Yuga Labs Shifts Focus, Sells Meebits IP to Fund BAYC and Otherside

Yuga Labs, the company behind the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, has announced a strategic shift in its focus. The company has sold the intellectual property rights of its Meebits collection to a group of investors, led by Metaverse Properties. This move allows Yuga Labs to redirect its resources towards the development of its BAYC and Otherside projects.

The sale of Meebits' intellectual property is part of Yuga Labs' ongoing efforts to streamline its operations and focus on its core projects. The company aims to leverage the proceeds from the sale to further invest in the development of BAYC and Otherside, two of its most promising initiatives in the NFT and metaverse spaces.

BAYC, launched in 2021, has become one of the most successful and influential NFT collections in the market. The collection features a series of unique, randomly generated apes, each with its own set of attributes. The project has gained significant traction among celebrities and influencers, further boosting its popularity and value.

Otherside, on the other hand, is Yuga Labs' ambitious metaverse project. The company aims to create a decentralized, user-owned virtual world where users can interact, create, and own digital assets. The project is still in its early stages, but it has already generated significant interest and anticipation within the NFT community.

The sale of Meebits' intellectual property is a testament to Yuga Labs' commitment to its core projects and its ability to adapt to the ever-evolving NFT landscape. By focusing on BAYC and Otherside, the company is well-positioned to continue its growth and success in the NFT and metaverse spaces.