‘Forward of Their Time’: Meebits Ethereum NFT IP Bought as New Proprietor Reveals Bits Rewards

Possession of Meebits, the tokenized metaverse avatar IP launched by CryptoPunks creator Larva Labs in 2021, has modified palms for a second time.

The Meebit Firm (aka MeebCo), a brand new agency backed by crypto enterprise fund 1confirmation, introduced Friday that it has acquired the Ethereum NFT IP and assortment from Yuga Labs, the earlier proprietor and creator of the Bored Ape Yacht Membership.

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 improvement across the 20,000 Ethereum NFT avatars. It has additionally launched a rewards system known as Bits that goals to gasoline participation across the avatars.

“Steering an NFT venture to success takes imaginative and prescient, dedication, and a deep love for the neighborhood,” wrote Yuga Labs co-founder and CEO Greg “Garga” Solano on X. “Meebits couldn’t be in higher palms with [Silva] and the group at MeebCo—excited to see them push the Meebs to new heights, and to see their plan for Bits unfold. Onward!”

Phrases of the deal weren’t disclosed, although Silva advised Decrypt that Yuga Labs can have a stake in The Meebit Firm. Yuga Labs didn’t instantly reply to Decrypt’s request for remark.

Meebits launched in 2021 because the NFT market growth was escalating, however whereas initially outstanding, the avatars haven’t had the enduring demand of Larva Labs’ unique CryptoPunks, which nonetheless command a minimal value of almost $100,000 on secondary marketplaces.

Against this, Meebits presently begin at a value of below $2,000 value of ETH on NFT marketplaces as of this writing, and that’s following a 69% value spike after the acquisition was revealed earlier Friday. Meebits first bought for about $8,750 value of ETH when the preliminary sale started in Might 2021.

Meebits have been designed for use throughout numerous 3D metaverse platforms and video games, however the projected metaverse growth didn’t actually go as deliberate—at the very least not but, Silva mentioned.

“Meebits have been very forward of their time,” he advised Decrypt. “They only have not had an opportunity to be appreciated.”

Below new possession, MeebCo now affords Meebits holders and neighborhood members a chance to earn Bits, a kind of factors awarded to assist drive engagement across the assortment. Factors programs in crypto are sometimes a precursor to an on-chain token launch and airdrop, although no such plans have been shared as of but.

In response to an X thread, MeebCo will present Meebits NFT merchants with Bits in the event that they transact by way of outstanding market OpenSea, the venture’s most popular third-party buying and selling platform. Current Meebits holders will even be awarded retroactive Bits as soon as a portal platform launches within the coming weeks, plus Silva mentioned further methods to earn are on the horizon.

“It is only a higher means for individuals to align themselves with the long run that we’re constructing,” he advised Decrypt. “If you wish to be part of the long run [of Meebits], it is a great way to boost your hand by collaborating with totally different activations that can enable you accumulate Bits.”