- Yuga Labs has sold the IP of the Meebits NFT project to the Meebit Company
- The new company has partnered with OpenSea to create a rewards system
- Yuga Labs had bought Meebits’ IP from Larva Labs in 2022
Bored Ape creator Yuga Labs has sold Meebits’ IP to the Meebit Company after acquiring it from Larva Labs in 2022. Meebits’ new owner promised to revitalize the NFT project by launching “a new chapter” and preserving the collection’s rich history. The Meebit Company is a newly formed entity with the backing of venture capital firm 1confirmation, which may signal a revival of the NFT collection’s connection to its community.
The Meebit Company Partners With OpenSea
Announcing the news on X, the company disclosed it had partnered with NFT exchange OpenSea to launch a rewards system called Bits. The system allocates points based on a person’s Meebits trading activity on OpenSea. It also rewards collectors for holding Meebits collectibles.
2/ To kick things off, we’re launching Bits, a participation-driven rewards system, and announcing a partnership with @opensea, our official third-party marketplace. Our goal is to make Bits a meaningful and rewarding experience for Meebit community members. All collectors,… pic.twitter.com/rbtGHAxVwN
— Meebits (@MeebitsNFTs) February 14, 2025
The Meebits Company intends to use the system to enhance the experience of its community by making Bits “an increasingly valuable part of the Meebits ecosystem.”
According to Meebit Company CEO Sergio Silva, the project was meant to fuel “creativity, culture, and open-ended exploration,” something he vowed to preserve “while pushing the boundaries of what’s possible.”
The company plans to push these boundaries through storytelling, merchandise, and art initiatives among other experiences.
Meebits Is in Good Hands
Yuga Labs Greg Solano commented on the development saying he believes the NFT project is in good hands. Solano also disclosed that Meebits will stand on its own and also be part of Yuga Labs metaverse platform Otherside.
This is not the first IP Yuga Labs has let go from its stable. In April last year, for example, it sold two NFT games to Faraway. Yuga Labs said at the time that the move was meant to help it concentrate on its other NFT and metaverse projects.
With Yuga Labs selling Meebits IP, it’s to be seen whether the new owner will manage to revive the NFT project to compete with the likes of Bored Apes, Azuki, and Pudgy Penguins.
