Yuga Labs introduces a 5% royalty on Meebit sales and hints at a new future
Yuga Labs has started to reshape the Meebits NFT policy by introducing a new royalty rate for collection sales.
According to the July 28 announcement, parent company Bored Ape NFTs will get 5% off Meebits sales. Fees will be charged on secondary sales of the collection through OpenSea, LooksRare and other platforms.
Since Yuga Labs acquired Meebits from Larva Labs earlier this year, it hasn’t charged any royalties so far.
Meanwhile, its other premier collections like Bored Ape Yacht Club and Mutant Ape Yacht Club, currently charge a 2.5% royalty.
NFT promised to release full commercial rights to the collection to holders earlier this year. It’s unclear when Yuga Labs plans to deliver on this promise to Meebit holders.
Yuga Labs revealed he’s been “working hard – hiding, chatting, experimenting, building, mumbling about voxels in our sleep”.
Yuga Labs promises a new future for Meebits
Beyond the introduction of the new fee, the company also envisions a different future for Meebits.
The company noted that to achieve this, it has a team of brilliant creative thinkers and hardcore members of the Meebits community. Members of this team are responsible for developing the project from its current state.
Yuga Labs didn’t reveal what its future plans are for the collection, but it did promise to uphold the Meebits community’s core values of “DIY experimentation, technological minimalism, and interoperability.”
At press time, NFT Meebits have a floor price of 4.94 ETH (about $8,500), according to data from Coingecko. Collectible sales volume has increased by more than 150% in the past 30 days, according to CryptoSlam.io.
The collection also hit $500 million in sales earlier in the month.
However, its number pales in comparison to sister collections like CryptoPunks whose floor price is 68.4 ETH.
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