15.02.2025 11:25

Here's a rewritten version of the news article, aiming for richer language and varied sentence structures while retaining all the core information:

**Yuga Labs Divests Meebits IP, Strategically Shifting Focus to BAYC and Otherside**

In a surprising move, Yuga Labs, renowned creators of the Bored Ape Yacht Club (BAYC), have transferred the intellectual property rights of their Meebits NFT collection to a newly established entity known as Meebit Company (MeebCo). This strategic decision signals a clear prioritization of the firm's flagship BAYC collection and their ambitious metaverse project, Otherside.

MeebCo, backed by 1confirmation, is embarking on a new chapter for what was Larva Labs' third and most ambitious NFT project. With its acquisition finalized, MeebCo is poised to revitalize Meebits, placing significant emphasis on increased community participation and the introduction of innovative product lines. One of the initial steps in this endeavor is the launch of "Bits," a unique trading rewards program designed to incentivize engagement.

The motivation behind Yuga Labs' divestment lies in a desire to sharpen their focus. By entrusting the future of Meebits to MeebCo, Yuga Labs aims to consolidate its resources and expertise, thereby maximizing the development and expansion of the BAYC ecosystem and the Otherside metaverse. MeebCo, in turn, now carries the responsibility of injecting fresh appeal into the Meebits collection.

Furthermore, the "Bits" program illustrates MeebCo's commitment to its community-centric approach. This initiative will allocate royalties generated from OpenSea trading between the MeebCo team and ongoing project development. "We think Meebits has great potential to expand much more," stated a MeebCo representative, underscoring the company's belief in the collection's untapped potential and the vital role of the community in shaping its future trajectory.

This shift in ownership occurs amidst the ever-evolving dynamics of the NFT market, where, notably, collections like Azuki and Milady have demonstrated resilience and even thrived, according to CNF, despite broader market fluctuations.