Yuga Labs adds a 5% royalty fee on Meebit’s NFT sales
Important 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 suggested that the fee would help fund a specialized team assembled to build out the Meebits community.
- Yuga acquired Meebits and CryptoPunks in March, giving the holders full commercial rights to their NFTs.
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Yuga Labs says that adding the royalty fee will help it in its plans to embrace the core values of the Meebits community.
“Keep the Meeb Party Going”
Yuga Labs has introduced a royalty fee on Meebit’s NFT sales.
The company announced the update on Twitter on Thursday, saying it had imposed a 5% royalty fee on Meebits sales with immediate effect.
The company said it had assembled a team of “brilliant creative thinkers and some die-hard Meebits community members” who will now help build the project. While Yuga did not specify exactly how the funds would be used, it suggested that the revenue generated from royalties would go towards development to “retain [the] Meeb parties.”
Yuga didn’t elaborate on its future plans, but the team said they wanted to double down on the Meebits community’s core values, including “Do-it-yourself experimentation, technical minimalism, and interoperability.”
Yuga is the company behind it hugely popular Bored Ape Yacht Club NFT collection. Bored Ape NFTs launched in April 2021 and have seen adoption by celebrities such as Paris Hilton, Jimmy Fallon and Justin Bieber. After minting around $200, they peaked at a price of around $435,000 in May.
In March, Yuga announced that they had acquired Meebit’s NFT collection and its iconic predecessor, CryptoPunks, from design studio Larva Labs for an undisclosed sum. Yuga granted Meebits and CryptoPunks holders full commercial rights to their NFTs at the time of the deal, giving them the same rights as Bored Ape holders to monetize their NFTs and display them in any commercial content .
The entry price for the Meebits collection, popularly referred to as the “floor price” in NFT circles, increased from 4.33 ETH to 5.1 ETH after the royalty announcement, and now hovers at 4.94 ETH on Open sea. 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.
