Yuga Labs has sold the intellectual property rights of the Meebits NFT Collection to Meebit Company (Meebco), a newly formed entity affirmed by venture capital firm 1.
The acquisition is part of Yuga Labs’ strategy to focus on its core projects, including the boring APE Yacht Club (BAYC) and other metametaverses. Although the financial terms of the transaction have not been disclosed, the transition shifts the responsibility for Meebits’ future development to Meebco.
Meebco, led by longtime Meebits collector Sergio Silva, announced plans to introduce community-centric initiatives while maintaining the series’ presence in other Metaverses at Yuga Labs.
Source: MeebcoWhat is meebco?
Meebco is a newly formed company that aims to manage and expand the Meebits NFT family.
With 1 confirmation support, the joint venture aims to ensure the sustained development of the series while introducing new opportunities for participation. The company said it plans to expand the Meebits brand with 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 clarified that while Opensea is the preferred market, holders are free to trade using any platform. However, BITS (new reward system) will be distributed to traders using Opensea only.
“Meebits have always been about creativity, culture and open interpretation,” said Sergio Silvia, CEO of Meebco. “As the butler of this incredible brand, we are committed to preservation.” Its spirit, while pushing the boundaries of possible.”
Source: MeebitsWhat does this mean for Meebits NFT holders?
For current Meebits holders, the transfer of ownership means that the future direction of the series will now be shaped by Meebco instead of Yuga Labs. Although Meebits will remain part of other dollar dollars, its development will be managed separately from Yuga’s other NFT projects.
A direct change is the introduction of Bits, a point-based reward system designed to encourage participation in the Meebits ecosystem. The holder will revisit the bits based on the duration of their ownership and can obtain other bits through Opensea. Meebco said it will explore further uses of the paraposition over time, although specific details about its long-term value or function have not been disclosed.
“Meebco was founded by enthusiastic, long-time Meebits holders who have a deep understanding of what makes the brand unique,” said Greg Solano, CEO of Yuga Labs. “We are confident they will bring benefits to the merits.” With fresh energy and creativity, we are excited to see how brands continue to grow on their own, as well as being a vibrant part of other scoped ecosystems.”
Meebco also said the royalties for the Opensea transaction will be used to expand Meebits-related content, experience and practicality.
