The company behind the Bored Ape Yacht Club (BAYC) NFT collection, Yuga Labs, has set a 5% royalty rate for the tokens of its Meebits series. The decision was explained by the need to support the development of the project ecosystem.
“We have been working hard […]. We’ve also put together an incredible team for Meebits, made up of brilliant creatives and dedicated community members. To keep this party going, Yuga Labs will receive 5% of Meebits secondary sales (on OpenSea, LooksRare and other platforms). The changes are effective immediately,” the statement said.
The company noted that it would continue developing the Meebits ecosystem but did not share specific plans. The developers only clarified that they focus on the community’s critical aspects – the game, technical minimalism, interoperability, and experimentation.
Yuga Labs acquired the intellectual rights to the CryptoPunks and Meebits series tokens from Larva Labs in March 2022. The parties did not disclose the financial terms of the deal.
According to CryptoSlam, the total sales of NFTs from the Meebits collection exceeds $500 million. For comparison, CryptoPunks has a figure of $2.34 billion.