Yuga Labs Sells Meebits IP, Focuses on Bored Ape Yacht Club and Otherside

MeebCo has completed the acquisition of the Meebits NFT collection and related IP from Yuga Labs, with plans to expand the collection creatively and increase community engagement. Yuga Labs, the company behind popular NFT brands such as Bored Ape Yacht Club, has sold the collection to focus on developing other core projects.

MeebCo, the new owner of the Meebits IP, said it will implement a number of initiatives to grow the Meebits brand, including launching new products and fostering community engagement. According to the company's announcement, MeebCo will not only expand the NFT collection but also explore opportunities to collaborate with other brands to increase the interactivity and commercial value of Meebits.

Meanwhile, Yuga Labs will focus heavily on its two core brands, Bored Ape Yacht Club and the Otherside metaverse project. Despite selling Meebits, Yuga Labs will maintain ties to the collection, particularly through Meebits’ presence in the Otherside metaverse.

Meebits has introduced the Bits program, which rewards users for trading Meebits on the OpenSea platform. These trades will generate royalties for the MeebCo team, helping to expand the project’s content and utility in the future.

MeebCo CEO Sergio Silva shared his excitement at the opportunity to tap into Meebits’ potential. He also pledged to honor Larva Labs’ roots and partner with visionary brands to bring Meebits digital characters into the real world. “We will use cutting-edge technology to transform Meebits into the most ambitious digital characters ever created,” Silva said on social media platform X.

Yuga Labs has focused much of its resources on developing Otherside, an ambitious metaverse project, in recent years. Daniel Alegre, CEO of Yuga Labs, affirmed that the company will continue to focus on Otherside, while leveraging existing brand partnerships. In October 2023, Yuga Labs restructured and reduced its workforce to focus on this strategic goal.

Previously, in March 2022, Yuga Labs acquired the intellectual property rights of Meebits and CryptoPunks from Larva Labs, affirming its position as one of the leading companies in the NFT space. Meebits, a collection of 10,000 pixel artworks, has become an integral part of the history of the NFT industry.