Yuga Labs to Collect 5% Royalty on Secondary Sales of Meebits

Yuga Labs is moving to monetize its acquisition of CryptoPunks and Meebits after purchasing the rights to both brands from Larva Labs in March and hiring Noah Davis from Christie’s to oversee the Punks brand. On July 28, Yuga Labs said it would immediately start taking a 5% royalty on any Meebits secondary sales. Like everything else made by Larva Labs, Meebits have always been a popular commodity in the cryptocurrency market, partly because of their marketing and capacity to serve as avatars in the metaverse. To help keep this Meeb party going (and going and going), Yuga Labs will get a 5% royalty on secondary sales of Meebits (on OpenSea, LooksRare, etc) moving forward. This will begin rolling out immediately. — Meebits (@MeebitsNFTs) July 28, 2022 Since the change, CryptoPunks is the only significant NFT collection that doesn’t impose royalties on subsequent sales, though this may not last very long. Since its debut in 2017, CryptoPunks – another Larva Labs creation – has maintained its viability. Lookout For Investors Who “Suffered Losses” The NFT startup Yuga Labs is allegedly accused of employing “celebrity boosters and endorsements to increase the price of the company’s NFTs and token,” according to the law firm Scott+Scott. According to the Scott+Scott website, the company is looking for investors who “suffered losses in connection with the acquisition of Yuga Labs tokens or NFTs between April 2022 and June 2022.” APEc...