Ownership of Meebits, the tokenized metaverse avatar IP launched by CryptoPunks creator Larva Labs in 2021, has changed hands for a second time. The Meebit Company (aka MeebCo), a new firm backed by crypto venture fund 1confirmation, announced Friday that it has acquired the Ethereum NFT IP and collection from Yuga Labs, the previous owner and creator of the Bored Ape Yacht Club.
Yuga Labs had acquired the Meebits IP from Larva Labs in 2022 alongside CryptoPunks. MeebCo, which is led by CEO Sergio “Sergito” Silva, will oversee future development around the 20,000 Ethereum NFT avatars. It has also launched a rewards system called Bits that aims to fuel participation around the avatars.
Steering an NFT project to success takes vision, dedication, and a deep love for the community,” wrote Yuga Labs co-founder and CEO Greg “Garga” Solano on X. “Meebits couldn’t be in better hands with [Silva] and the team at MeebCo—excited to see them push the Meebs to new heights, and to see their plan for Bits unfold. Onward!”
Terms of the deal were not disclosed, though Silva told Decrypt that Yuga Labs will have a stake in The Meebit Company. Yuga Labs did not immediately respond to Decrypt’s request for comment. Meebits launched in 2021 as the NFT market boom was escalating, but while initially prominent, the avatars haven’t had the enduring demand of Larva Labs’ original CryptoPunks, which still command a minimum price of nearly $100,000 on secondary marketplaces.
