Yuga Labs Sets 5% Royalty on Meebits NFTs

The company behind the NFT collection Bored Ape Yacht Club (BAYC), Yuga Labs, has set a 5% royalty on tokens in its Meebits series. The move was explained as necessary to support the development of the project’s ecosystem.

To help keep this Meeb party going (and going and going), Yuga Labs will get a 5% royalty on secondary sales of Meebits (on OpenSea, LooksRare, etc) moving forward. This will begin rolling out immediately.

— Meebits (@MeebitsNFTs) July 28, 2022

“We have been working hard […] We have also assembled an incredible team for Meebits, comprising brilliant creatives and devoted community members. To keep this party going, Yuga Labs will receive 5% of secondary sales of Meebits (on OpenSea, LooksRare and other platforms). The changes take effect immediately,” the statement said.

The company noted that it would continue developing the Meebits ecosystem but did not share concrete plans. The developers only clarified that they are focused on community-centric aspects — gaming, tech minimalism, interoperability, and experimentation.

Yuga Labs acquired the intellectual property rights to the CryptoPunks and Meebits tokens from Larva Labs in March 2022. The parties did not disclose the financial terms of the deal.

According to CryptoSlam, the total NFT sales volume from the Meebits collection exceeds $500 million. For comparison, CryptoPunks stands at $2.34 billion.

In July 2022, Yuga Labs faced allegations of pumping the BAYC NFT collection and the APE token.

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