Saturday, September 23, 2023

Yuga Labs ApeFest Uses TokenProof App


Yuga Labs has announced that the TokenProof App will be used during ApeFest 2022. The software will assist the BAYC designers with tickets and token-gating for their lengthy event, which will take place on June 20–23.

ApeFest: What Everyone Should Expect

Yuga Labs launches its inaugural ApeFest the previous year, and it was one of the most memorable IRL activities for NFT owners. The inaugural occasion of the BAYC Ape First, APED NYC, at Bright Moments Gallery alone gathers 700 people. Most of them are waiting outside the venue.

The first BAYC celebration provides excitement to participants of the Bored Ape Yacht Club. Thus, it invites large numbers of participants. There was actually a boat party. Moreover, the event also has an interactive gallery experience, a fashion show, and a costume competition.

They make another schedule for ApeFest 2022 to align with NFT.NYC. Everybody is curious to see what the event has in store. Organizers predict a larger turnout this year, basing it on the previous year’s turnout.

Nonetheless, the first big NFT event, NYC.NFT, brings over 5,000 NFT collectors and aficionados to the city last year. Reddit co-founder Alexis Ohanian, as well as businessman Gary Vaynerchuk, were among the presenters.

This year’s organizers anticipate a larger turnout. They are disclosing the final dates beforehand to give NFT holders enough time to make travel arrangements. In addition, anyone may enroll as a participant or speaker as early as today. Anticipate more IRL NFT gatherings as the market is going to heat up.

According to the Block Data Dashboard, NFT trading activity surpasses $6.13 billion in January alone. As a result, the NFT volume surges by 129% in January 2022 compared to December 2021.

TokenProof is Used for Ticketing and Token-gating

Token-gated events are those that are restricted to a certain NFT community. Verifiers create a specific rule for a token-gate. For example, in order to participate in ApeFest, you must have a BAYC/MAYC NFT.

Tokenproof is assisting Yuga in securely verifying the ownership of participants and distributing tickets for the event this year.

Tokenproof is a company that deals in secure token-gating systems. NFT owners can carry proof of possession tokens connected to both their Ethereum wallet and their smartphone via their application. Users can verify the rights of their NFTs and other assets after registering. Yuga Labs is saying publicly that the tokenproof app will become the sole method to obtain tickets for and access ApeFest at Pier 17.

In the same post, they urged interested attendees to enroll their BAYC or MAYC NFT wallets in Tokenproof before the event. At the same time, remind customers that there are no transaction or gas costs and that enrolling their wallets does not provide anybody authorization to perform transactions.

Finally, Yuga advises owners that they must present their BAYC/MAYC token in the wallet in use for Tokenproof enrolment throughout the event. Transferring it out of the wallet will render it ineligible for ticketing, according to the article.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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