Following the March acquisition of CryptoPunks, non-fungible token (NFT) industry giant Yuga Labs will now get 5% of all secondary sales conducted by Meebits.
Meebits, a developer of 3D voxel characters, announced the latest move on its Twitter page. According to the post, the move is necessary to help maintain the Meeb party.
In March, NFT titan Yuga Labs purchased from Larva Labs the intellectual property (IP) rights to Crypto Pinks and Meebits NFTs. At the moment, the NFT big possessed 423 CryptoPunks and 1711 Meebits. Through the acquisition, Yuga Labs obtained ownership of the manufacturers, the copyright of the artwork, and other IP rights.
The merger granted holders of Meebits and CryptoPunks the same industrial rights as holders of earlier Yuga Labs collections. Even though Yuga Labs is the designer and originator of the Bored Ape Yacht Membership (BAYC), holders of Meebits and CryptoPunk NFTs aren’t required to adopt the membership’s model.
According to Yuga Labs, the merger represents an opportunity to align each collection with the Web3.0 ethos. The NFT giant proposed that other developers and organization leaders incorporate both CryptoPunks and Meebits into their Web3.0 projects.
“By handing over these rights, we’re additional aligning CryptoPunks and Meebits with the web3 ethos, and we count on a variety of third-party builders and group creators to include CryptoPunks and Meebits into their web3 tasks. We’ll be constructing the general model proper alongside them.” the announcement learn.
Yuga Labs charges a 5% royalty on Meebits non-fungible tokens
Yuga Labs and its legal team have started developing new terms and conditions for CryptoPunks and Meebits holders following the acquisition. The majority of previous NFT collections linked to Yuga Labs were subject to royalties.
A 2.5% royalty is levied for Bored Ape Yacht Membership and Bored Ape Mutant Membership. Otherdeeds, the NFT linked to the digital land plots on Otherside, has a 5% royalty fee. Now, Meebits has joined the practice and is required to pay a 5% royalty on any secondary sales of NFT tokens.
In the meantime, Yuga Labs investors are working with the law firm Scott+Scott to file a lawsuit against the NFT giant, whom they accuse of pressuring the company to purchase the BAYC collection. The draft has not yet been completed and filed, as Scott+Scott is still attempting to collect affected investors for its class action case.