Yuga Labs, the parent company of some well-known NFT projects, including Bored Ape Yacht Club, has teased the upcoming utility for Meebits NFTs.
Using Meebits’ official Twitter account, Yuga Labs teased the upcoming utility for the NFT project. The company tweeted, “Hmm, what does this ON button do? Let’s find out,” and thus, began a six-part thread explaining what fans of the NFT project could expect in the coming days.
It will be remembered that back in March, Yuga Labs acquired NFT powerhouses CryptoPunks and Meebits for an undisclosed amount. The company is also the brains behind the highly-popular blue-chip NFT collection Bored Ape Yacht Club.
“Today, we’re excited to announce that Yuga has acquired the IP of the CryptoPunks and Meebits NFT collections from Larva Labs,” Yuga Labs wrote in a press release at the time of acquisition. “This means that we now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.”
“As a first step, we will soon be granting CryptoPunks and Meebits holders the same rights that BAYC and MAYC owners enjoy,” the statement continued.
Indeed, not long after the acquisition, Yuga Labs handed full intellectual property (IP) rights to holders of both NFT collections.
“We’re working with our legal teams to draft the new terms and conditions for both collections and expect to share these with the community soon. By handing over these rights, we’re further aligning CryptoPunks and Meebits with the Web3 ethos, and we expect a wide range of third-party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.”
Sign of Good Things to Come for Meebits
While there has been movement on the CryptoPunks front after Yuga Labs hired Noah Davies, a former specialist from Christie’s Auction House, to be the NFT project’s brand lead, not much has been shared about the company’s plans for Meebits NFTs.
However, the lengthy Twitter thread on Thursday explicitly stated that Yuga Labs had been hard at work, behind the scenes, on the soon-to-be disclosed project. The company even shared that it has assembled a team to handle the task.
“Behind the scenes, we’ve been hard at work—lurking, discussing, experimenting, building, mumbling about voxels in our sleep,” Yuga Labs tweeted. “We’ve also put together an incredible team for the Meebs, including some brilliant creative thinkers and some die-hard Meebits community members.”
Yuga Labs has already devised a strategy to fund future projects. Apparently, the company would receive a 5% royalty for every NFT secondary sale going forward.
“So what are we building? While we can’t get into specifics (we like surprises),” said the tweet. “Our vision for Meebits centers around embracing the currents already core to the community—play, DIY experimentation, tech minimalism, and interoperability—and dialing them way up.”
Shortly after the announcement, Yuga Labs’ co-founder, Gordon Goner, took to his personal Twitter account to express his excitement over the news. He said he is “stoked to work on” the NFT project’s future and expressed his confidence in the incredible team the company has assembled.
Earlier in July, it was reported that Meebits had surpassed $500 million in total sales. The milestone made the Meebits NFT collection the 13th-most purchased collection ever. At the time of the report, the sales figure was about $10 million more than the massive The Sandbox NFTs made.
This latest development is a testament that Yuga Labs is steering the project in the right direction. Before long, the Meebits NFT project could become a top collection again. This could be a developing story, so stay tuned for updates.
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