Meebits Enters New Phase Under MeebCo with CEO Sergio Silva's Vision

Meebits Ownership Changes Hands Again

This is the second ownership shift for Meebits, the tokenized metaverse avatars developed in 2021 by Larva Labs, the originator of CryptoPunks. Yuga Labs sold the Ethereum NFT IP and collection to The Meebit Company, or MeebCo. The former owner, Yuga Labs, is credited with developing the Bored Ape Yacht Club NFTs. With the purchase, the 20,000 Meebits avatars enter a new phase.

Future Meebits collection development will be handled by MeebCo, under the direction of CEO Sergio "Sergito" Silva. Additionally, the business is launching a brand-new rewards program called "Bits." The purpose of this approach is to promote interaction and involvement from the avatar community. The acquisition, which is supported by Yuga Labs, infuses new vitality into the Meebits project with the goal of expanding participation and opening up new avenues.

Source: X

The Meebit Company is now owned by Yuga Labs, who along with CryptoPunks acquired the Meebits intellectual property from Larva Labs in 2022. CEO Greg "Garga" Solano said he has faith in Silva's ability to lead and that Meebits is in capable hands. He also mentioned excitement about the Bits rewards system and what the future holds for the collection. While the deal's financial terms remain undisclosed, the ongoing relationship between Yuga Labs and MeebCo shows the continued investment in the success of Meebits.

Meebits' Market Journey

In 2021, Meebits debuted at a time when the NFT market was flourishing. The avatars haven't, however, seen the same level of ongoing demand as other Larva Labs ventures, such as CryptoPunks, despite their early prominence. With a secondary market minimum price of about $100,000, CryptoPunks continue to have a high market worth. Meebits, on the other hand, start at slightly less than $2,000 in ETH. This significant price gap highlights the varying levels of interest between the two NFT collections.

Meebits were designed with the idea of being used across 3D metaverse platforms and games. However, the anticipated metaverse boom has not yet materialized in the way many expected. Silva expressed that Meebits may have been ahead of their time. The potential of the avatars was evident, but the metaverse is still in its infancy. Consequently, Meebits has failed to attain the degree of commercial penetration or adoption that was first anticipated.

For Meebits holders, new prospects are opening up as a result of MeebCo's takeover. By participating in the Meebits collection, people can accrue points under the Bits system. Although plans for an on-chain token or airdrop have not been revealed, Bits may potentially play a big part in the project's evolution. For now, MeebCo is offering rewards to those who participate in the collection, helping drive interaction and loyalty within the community.

Source: X

MeebCo has also partnered with OpenSea, a major NFT marketplace, as a preferred platform for trading Meebits. Meebits NFT traders will earn Bits when they buy or sell on OpenSea, creating an incentive for people to engage in the market. Additionally, existing Meebits holders will receive retroactive Bits once the portal platform is launched in the coming weeks. This system rewards both new participants and longtime supporters of the project.

Source: X

Sergio Silva underlined that people can interact with Meebits' future through the new Bits system. He defined it as a chance for individuals to participate in various activations and demonstrate their dedication to the initiative. Although MeebCo's plans for Meebits are still in the early stages of development, it is evident that the firm is committed to creating a vibrant and robust community around the collection. By launching the Bits rewards program, MeebCo is laying the groundwork for future expansion and advancement.