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Yuga Labs Introduces 5% Royalty on Meebits Sales, Hints at New Future

Yuga Labs has begun to reshape the policy of Meebits NFT by introducing a new royalty rate for the sales of the collection.

According to the July 28 announcement, the Bored Ape NFTs parent company will get 5% on the sales of Meebits. The fees will be charged on secondary sales of the collection via OpenSea, LooksRare, and other platforms.

Hmm what does this ON button do? Let’s find out… pic.twitter.com/i5IFRFqafZ

— Meebits (@MeebitsNFTs) July 28, 2022

Since Yuga Labs acquired Meebits from Larva Labs earlier this year, it has not charged any royalty fees until now.

Meanwhile, its other blue-chip collections like the Bored Ape Yacht Club and Mutant Ape Yacht Club, currently charge a 2.5% royalty fee.

The NFT company had promised to hand over the full commercial right of the collection to holders earlier this year. It is unclear when Yuga Labs plans to fulfill that promise to Meebits holders.

Yuga Labs revealed that it has “been hard at work — lurking, discussing, experimenting, building, mumbling about voxels in our sleep.”

Yuga Labs Promises New Future for Meebits

Beyond the introduction of the new royalty fee, the company is also eyeing a different future for Meebits.

The company noted that to achieve this, it had a team of brilliant creative thinkers and some die-hard Meebits community members. Members of this team are charged with the responsibility of developing the project from its current state. 

Yuga Labs did not reveal what its future plans are for the collection but it promised to keep the Meebits community’s core values of “DIY experimentation, tech minimalism, and interoperability.”

As of press time, Meebits NFTs have a floor price of 4.94 ETH (roughly $8500), according to Coingecko data. The collection sales volume has increased by over 150% in the last 30 days, per CryptoSlam.io.

The collection also hit $500 million in sales earlier in the month.

However, its number pales when compared to sister collections like CryptoPunks whose floor price is 68.4 ETH.

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The post Yuga Labs Introduces 5% Royalty on Meebits Sales, Hints at New Future appeared first on BeInCrypto.

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