Yuga Labs has sold the intellectual property rights of the Meebits NFT collection to Meebit Company (MeebCo), a newly formed entity backed by venture capital firm 1confirmation.
The acquisition is part of Yuga Labs’ strategy to focus on its core projects, including the Bored Ape Yacht Club (BAYC) and the Otherside metaverse. Whilst the financial terms of the deal have not been disclosed, the transition shifts responsibility for Meebits’ future development to MeebCo.
MeebCo, led by longtime Meebits collector Sergio Silva, has announced plans to introduce community-focused initiatives whilst maintaining the collection’s presence in Yuga Labs’ Otherside metaverse.
Source: MeebCoWhat is MeebCo?
MeebCo is a newly established company formed to manage and expand the Meebits NFT collection.
Backed by 1confirmation, the venture aims to ensure the collection’s continued development whilst introducing new engagement opportunities. The company has stated that it plans to expand the Meebits brand through digital storytelling, merchandise, and art-driven initiatives.
As part of its strategy, MeebCo has entered into a partnership with OpenSea, which has been designated as the official third-party marketplace for Meebits. The company has clarified that whilst OpenSea is the preferred marketplace, holders are free to use any platform for trading. However, Bits—the new rewards system—will only be distributed to traders using OpenSea.
“Meebits have always been about creativity, culture, and open-ended explanation,” said Sergio Silvia, CEO of MeebCo. “As stewards of this incredible brand, we’re committed to preserving its spirit while pushing the boundaties of what’s possible.”
Source: MeebitsWhat does this mean to Meebits NFT holders?
For current Meebits holders, the transfer of ownership means that the collection’s future direction will now be shaped by MeebCo rather than Yuga Labs. Whilst Meebits will remain part of the Otherside metaverse, its development will be managed separately from Yuga’s other NFT projects.
One immediate change is the introduction of Bits, a points-based rewards system aimed at encouraging engagement within the Meebits ecosystem. Holders will earn Bits retroactively based on the duration of their ownership, and additional Bits can be acquired through trading on OpenSea. MeebCo has stated that it will explore further uses for Bits over time, though specific details on their long-term value or functionality have not yet been disclosed.
“MeebCo was founded by passionate, longtime Meebits holders who have a deep understanding of what makes this brand special,” said Greg Solano, CEO of Yuga Labs. “We’re confident they’ll bring fresh energy and creativity to Merits, and we’re excited to see how the brand continues to grow-both on its own and as a vibrant part of the Otherside ecosystem.”
MeebCo has also stated that royalties from OpenSea transactions will be directed toward expanding Meebits-related content, experiences, and utility.
