Meebits secondary market royalty increased to 5%! Holders gain ownership rights, derivative profits unlimited

The blue-chip project Meebits released an IP-related announcement today, stating that it will receive the same licensing rights as BAYC. Additionally, Meebits has adjusted its secondary market royalties from the original 0% to 5%.

Meebits Holders to Gain More Utility

The creations by the Meebit community have always intrigued us and we’re very eager to see more. We’re happy to announce that we intend on releasing the IP agreement for Meebits on 8/15. 🧵for more details. pic.twitter.com/cz4C8TJRXV

— Meebits (@MeebitsNFTs) July 31, 2022

According to a Twitter post by Meebits, an IP licensing agreement is set to be released on 8/15, granting Meebits the same licensing rights as BAYC, allowing holders to create various content to drive the development of Meebits in real life or the metaverse. However, illegal activities and hate speech are, of course, not allowed.

"Intellectual property and NFTs are intertwined, meaning that the property rights of Meebits will follow the current holder upon transfer, but allowing previous holders to continue to profit from content they have created or published in the past," said the Meebits official.

However, Yuga Labs reserves the right to change relevant regulations for the sake of flexibility in serving the community and building a new ecosystem.

Additionally, according to earlier reports today, CryptoPunks will also release an IP licensing agreement on the same day, granting holders the same usage rights as BAYC holders.

Meebits Royalty Adjustment

Hmm what does this ON button do? Let’s find out… 🧵 pic.twitter.com/i5IFRFqafZ

— Meebits (@MeebitsNFTs) July 28, 2022

Last Friday, Meebits Twitter announced that Yuga Labs will begin extracting royalties from Meebits secondary market transactions, adjusting from the original 0% to 5%.

When the NFT trading platform Looksrare was launched, some Meebits holders engaged in high-frequency trading to earn transaction mining rewards. However, after the royalty adjustment, frequent Meebits trading will incur significant friction costs.

Regarding the reason for the royalty adjustment, the Meebits official stated that it is for ongoing development, without disclosing specifics but emphasizing that it will focus on the core values of the Meebits community, including playability, DIY experimentation, technical minimalism, and interactivity.