Yuga Labs has transferred the intellectual property rights of the Meebits NFT collection to Meebit Company (MeebCo), a newly created entity supported by venture capital firm 1confirmation.
This decision allows Yuga Labs to concentrate on its main projects, including the Bored Ape Yacht Club (BAYC) and the Otherside metaverse. Although the financial terms remain undisclosed, MeebCo now holds full responsibility for the future of Meebits.
MeebCo is a newly established company focused on expanding and managing the Meebits NFT collection. Led by Sergio Silva, a dedicated Meebits collector, the company aims to build on the brand’s creative foundation through digital storytelling, merchandise, and art-driven projects.
Introduction of Bits Rewards System
With MeebCo taking over, Meebits holders will experience several changes, starting with the launch of Bits, a points-based system designed to reward engagement. Holders will receive Bits based on how long they have owned their NFTs, and additional points can be earned by trading on OpenSea. While the long-term use of Bits is still being explored, MeebCo has hinted at future benefits tied to these rewards.
Despite the ownership transfer, Meebits will remain part of Yuga Labs’ Otherside metaverse. However, MeebCo will handle its development separately from Yuga’s other projects. The company has expressed its commitment to keeping Meebits true to its creative and cultural roots while also pushing for new opportunities.
Yuga Labs CEO Greg Solano expressed confidence in the transition, stating that MeebCo’s leadership understands the essence of the Meebits brand and will bring new energy to its growth. Additionally, royalties from OpenSea transactions will go toward expanding Meebits content, experiences, and utility.