Yuga Labs Sells Meebits NFT Collection to New Entity Meebit Company
Yuga Labs has sold the Meebits NFT collection to a newly established entity, Meebit Company, as part of its strategy to refocus on core business areas. All intellectual property rights related to Meebits have been transferred to Meebit Company.
- Meebits were acquired by Yuga Labs along with CryptoPunks from Larva Labs in March 2022.
- Details of the financial transaction remain undisclosed; funding was provided by 1Confirmation.
- Meebit Company aims to preserve the history of the collection while expanding creatively and engaging with the community.
- The company plans to introduce new merchandise and has partnered with OpenSea to enhance trading experiences.
- Bits, a rewards system for trading Meebits, will allow users to earn points and share in future royalties.
Yuga Labs is now focusing on the Bored Ape Yacht Club (BAYC) ecosystem and the Otherside metaverse project. The company has undergone restructuring, including layoffs, to streamline operations and focus on crypto-native projects. In August 2024, Yuga Labs reached a valuation of approximately $4 billion following a significant funding round.