Quick Facts:
- Yuga Labs sold the Meebits NFT collection to Meebit Company (MeebCo), backed by 1Confirmation.
- MeebCo plans to expand the Meebits brand through community engagement and merchandise offerings.
- Meebits will continue to feature within Yuga Labs’ Otherside metaverse.
- Yuga Labs is sharpening its focus on Bored Ape Yacht Club and Otherside following recent operational restructuring.
Yuga Labs, the powerhouse behind the Bored Ape Yacht Club (BAYC) and Otherside metaverse, has sold its Meebits NFT collection to Meebit Company (MeebCo), a newly formed entity backed by venture capital firm 1Confirmation. The move is part of Yuga Labs’ strategy to streamline operations and concentrate on its flagship projects.
Having acquired full rights to the Meebits NFT collection from Yuga Labs. MeebCo aims to revitalize the Meebits ecosystem through expanded community engagement, merchandise offerings, and broader digital experiences. The company has assured that Meebits will continue to be integrated within the Otherside metaverse, preserving their connection to the Yuga Labs ecosystem.
After the acquisition, Meebco CEO, Sergito posted on X:
“Personally, it’s a dream come true, and I’m honored to steward and develop the Meebs into the future.
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.”
Yuga Labs Sharpens Focus on Core Projects
With the sale of Meebits, Yuga Labs is sharpening its focus on its flagship projects: the Bored Ape Yacht Club (BAYC) ecosystem and the Otherside metaverse. This strategic pivot comes as part of Yuga Labs’ ongoing efforts to streamline its operations and accelerate growth in its core ventures.
The Otherside metaverse has been a primary focus for Yuga Labs over the past few years. Following the company’s restructuring and workforce reduction in October 2023, CEO Daniel Alegre emphasized that Yuga Labs would prioritize Otherside’s development while continuing to leverage partnerships with existing NFT brands. This commitment was further solidified in early 2024 when Yuga Labs acquired Proof Collective and its Moonbirds NFT collection, with plans to integrate the collection into the Otherside metaverse.
Meebits Find New Home Under MeebCo
With its acquisition by Meebit Company (MeebCo), the Meebits NFT collection is set to enter a new phase centered on user engagement and community rewards. MeebCo, backed by 1Confirmation, has introduced “Bits”, a rewards system designed to incentivize trading activity on OpenSea, MeebCo’s official partner marketplace. Holders of Bits points will gain privileges tied to Meebits’ future growth, including opportunities to influence the project’s direction and access exclusive content.
Royalties generated from OpenSea trades will be shared between MeebCo and a dedicated fund aimed at expanding Meebits’ ecosystem, with proceeds directed towards new content development and increasing the collection’s utility. This rewards initiative reflects MeebCo’s commitment to building an active and invested community around the Meebits brand.
The Meebits collection, consisting of 10,000 unique pixelated 3D characters, was originally created by Larva Labs, the studio behind the renowned CryptoPunks collection. In March 2022, Yuga Labs acquired the intellectual property rights for both Meebits and CryptoPunks from Larva Labs, adding them to its expanding NFT portfolio.
