Yuga Labs Sells Meebits Collection

Yuga Labs has sold the NFT collection Meebits and its related intellectual property to a firm focused on developing the Meebits brand.

New Ownership

The new owner, Meebit Company (MeebCo), plans to:
– Creatively expand the Meebits collection
– Bolster community engagement
– Roll out new merchandise

This was outlined in a company release on Friday.

Yuga’s Focus Shift

After selling Meebits, Yuga Labs intends to focus on its Bored Ape Yacht Club NFT brand and the Otherside metaverse project. However, Meebits will maintain a strong presence in Otherside.

Launch of Bits

Meebits has introduced Bits, a program that rewards users for trading Meebits on the NFT marketplace OpenSea, which is MeebCo’s partner.

• Bits privileges point holders with participation in Meebits’ future growth.
• Royalties from OpenSea trades will be split between the MeebCo team and project development.

Vision for Meebits

MeebCo CEO and Founder Sergio Silva expressed excitement about the acquisition, stating the company aims to honor Meebits’ origins, collaborate with visionary brands, and use cutting-edge technology to elevate these digital characters.

Yuga Labs’ Progress

Yuga Labs has focused heavily on Otherside in recent years. CEO Daniel Alegre mentioned the firm’s strategy to prioritize Otherside while utilizing existing brand partnerships following a workforce reduction in October 2023.

Additionally, Yuga Labs acquired Proof Collective and its NFT collection Moonbirds to incorporate into Otherside.

Meebits Overview

Meebits are a collection of 10,000 pixelated artworks originally created by Larva Labs, the same company behind CryptoPunks. In March 2022, Yuga Labs acquired the IP rights for Meebits and CryptoPunks from Larva Labs.

Meebit Company is supported by the crypto venture firm 1confirmation.