The post Yuga Labs Acquires Tokenproof’s Tech Team to Strengthen Web3 Ventures appeared first on Coinpedia Fintech News
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.