Yuga Labs Adds 5% Royalty Fee on Meebits NFT Sales

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Yuga Labs Adds 5% Royalty Fee on Meebits NFT Sales
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Yuga Labs, the company behind the Bored Ape Yacht Club NFT series, has imposed a new royalty of 5% on all Meebits sales. The studio hinted that the fee will help fund a dedicated team that aims to help build the Meebits community. Yuga acquired Meebits and CryptoPunks in March, granting holders full commercial rights to their NFTs.

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Yuga Labs said the increase in royalties will help its plans to embrace the core values ​​of the Meebits community.

“Keep the Meeb Party going”

Yuga Labs collects royalties on sales of Meebits NFTs.

The company announced the update on Twitter on Thursday, saying it had imposed a 5% royalty on Meebits sales, effective immediately.

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The company says it has assembled a team of “talented creative thinkers and some die-hard Meebits community members” who will now help build the project.While Yuga didn’t specify how the funds would be used, it suggested that revenue generated from royalties would be used for development to “keep the [the] The Meeb party has begun. ”

Yuga didn’t elaborate on its future plans, but the team said it hopes to double down on the Meebits community’s core values, including “DIY experimentation, technical minimalism, and interoperability.”

Yuga is the company behind very popular Boring Ape Yacht Club NFT series. Launched in April 2021, Bored Ape NFTs have been adopted by celebrities such as Paris Hilton, Jimmy Fallon, and Justin Bieber. After minting at around $200, they peaked at around $435,000 in May.

March, Yuga Announce It purchased the Meebits NFT series and its iconic predecessor CryptoPunks from design studio Larva Labs for an undisclosed amount. When the transaction is signed, Yuga grants Meebits and CryptoPunks holders full commercial rights to their NFTs, giving them the same rights as Bored Ape holders to monetize their NFTs and use them in various commercial content.

The entry price of the Meebits collection, known as the “floor price” in NFT circles, skyrocketed Rise from 4.33 ETH to 5.1 ETH after royalty announcement, now hovers at 4.94 ETH open seaAs a result of the announcement, the volume of favorites on NFT exchanges also surged to 305.37 ETH from 22.44 ETH on July 27.

Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.

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