Yuga Labs to start taking a 5% royalty on Meebits secondary sales

By:
on Jul 29, 2022
  • Yuga Labs purchased the rights of CryptoPunks and Meebits in March.
  • Yuga labs also hired Christie's Noah Davis supervise the Punks brand.
  • Yesterday, Yuga Labs said that it will now start charging a 5% loyalty on Meebits.

Yuga Labs, the $4 billion startup behind the Bored Ape Yacht Club (BAYC), Bored Ape Kennel Club (BAKC), and Mutant Ape Yacht Club (MAYC) NFT collections, has announced that it shall start taking a 5% royalty fee on Meebits secondary sales.

The move will leave CryptoPunks being the only NFT collection owned by Yuga Labs that does not attract royalty fees on subsequent sales after the startup purchased the rights of both CryptoPunks and Meebits in March this year.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

There are also speculations that Yuga Labs may also start taking loyalty fees on CryptoPunks soon.

Meebits and CryptoPunks

Both Meebits and CryptoPunks were initially products of Larva Labs before Yuga Labs purchased the rights.

Larva Labs has remained a popular entity within the crypto industry partly because of its capability of serving avatars in the

metaverse.

Yuga Labs facing accusations

As Yuga Labs sets its eyes on increasing revenue, a law firm called Scott+Scott is accusing it of allegedly employing “celebrity boosters and endorsements to increase the price of the company’s NFTs and token.”

According to Scott+Scott, Yuga Labs is looking for those investors who “suffered losses in connection with the acquisition of Yuga Labs tokens or NFTs between April 2022 and June 2022.” In the litigation, the law firm also mentions ApeCoin (APE) a cryptocurrency linked to Bored Ape Yacht Club (BAYC) and Otherside metaverse project.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
10/10
68% of retail CFD accounts lose money