Yuga Labs charges 5% royalty on NFT Meebits

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2022-08-05 14:14:43

Yuga Labs, the company behind the popular NFT collection Bored Ape Yacht Club (BAYC), recently launched a 5% royalty fee on Meebits secondary sales.

3D voxel character creator, Meebits

On July 29, Meebits posted on its Twitter page to announce that it will begin to incur a new 5% royalty fee for all NFT sales and the decision is effective immediately.

According to the post:

This move is necessary to keep this Meeb party going and Yuga Labs will receive 5% royalties on Meebits secondary sales (on OpenSea, LookingRare,…) in the future. This will start rolling out immediately.

Meebits' post on Twitter
Meebits’ post on Twitter

The move is seen as a new approach by Yuga to profitability through the collection that the company acquired from Larva Labs earlier this year alongside CryptoPunks.

In March, Yuga Labs worked with its legal team to acquire the intellectual property (IP) rights to CryptoPunks and Meebits (by Larva Labs). At that time, giant Yuga Labs owned 423 CryptoPunks and 1711 Meebits. In addition, BAYC owners have acquired trademark rights as well as copyright in the field of art and other IP privileges.

Detail: The acquisition of intellectual property rights for CryptoPunks and Meebits by Yuga Labs

BAYC holders have always had full commercial rights to their NFT, and Yuga revealed that the merger has made it possible for Meebits and CryptoPunk holders to also have this commercial right. Yuga Labs also said that owners of Meebits and CryptoPunk NFTs are not required to use the model the club uses.

Merging is a way to align both collections with Web3.0 specifications. Yuga encourages developers and community creators to include both CryptoPunks and Meebits in their Web3.0 projects.

Company wrote:

By transferring these rights, we will better tailor CryptoPunks and Meebits to 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 will build the overall brand beside them.

Since the merger, the company has drafted new terms and conditions for Meebits and CryptoPunk holders. Most of the previous NFT collections connected to Yuga Labs were copyrighted.

For Bored Ape Yacht Club and Bored Ape Mutant Club, the royalty fee is 2.5%. NFTs connected to “virtual lands” on Otherside will charge a 5% fee. As of now, a 5% fee has been in effect with Meebits for all of its NFT secondary sales.

At the same time, law firm Scott+Scott is preparing a class action lawsuit against NFT BAYC. The company is trying to rally affected investors to strengthen its class action lawsuit.

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