- Yuga Labs sells Meebits IP to MeebCo, focusing on BAYC and Otherside development.
- MeebCo plans to expand Meebits with community engagement, new products, and a trading reward program called Bits.
Yuga Labs, the firm behind the popular NFT collection Bored Ape Yacht Club (BAYC), has made an unexpected move by selling the intellectual property (IP) rights to the Meebits NFT collection to a new company called Meebit Company (MeebCo).
1/ The @MeebitCompany, a @1confirmation-backed venture, is excited to announce its acquisition of the Meebits from @yugalabs and the launch of a new chapter for Larva Labs’ third and most ambitious NFT project. We look forward to preserving the rich history of this collection… pic.twitter.com/0HLYyEJ9ZR
— Meebits (@MeebitsNFTs) February 14, 2025
Yuga Labs’ New Focus: BAYC and Otherside
Selling Meebits is part of Yuga Labs’ approach to concentrate on their metaverse project, Otherside, and BAYC development. Yuga Labs intends to be more successful in developing the ecosystem they have created by passing the Meebits IP rights to MeebCo, so avoiding the need to split their attention with other collections.
Meebit Company now bears great responsibility for bringing Meebits back in appeal. Apart from raising community involvement, the company intends to launch new Meebit-related products. Launching a trading rewards program called Bits marks one of their first actions.
Royalties made from trade on OpenSea will be distributed between the MeebCo team and the project development via this initiative.
“We think Meebits has great potential to expand much more,” a MeebCo official remarked. They also mentioned that their future development plans heavily rely on the community.
How Azuki and Milady Defied the NFT Market Slump
Selling the Meebits IP falls within the difficult dynamics of the NFT market. However, the Azuki and Milady NFT collections saw the strongest market success, according to CNF report in January. With $198 million in trading volume, there was a 22% rise over last quarter.
Azuki actually saw a trading volume of $29.3 million in one week, up 106% from the prior week. This demonstrates how some projects can draw collectors’s interest even in a generally slow market.
DraftKings and Legal Drama in the NFT World
DraftKings has, in the meantime, resolved a lawsuit with the National Football League Players Association (NFLPA), on the other side of the NFT space. Allegations that DraftKings appropriated NFL players without consent for its NFT initiatives lead to the complaint.
Beginning in 2021, the cooperation was finally stopped when a Boston federal judge decided in 2023 that NFTs would perhaps be regarded as unregistered securities. DraftKings has since decided to end its NFT business and cancel its agreement with the NFLPA.
“We are complying with the court’s decision and respecting the applicable regulations,” a DraftKings representative said.
Australian Open NFTs and Market Realities
Australia offers still another fascinating development. Originally featuring tennis ball artwork linked to particular regions of the court, the NFT program started by the Australian Open in 2022 has seen a significant downturn. From 6,776 NFTs sold in the first year, then 2,454 more NFTs the following year, the basic price of this asset has now dropped 90%. One NFT nowadays is only worth roughly 0.005 ETH, or $25.
From the slow NFT market circumstances to a shift in policy by Tennis Australia, which opted to stop minting new NFTs since 2023, several factors affected this sharp drop.
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