Yuga Labs Offloads Meebits to MeebCo, Doubles Down on BAYC & Otherside

Yuga Labs, the powerhouse behind Bored Ape Yacht Club (BAYC) and the Otherside metaverse, has sold the Meebits NFT collection to a new company, Meebit Company (MeebCo). The move marks a strategic shift for Yuga Labs as it doubles down on its core projects.

The Meebits NFT Collection, created by Larva Labs in 2021 and later acquired by Yuga in 2022, consists of 10,000 voxel-based 3D characters designed for metaverse use, gaming, and digital collectibles. Now, under MeebCo's leadership, the collection is set for a new era of growth and innovation.

MeebCo's Vision for Meebits

MeebCo, founded by Sergio Silva and backed by 1confirmation, has big plans for the Meebits brand. The team is expanding storytelling, introducing new merch, and launching art-driven initiatives. Despite the ownership change, Meebits will still have a strong presence in the Otherside, Yuga Labs' metaverse.

"Meebits have always been about creativity, culture, and open-ended exploration," said Sergio Silva, CEO of MeebCo. "As stewards of this incredible brand, we're committed to preserving its spirit while pushing the boundaries of what's possible."

MeebCo's mission is to empower both collectors and creators, ensuring that the community remains at the heart of Meebits' future.

Why Yuga Labs Is Letting Go of Meebits

Yuga's decision to offload Meebits aligns with its long-term focus on its BAYC ecosystem and the Otherside metaverse. Since acquiring Meebits and CryptoPunks from Larva Labs in 2022, Yuga has been actively restructuring to hone in on its flagship brands.

"MeebCo was founded by passionate, longtime Meebits holders who have a deep understanding of what makes this brand special," said Greg Solano, CEO of Yuga Labs. "We're confident they'll bring fresh energy and creativity to Meebits, and we're excited to see how the brand continues to grow—both on its own and as a vibrant part of the Otherside ecosystem."

In October 2023, Yuga Labs went through an internal restructuring, reducing its workforce to focus on Otherside's development and strengthen existing brand partnerships. It also acquired Proof Collective and its Moonbirds NFT collection, with plans to integrate them into Otherside.

MeebCo x OpenSea Partnership & Bits Reward System

With the transition, MeebCo has secured OpenSea as the official third-party marketplace for Meebits. The partnership gives rise to Bits, a new rewards system that lets Meebits holders earn incentives for trading.

Key Takeaways from the OpenSea Partnership:

• Bits & Marketplace Flexibility: OpenSea is the preferred marketplace where users can earn Bits, a reward system that gives holders future participation benefits. However, users can still trade elsewhere if they prefer.
• Royalties & Growth: Royalties from OpenSea transactions will be reinvested into Meebits' content, experiences, and utility.
• BitsPoints Evolution: More ways to earn Bits will be announced, making sure it remains a valuable part of the ecosystem.

What This Means for the NFT Space

If anything, this sale marks another strategic move within the NFT industry. Yuga Labs is focusing its resources on the Otherside and its BAYC ecosystem, while MeebCo is stepping in to revitalize and expand Meebits.

For Meebits holders, the shift to MeebCo could mean new creative opportunities, more community-driven projects, and an exciting roadmap ahead. Meanwhile, Yuga's continued investment in Otherside and BAYC reinforces its commitment to building a premier web3 gaming and NFT ecosystem.