Yuga Labs Comes up With New Condition For Meebits NFT Sales

Following the CryptoPunks acquisition in March, non-fungible token (NFT) giant Yuga Labs will now receive 5% on all secondary sales conducted by Meebits.

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The 3D voxel character creator, Meebits took to its Twitter page to announce the new move. According to the post, the move is necessary to help keep the Meeb party going.

In March, NFT behemoth Yuga Labs acquired the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs from Larva Labs. The NFT giant took possession of 423 CryptoPunks and 1711 Meebits at the time. Through the acquisition, Yuga Labs gained ownership of the brands, copyright in the art, and other IP privileges. 

The merger provided Meebits and CryptoPunks holders with equal commercial rights as holders of Yuga Labs’ previous collections. Although Yuga Labs is the designer and creator of Bored Ape Yacht Club (BAYC), the holders of Meebits and CryptoPunk NFTs are not obligated to take on the model which the club utilizes.

Yuga Labs explained that the merger is a window to align both collections with the Web3.0 ethos. The NFT giant advised other developers and community creators to induct both CryptoPunks and Meebits into their Web3.0 projects.

“By handing over these rights, we’re further aligning CryptoPunks and Meebits with the web3 ethos, and we expect a wide range of third-party developers and community creators to incorporate CryptoPunks and Meebits into their web3 projects. We’ll be building the overall brand right alongside them.” the announcement read.

Yuga Labs Charges a 5% Royalty Fee on Meebits NFTs

Since the acquisition, Yuga Labs along with its legal team has been working on drafting new terms and conditions for the CryptoPunks and Meebits holders. Most previous NFT collections connected to Yuga Labs all had royalty charged on them. 

For Bored Ape Yacht Club and Bored Ape Mutant Club, a royalty of 2.5% is charged. Otherdeeds, the NFT connected to the Otherside virtual land plots charges 5% as royalty. Now, Meebits has joined the train and has now been made to pay a 5% royalty fee on all its NFT secondary sales.

Meanwhile, Yuga Labs investors are compiling a lawsuit with legal firm Scott+Scott to sue the NFT giant who they accused of instigating the community to invest in BAYC collection. The draft is yet to be completed and filed, as Scott+Scott is still trying to gather affected investor to solidify its class action lawsuit.

 

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CryptoPunks Now the Most Trading NFT Collection amid Rising Floor Price

The temporary revival in the broader cryptocurrency industry, which has seen the combined crypto market capitalization surge by 4.47% to $907.97 billion at the time of writing, is also impacting the Non-Fungible Token (NFT) ecosystem. 

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Per data from DappRadar, the floor prices of the most prestigious NFT collections are on the rise, a trend that signals sentiments towards digital collectables that are increasing across the board. This rising trend has particularly favoured the CryptoPunks NFT Collection, which is now ranked number 1 of the most traded of all collections.

According to the data platform, CryptoPunks, one of the very first NFT collections created, was ranked in the fifth position about a month ago but has largely maintained the top spot for the past week. At the time of writing, CryptoPunks has a floor price of $54.09 which has grown by about 26.3% in the past 24 hours.

The collection has recorded 312 trades over the past week and has traded $21.6 million in total. This compares to Terraforms by Mathcas, placed at number 2 and with a total trading volume of $13.09 million over the same time frame.

CryptoPunks is also ahead of Bored Ape Yacht Club (BAYC), as well as the other collections associated with its parent company, Yuga Labs. As reported earlier by Blockchain.News, Yuga Labs acquired the IP rights to the CryptoPunks collection in March of this year, further broadening the scope of the iconic NFT collection.

Yuga Labs has confirmed that it is building a media empire around its collections. Through its Otherside project, more utilities will be unlocked for BAYC, CryptoPunks, and the other digital collectables under its umbrella. The firm announced in late March that it had raised $450 million to achieve its ambitions.

With CryptoPunks currently topping the charts at this time, it is evident that investors are looking at one of the most viable ways to get into the Bored Ape ecosystem.

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Yuga Labs’ Otherdeeds Sold Out as the Startup Cashes in Over $320M

Yuga Labs, the blockchain startup in charge of the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection and ecosystem has made history yet again with the successful sales of Otherdeeds, the gateway to the Otherside metaverse announced back in March. Drawing on the minting price of $305 ApeCoins (APE), and the total 55,000 Otherdeeds up for sale, the startup pulled in over $320 million in revenue.

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Just as the Bored Ape project is renowned for its massive hype, the build-up to the Otherside launch was filled with a lot of speculation in the community. Yuga Labs did not unveil the modalities through which the launch will take place. In the absence of certainties, potential collectors prepared for a Dutch Auction, however, considering the complexities and the demand, the Yuga Labs team placed the minting price at a flat 305 APE (worth approximately $5,800 at the time of the sale).

As expected, there was a massive gas war with data showing users paying up to $4000 to $10,000 in fees, a range that naturally prevented a lot of prospective collectors from participating in the sale. Nonetheless, the available 55,000 Otherdeeds were sold out to over 27,000 collectors, while the remaining 45,000 are reserved for claiming by BAYC and Mutant Ape Yacht Club (MAYC) owners within a 21-day period.

Yuga Labs has continued to add value to its community, which has now expanded to include the CryptoPunks and Meebits NFT collections also. With the Otherdeeds granting holders access to metaverse lands in the Otherside, many more discoveries remain for Bored Ape to unravel in the near future.

While the price of the APE tokens grew in tandem with the massive demand leading up to the Otherdeeds sale, it has generally tapered down by 19.07% to $16.35 at the time of writing. Moving into the future, Yuga Labs said it is considering migrating the Otherside metaverse away from the Ethereum blockchain into its own Layer-1 protocol in order to tackle the gas fee challenge once and for all.

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Yuga Labs Teases ‘Otherside’ as its Potential Next Project

For anyone that has been following the events in the digital currency ecosystem very well, Yuga Labs will be a prominent name that can be reckoned with.

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This is partly for being the brains behind the most prestigious Non-fungible Token (NFT) collections in the ecosystem, including Bored Ape Yacht Club (BAYC) and CryptoPunks.

While the Yuga Labs names might not have been resounding enough, the Bored Ape brand must have been. Last week, the team also floated the ApeCoin (APE) token, which rose to become the best performer as detailed by Blockchain.News. While many might have applauded Yuga Labs for championing innovations and ecosystem utilities in the digital currency ecosystem, the team has teased another project slated for April.

The project is called ‘Otherside’, and the teaser featured an animated Bored Ape NFT smoking Tobacco in what appears to be a metaverse-themed world. The Bored Ape made connections with other Yuga Labs-backed NFT collections housed in what looks like a spaceship. Besides the intriguing teaser, no additional detail was shared that can hint at what the Otherside is likely to look like.

With the reputation that Yuga Labs has earmarked for itself in the NFT world, everyone, as gleaned on Twitter following the announcement, is fastening their seatbelt to become an early participant in the project. It is known that the NFTs from Yuga Labs have enriched a lot of people, and the team has continued to expand its influence in the emerging Web3.0 and metaverse worlds by acquiring the IP rights to the CryptoPunks and Meebits collections.

Whatever plan Yuga Labs may seek to show forth with the Otherside, it has no detailed plans to be exclusive to holders of its collections, the way the ApeCoin token was airdropped to holders of BAYC. This flexibility will make the Otherside even a more competitive project to participate in when the product is fully unravelled.

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