Royalty Fee of 5% on Meebits NFTs Announced by Yuga Labs

Royalty Fee of 5% on Meebits NFTs Announced by Yuga Labs
  • The floor price for the Meebits collection increased from 4.33 ETH to 5.01.
  • Yuga didn’t explain how the money would be used.

Yuga Labs has instituted a royalty on Meebits NFT sales as part of its business model. There will be a 5% royalty charge applied to all Meebits sales as of today, the company said on Twitter. Despite the current bear market and NFT Trading volume showcasing drops, the firm has announced this royalty fee.

“Brilliant creative thinkers and some die-hard Meebits community members” have been assembled, according to the business, to assist in building out this initiative. Yuga didn’t explain how the money would be used, but it implied that revenues would be used to “keep [the] Meeb party going.”

Prices Rise After Announcement

The Meebits community’s basic ideals, including “DIY experimentation, tech minimalism, and interoperability,” are the focus of Yuga’s future goals. With its Bored Ape Yacht Club NFT line, Yuga has become an industry leader. Celebrities including Paris Hilton, Jimmy Fallon, and Justin Bieber have used the NFTs since they were first introduced in April 2021. They peaked at $435,000 in May after minting for roughly $200.

Larva Labs, the design firm behind Meebits NFT and CryptoPunks, revealed in March that Yuga had purchased them for an unknown fee. To ensure that Meebits and CryptoPunks owners could monetize their NFTs and use them in commercial content, Yuga agreed to grant them full commercial rights to their NFTs as a condition of the agreement.

Immediately after the royalty announcement, the “floor price” for the Meebits collection increased from 4.33 ETH to 5.01 on OpenSea. After the announcement, NFT’s trading volume for the collection jumped from 22.44 ETH on July 27 to 305.37 ETH on July 28 on OpenSea.

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