Key Notes

Key Notes:

Yuga Labs has sold the Meebits NFT collection to a newly formed company, Meebit Company, in a move to refine its business focus.The acquisition was funded by 1Confirmation, a venture capital firm led by Nick Tomaino, though financial details remain undisclosed.Meebit Company plans to preserve and expand the Meebits collection, introducing new initiatives and community-driven rewards.

On Friday, Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC), announced that it has sold the Meebits NFT collection to a newly formed entity, Meebit Company, as part of its broader strategy to refocus its business priorities.

According to an announcement on X (formerly Twitter), all intellectual property (IP) rights, including brands, logos, and the entire Meebits NFT collection, now belong to Meebit Company. Yuga Labs initially acquired Meebits along with CryptoPunks from Larva Labs in March 2022.

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

Last year, Yuga Labs cut ties with CryptoPunks, disassociating itself with the project with the claims of making it decentralized to preserve its legacy on blockchain. After nearly three years of stewardship, the company is now doing the same to Meebits, transferring ownership to the Meebit Company.

While the financial terms of the deal were not disclosed, the acquisition was funded by 1Confirmation, an early-stage venture fund launched by Nick Tomaino in 2017.

1/ Thrilled to announce we’ve acquired @MeebitsNFTs! Personally, it’s a dream come true, and I’m honored to steward and develop the Meebs into the future. Huge thanks to @CryptoGarga and @yugalabs for the transaction, @1confirmation for the funding, and @DayOneLaw for the… https://t.co/JfYyUktqtU

— Sergito (@sergitosergito) February 14, 2025

As the new owner of the popular NFT collection, the Meebit Company will take over the brand’s development and future direction. The company plans to maintain and preserve the Meebits’ “rich history” as part of its commitment to the NFT community.

Additionally, the company will forge new paths for the community to ensure continued growth. Its vision for Meebits includes expanding the collection creatively, strengthening community engagement, and introducing new merchandise through various brand-building initiatives.

As part of this strategy, Meebit Company has teamed up with OpenSea, the largest NFT marketplace on Ethereum. The firm has also introduced Bits, a participation-driven rewards system where users can earn points by trading Meebits on OpenSea.

According to Meebit Company, Bits holders will have a stake in Meebits’ future growth, with royalties from OpenSea trades split between the MeebCo team and initiatives aimed at expanding the project’s content and utility.

With the sale of Meebits, Yuga Labs is doubling down on expanding the Bored Ape Yacht Club (BAYC) ecosystem and advancing its Otherside metaverse project. However, the company reassured the community that Meebits would continue to have a strong presence in Otherside.

Yuga Labs has been actively restructuring its business to refine its focus. In 2023, the company laid off employees, with CEO Daniel Alegre stating that Yuga had “lost its way” and needed to become leaner, more agile, and centered on crypto-native projects.

The restructuring continued last year, leading to further workforce reductions. As part of its strategic realignment, Yuga Labs acquired Proof Collective and its Moonbirds NFT collection, with plans to integrate them into Otherside.

In August 2024, Yuga Labs’ valuation stood at approximately $4 billion after securing a $450 million funding round led by Andreessen Horowitz. The round saw participation from heavyweights companies like MoonPay, a blockchain payment firm, Coinbase, the first publicly traded exchange in the industry and Animoca Brands.

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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.

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