Monday, August 15, 2022

Yuga Labs Adds 5% Royalty Fee on Meebits NFT Sales

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Key Takeaways

  • Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has introduced a new 5% royalty fee on all Meebits sales.
  • The studio hinted that the fee will help fund a specialized team that was “put together” to help build out the Meebits community.
  • Yuga acquired Meebits and CryptoPunks in March, granting holders full commercial rights to their NFTs.

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Yuga Labs says adding the royalty fee will help it in its plans to embrace the Meebits community’s core values.

“Keep the Meeb Party Going”

Yuga Labs has introduced a royalty fee on Meebits NFTs.

The company announced the update on Twitter Thursday, saying it had imposed a 5% royalty fee on Meebits sales with immediate effect.  

The company said it had put together a team of “brilliant creative thinkers and some die-hard Meebits community members” that will now help with building out the project. Though Yuga didn’t specify exactly how the funds would be used, it hinted that the revenue generated from royalties would go toward development to “keep [the] Meeb party going.” 

Yuga did not elaborate on its future plans, but the team said it wanted to double down on the Meebits community’s core values, including “DIY experimentation, tech minimalism, and interoperability.”

Yuga is the company behind the hugely popular Bored Ape Yacht Club NFT collection. Bored Ape NFTs launched in April 2021 and have seen adoption from celebrities such as Paris Hilton, Jimmy Fallon, and Justin Bieber. After minting for around $200, they peaked at a price of around $435,000 in May. 

In March, Yuga announced that it had bought the Meebits NFT collection and its iconic predecessor, CryptoPunks, from the design studio Larva Labs for an undisclosed sum. Yuga gave Meebits and CryptoPunks holders full commercial rights to their NFTs when the deal was inked, giving them the same rights that Bored Ape holders have to monetize their NFTs and feature them in all kinds of commercial content. 

The entry price for the Meebits collection, popularly referred to as the “floor price” in NFT circles, jumped from 4.33 ETH to 5.1 ETH following the royalty announcement, and is now hovering at 4.94 ETH on OpenSea. The NFT exchange’s trading volume for the collection also exploded from 22.44 ETH on July 27 to 305.37 ETH thanks to the announcement.

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.

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