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