key takeaways
- Yug Labs, the company behind the Bored Ape Yacht Club NFT collection, has introduced a new 5% royalty fee on all Meebits sales.
- The studio indicated that the fee would help fund a special team that was “put together” to help build the Meebits community.
- Yuga acquired MeBits and Cryptopunks in March, giving holders full commercial rights over their NFTs.
Share this article
Yug Labs says that adding the royalty fee will help support its plan to embrace the core values of the Meebits community.
“Keep the meeb party going”
Yuga Labs has introduced royalty fee on MeBits NFT.
company announced An update on Twitter on Thursday said it has imposed a 5% royalty fee on the sale of Meebits with immediate effect.
The company said it has built a team of “brilliant creative thinkers and some hardcore Meebits community members” who will now help build the project. Although the era did not specify how the funds would be used, it indicated that revenue generated from royalties would be “kept” toward development. [the] Meeb is going to party.”
Era did not elaborate on its future plans, but the team did say that it wants to double down on the core values of the MeBits community, including “DIY experimentation, technological minimalism and interoperability.”
Yuga is the company behind it extremely popular Bored Ape Yacht Club NXT Collection. Bored app NFT launched in April 2021 and has been followed by celebrities like Paris Hilton, Jimmy Fallon and Justin Bieber. After minting about $200, they reached a price of about $435,000 in May.
in march, era announced that it had purchased the Meebits NFT Collection and its iconic predecessor, CryptoPunks, from design studio Larva Labs for an undisclosed amount. Yuga gave MeBits and Cryptopunks holders full commercial rights to their NFTs when the deal was done, giving them the same rights as bored app holders to monetize their NFTs and offer them in all kinds of commercial content.
The entry price for the MeBits collection, popularly known as the “floor price”, jumped in NFT circles. From 4.33 ETH to 5.1 ETH after the royalty was announced, and is now hovering at 4.94 ETH open sea, The NFT exchange’s trading volume for collections also increased from 22.44 ETH on July 27 to 305.37 ETH.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.