The NFT brand Yuga Labs sells off the NFT collection Meebits

Yuga Labs has sold its NFT collection Meebits and its related intellectual property to a new company called Meebit Company, or “MeebCo.” This company aims to expand the Meebits brand creatively. They plan to enhance community engagement and introduce new merchandise.

After selling Meebits, Yuga Labs will focus on its Bored Ape Yacht Club NFT brand and the Otherside metaverse project. Despite the sale, Meebits will continue to have a significant role in Otherside.

Meebits has introduced a new feature called Bits. This rewards users for trading Meebits on the OpenSea marketplace, which is a partner of MeebCo. Users who hold Bits will have a say in Meebits’ future growth. Royalties from OpenSea trades will be shared between the MeebCo team and the project’s development.

Sergio Silva, the CEO and Founder of MeebCo, expressed excitement about the potential of Meebits. He stated that they will honor the collection’s origins with Larva Labs and collaborate with innovative brands to bring Meebits into the real world. The goal is to establish Meebits as the most ambitious digital character ever created.

Yuga Labs has concentrated on Otherside for several years. CEO Daniel Alegre mentioned that the company would prioritize developing Otherside while maintaining existing brand partnerships. This shift came after a restructuring and workforce reduction in October 2023. Yuga Labs also acquired Proof Collective and its NFT collection Moonbirds, with plans to integrate it into Otherside.

Meebits is a collection of 10,000 pixelated artworks created by Larva Labs, the same company behind the famous CryptoPunks collection.

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