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Usha Yadav
Jul 29, 2022
by Usha Yadav

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

Yuga Labs Meebits

Table of contents

  1. Lookout For Investors Who "Suffered Losses"
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.

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." APEcoin (APE), a cryptocurrency asset connected to the Otherside metaverse project and the Bored Ape Yacht Club (BAYC), is the token mentioned in the accusations against Yuga Labs.

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Cryptopunks Meebits Yuga Labs Larva Labs
Yuga Labs to Collect 5% Royalty on Secondary Sales of Meebits
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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