Yuga Labs, the corporate behind the Bored Ape Yacht Membership (BAYC) and the Otherside metaverse, has introduced the acquisition of Tokenproof’s know-how.
This transfer goals to strengthen NFT possession verification, addressing issues round fraud and safety within the web3 ecosystem.
The acquisition additionally entails the transition of a number of Tokenproof staff members to Yuga Labs, marking an evolution of their long-standing collaboration.
Supply: TokenproofWhat’s Tokenproof?
Tokenproof is a platform designed to securely confirm NFT possession with out requiring customers to attach their wallets. This innovation helps cut back dangers reminiscent of phishing and fraud, that are prevalent within the NFT market.
Since its launch in 2022, Tokenproof has offered options for token-gated occasion entry, safe membership verification, and on-line authentication. Customers can generate QR codes to entry real-world occasions, authenticate memberships, and work together with gated digital platforms, all while retaining their wallets protected.
The concept for Tokenproof was born throughout ApeFest 2021, the place the necessity for a safe and environment friendly solution to confirm NFT possession grew to become obvious.
Why is that this vital?
The acquisition follows years of collaboration between Yuga Labs and Tokenproof, together with Tokenproof’s help for a number of ApeFest occasions.
In accordance with Tokenproof founder Fonz, this transition builds on a longtime partnership and is predicted to be clean. While Fonz is not going to be becoming a member of Yuga Labs, a number of members of the Tokenproof staff at the moment are a part of the corporate. Their experience will contribute to the combination of Tokenproof’s know-how into Yuga Labs’ operations.
The acquisition highlights Yuga Labs’ concentrate on addressing challenges inside the NFT area, significantly round safety and sensible usability. By incorporating Tokenproof’s verification system, Yuga Labs goals to:
- Enhance safety measures for NFT possession and transactions
- Simplify entry to token-gated occasions and companies, each on-line and offline
- Increase using NFTs in real-world purposes, reminiscent of memberships and ticketing
This integration may encourage broader adoption of NFTs by making them safer and extra accessible. This transfer aligns with Yuga Labs’ broader aim of bridging the hole between blockchain know-how and on a regular basis use instances.