Yuga Labs, the prominent NFT company behind the Bored Ape Yacht Club (BAYC), has sold the intellectual property (IP) rights of its Meebits NFT collection to Meebit Company, or “MeebCo,” a newly formed entity dedicated to expanding the Meebits brand. According to an official announcement on Friday, MeebCo plans to enhance the Meebits collection, engage its community, and introduce new merchandise.
The sale marks a significant shift in Yuga Labs’ priorities. The company, which initially acquired Meebits alongside CryptoPunks from Larva Labs in March 2022, will now concentrate on developing its flagship NFT projects, BAYC and the Otherside metaverse. Despite the transfer of ownership, Meebits will maintain a presence in Otherside, ensuring continuity in Yuga Labs’ expanding virtual ecosystem.
Meebit Company’s Vision for Expansion
Meebit Company has laid out an ambitious roadmap for the Meebits brand. In collaboration with OpenSea, the largest NFT marketplace on Ethereum, MeebCo introduced “Bits,” a rewards program that grants users points for trading Meebits on OpenSea. These points allow participants to benefit from Meebits’ future growth, with royalties from OpenSea trades being split between the MeebCo team and initiatives aimed at expanding the collection’s content and utility.
Sergio Silva, CEO and founder of MeebCo, expressed his enthusiasm for the acquisition in a statement on X (formerly Twitter):
“We’re beyond excited to unleash their full potential and cement their rightful place in the canon of digital art, NFTs, and network-connected objects. We’ll honor their legendary Larva Labs provenance, collaborate with visionary brands to bring their traits into the real world, and integrate cutting-edge tech to establish what Meebits truly are: the most ambitious digital characters ever created.”
The financial details of the acquisition remain undisclosed, but the deal was reportedly funded by 1Confirmation, a venture capital firm founded by Nick Tomaino.
Yuga Labs’ Renewed Focus on BAYC and Otherside
With Meebits no longer under its umbrella, Yuga Labs is reinforcing its commitment to the Bored Ape Yacht Club ecosystem and the Otherside metaverse. The company has undergone significant restructuring efforts since 2023, including layoffs and leadership changes. CEO Daniel Alegre previously stated that Yuga Labs needed to streamline its operations and prioritize core crypto-native projects.
In 2024, Yuga Labs acquired Proof Collective and its Moonbirds NFT collection, with plans to integrate them into Otherside. The company has also strengthened its strategic partnerships, securing a $450 million funding round led by Andreessen Horowitz, bringing its valuation to approximately $4 billion.
