Yuga Labs has sold the intellectual property (IP) rights for the Meebits collection to Meebit Company. This decision aligns with Yuga Labs’ strategic shift toward prioritizing its Bored Ape Yacht Club NFT collection and the Otherside metaverse gaming project. The sale follows Yuga Labs’ 2022 acquisition of both Meebits and CryptoPunks intellectual property from Larva Labs.

Bored Ape Yacht Club Cover Banner on X (Twitter)

About Meebit Company

Meebit Company, also referred to as MeebCo, has outlined plans to expand the Meebits collection, strengthen community engagement, and introduce new merchandise. The company aims to build on Meebits’ existing reputation by developing new creative initiatives and fostering a more interactive user experience. Despite the ownership change, Meebits will continue to have a strong presence within Yuga Labs' Otherside metaverse.

In addition to these developments, Meebits has launched Bits, a rewards program designed to incentivize trading on OpenSea, a major NFT marketplace. Bits holders will gain benefits tied to the future growth of Meebits, while royalties generated from OpenSea transactions will be allocated between the MeebCo team and expanding the collection’s content and utility.

Meebit Cover Banner on X (Twitter)

Yuga Labs Refocuses on Otherside Metaverse

Following the sale, Yuga Labs will concentrate on its Bored Ape Yacht Club collection and Otherside, a metaverse project that has been a key focus for the company in recent years. CEO Daniel Alegre previously stated that after an internal restructuring and workforce reduction in October 2023, the firm would prioritize Otherside’s development while strengthening existing brand partnerships. This strategy also led to Yuga Labs’ acquisition of Proof Collective and its Moonbirds NFT collection, which the company plans to integrate into Otherside.

Otherside Screenshot

Meebits’ Legacy and Future Development

Meebits is a collection of 10,000 pixelated NFT characters originally created by Larva Labs, the same company behind CryptoPunks. Yuga Labs' 2022 acquisition of these intellectual property rights was seen as a significant move in the NFT space. With the latest transition, Meebit Company, backed by the crypto venture firm 1confirmation, now holds ownership and aims to further develop the brand.

MeebCo CEO and Founder Sergio Silva emphasized the company's commitment to preserving Meebits' origins while advancing their role in digital art and NFTs. He stated that the firm intends to collaborate with brands and incorporate new technologies to enhance Meebits’ presence in both virtual and real-world applications.