Yuga Labs sells Meebits intellectual property, focuses on Bored Ape Yacht Club and Otherside

The NFT brand Yuga Labs sold off the NFT collection Meebits and its related intellectual property to a firm focused on developing the Meebits brand.

The IP's new owner, Meebit Company or "MeebCo," plans to creatively expand the Meebits collection, bolster community engagement and roll out new merchandise through the acquisition, among other brand-growing endeavors, according to a Friday company release .

Following the Meebits sell-off, Yuga Labs plans to focus on Bored Ape Yacht Club NFT brand and its Otherside metaverse project. However, Meebits will still keep up a strong presence in Otherside, the release continues.

Meebits has also launched Bits , which rewards users for trading Meebits on the NFT marketplace OpenSea, MeebCo's partner. Bits privileges point holders with participation in Meebit's future growth, and royalties incurred from OpenSea trades will be split between the MeebCo team and expanding the project's content and utility.

"We’re beyond excited to unleash their full potential and cement their rightful place in the canon of digital art, NFTs and network-connected objects," MeebCo CEO and Founder Sergio Silva wrote on the social media platform X. "We’ll honor their legendary Larva Labs provenance, collaborate with visionary brands to bring their traits into the real world, and integrate cutting-edge tech to establish what Meebits truly are: the most ambitious digital characters ever created."

Otherside occupied much of Yuga Labs' focus in the past few years. Yuga Labs' CEO Daniel Alegre had stated the firm would prioritize developing Otherside while leveraging existing brand partnerships after the firm's restructuring and workforce reduction in October 2023. The firm had also acquired the firm Proof Collective and its NFT collection Moonbirds with plans to incorporate the project into Otherside early last year.

Meebits is an NFT collection comprised of 10,000 pixelated artworks originally created by Larva Labs, the company behind the popular NFT collection CryptoPunks. In March 2022, Yuga Labs acquired the intellectual property rights for both Meebits and CryptoPunks from Larva Labs, The Block previously reported.

Meebit Company is backed by the crypto venture firm 1confirmation .