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 would 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.
Share this article
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 NFT sales.
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.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.