Yuga Labs Comes up With New Condition For Meebits NFT Sales
Following the CryptoPunks acquisition in March, non-fungible token (NFT) giant Yuga Labs will now receive 5% on all secondary sales conducted by Meebits.
The 3D voxel character creator, Meebits took to its Twitter page to announce the new move. According to the post, the move is necessary to help keep the Meeb party going.
In March, NFT behemoth Yuga Labs acquired the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs from Larva Labs. The NFT giant took possession of 423 CryptoPunks and 1711 Meebits at the time. Through the acquisition, Yuga Labs gained ownership of the brands, copyright in the art, and other IP privileges.
The merger provided Meebits and CryptoPunks holders with equal commercial rights as holders of Yuga Labs' previous collections. Although Yuga Labs is the designer and creator of Bored Ape Yacht Club (BAYC), the holders of Meebits and CryptoPunk NFTs are not obligated to take on the model which the club utilizes.
Yuga Labs explained that the merger is a window to align both collections with the Web3.0 ethos. The NFT giant advised other developers and community creators to induct both CryptoPunks and Meebits into their Web3.0 projects.
"By handing over these rights, we’re further aligning CryptoPunks and Meebits with 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’ll be building the overall brand right alongside them." the announcement read.
Yuga Labs Charges a 5% Royalty Fee on Meebits NFTs
Since the acquisition, Yuga Labs along with its legal team has been working on drafting new terms and conditions for the CryptoPunks and Meebits holders. Most previous NFT collections connected to Yuga Labs all had royalty charged on them.
For Bored Ape Yacht Club and Bored Ape Mutant Club, a royalty of 2.5% is charged. Otherdeeds, the NFT connected to the Otherside virtual land plots charges 5% as royalty. Now, Meebits has joined the train and has now been made to pay a 5% royalty fee on all its NFT secondary sales.
Meanwhile, Yuga Labs investors are compiling a lawsuit with legal firm Scott+Scott to sue the NFT giant who they accused of instigating the community to invest in BAYC collection. The draft is yet to be completed and filed, as Scott+Scott is still trying to gather affected investor to solidify its class action lawsuit.
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Yuga Labs Acquires IP Rights to CryptoPunks and Meebits