Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, has set a royalty rate of 5% for the Meebits series tokens. The decision was explained by the need to support the development of the project ecosystem.
To help keep (and continue) this Meeb lot, Yuga Labs will receive 5% royalties from secondary sales of progressive Meebits (OpenSea, LookRare, etc.). This will start spreading immediately.
— Meebits (@MeebitsNFTs) 28 July 2022
“We worked so much […]. We’ve also built an incredible team of amazing creators and dedicated community members for Meebits. To keep this party going, Yuga Labs will receive 5% of Meebits secondary sales (on OpenSea, LookRare and other platforms). The changes will take effect immediately.”
The company stated that they will continue to develop the Meebits ecosystem, but did not share specific plans. The developers explained that they only focus on the key points for the community – gameplay, technical minimalism, interoperability and experimentation.
Yuga Labs acquired the intellectual rights of the CryptoPunks and Meebits series tokens from Larva Labs in March 2022. The parties did not disclose the financial terms of the agreement.
According to CryptoSlam, Meebits’ NFT collection has cumulative sales of over $500 million compared to CryptoPunks’ cumulative sale of $2.34 billion.
Recall that in July 2022 Yuga Labs was accused of pumping NFTs from the BAYC collection and the APE token.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.