To enhance accessibility and utility in the Web3 space, Yuga Labs fortifies its NFT infrastructure with the assistance of Tokenproof’s technical team.
The tech team of Tokenproof, a Web3 tokenization service, has been acquired by Yuga Labs, the blockchain company that established the popular ape-themed non-fungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC), and ApeCoin.
Yuga Labs acquired Tokenproof’s technology and onboarded some of its team members, according to Fonz O, the founder and CEO of Tokenproof, on December 3.
Fonz O has stated that Tokenproof has established an infrastructure to verify the ownership of NFTs in the real world and has collaborated with Yuga Labs on numerous occasions since 2022 to advance this vision.
Greg Solano, the co-founder of Yuga Labs, also acknowledged the company’s extensive partnership with Tokenproof. He stated:
“Together with Tokenproof, we tackled a bunch of thorny problems, so that your monkey jpeg could safely and efficiently get you into a festival across the world.”
The tech staff from Tokenproof will be incorporated into The Workshop, the research and development division of Yuga Labs, as part of the acquisition.
In August 2024, Yuga established its research and development division in the midst of significant redundancies and organizational restructuring.
The division was focused on the successful completion of Otherside, a metaverse project that is both interoperable and gamified.
According to Solano, the current innovations of Yuga Labs are designed to increase the accessibility and enjoyment of cryptocurrency tokens and NFTs.
The strategic acquisition was supported by community members, with numerous developers emphasizing Tokenproof’s contribution to the development of genuine utilities on the ape-themed NFTs.
For additional information on how to initiate the use of NFTs, consult Cointelegraph’s guide.
The sales volume of NFTs increased by over $562 million in November, marking a six-month high in trade.
In May, the monthly sales volume of NFTs surpassed $500 million, as indicated by CryptoSlam data. Nevertheless, March 2024 achieved the greatest monthly sales volume of $1.6 billion.
The crypto exchange Kraken terminated its NFT marketplace within a year of its debut due to the ambiguous NFT market conditions.
On November 26, a Kraken spokesperson informed Cointelegraph that the company has decided to close its NFT marketplace to allocate additional resources to the development of new products and services, including unannounced initiatives.
During the marketplace closure, Kraken will assist users in transferring their NFT collections to Kraken Wallet or a self-custodial wallet of their choosing.
