NFTs

Meebits Ethereum NFT IP Sold as New Owner Reveals Bits Rewards

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.

By contrast, Meebits currently start at a price of under $2,000 worth of ETH on NFT marketplaces as of this writing, and that’s following a 69% price spike after the acquisition was revealed earlier Friday. Meebits first sold for about $8,750 worth of ETH when the initial sale began in May 2021. Meebits were designed to be used across various 3D metaverse platforms and games, but the projected metaverse boom didn’t really go as planned—at least not yet, Silva said.

“Meebits were very ahead of their time,” he told Decrypt. “They just haven’t had a chance to be appreciated.” Under new ownership, MeebCo now offers Meebits holders and community members an opportunity to earn Bits, a type of points awarded to help drive engagement around the collection.

Points systems in crypto are often a precursor to an on-chain token launch and airdrop, though no such plans have been shared as of yet. According to an X thread, MeebCo will provide Meebits NFT traders with Bits if they transact via prominent marketplace OpenSea, the project’s preferred third-party trading platform.

Existing Meebits holders will also be awarded retroactive Bits once a portal platform launches in the coming weeks, plus Silva said additional ways to earn are on the horizon. “It’s just a better way for people to align themselves with the future that we’re building,” he told Decrypt. “If you want to be a part of the future [of Meebits], it’s a good way to raise your hand by participating with different activations that will help you accumulate Bits.”

Terron Gold