NFT’s started grabbing attention in the early months of 2021. Many of us are now aware of what is an NFT and how do they work?
Meanwhile, NFT projects have disrupted the next-gen technology, and many tech startups are gearing their products and services towards creating a futuristic Web3 ecosystem.
Larva Labs is one such company that sincerely believes in the culture of blockchain and NFTs. After creating two successful NFT projects, CryptoPunks and Autoglyphs, Larva Labs launched a new project in the NFT market known as Meebits.
Meebits has been creating waves in the NFT market since its inception in May 2021. 9,000 Meebits were rapidly sold out within 8 hours of their launch for around 22,500 ETH (worth $75 million at that time). They have scripted another triumphant victory in their newest NFT project.
Let’s now understand what are Meebits, what they can do and why they are so popular?
What are Meebits?
Meebits are 3D voxel characters generated by a custom algorithm and living on the Ethereum Blockchain. The ERC-721 smart contract governs their ownership, and they are compatible with all the Ethereum based marketplaces & services.
These are 20,000 unique 3D Meebits and they look similar to characters from popular games like Minecraft or Roblox. You can use these NFT characters in several games, virtual worlds, etc. You can also animate, play, and exchange these 3D voxel characters.
Larva Labs launched the project in May 2021, and within a short time, it surged like waves. The developers of these projects aim to provide the same experience as collecting cards and exchanging them with friends.
Larva Labs has gone one step ahead by attributing a wide range of use cases for the Meebits, and one such attribute is that you can trade Meebits for other Meebits.
Meebits are hyped not because they are new to the market or possess unique 3D voxel characters, but because they come from the same team that created the super-popular CryptoPunks. If CryptoPunks were ideal 2D avatars for Web2, then Meebits are the ideal 3D avatars for the metaverse, and the Web3 ecosystem.
CryptoPunks pioneered the NFT movement by creating unique 2D (8bit style) collectibles. Meebits disrupted the industry trend by introducing unique 3D voxel characters with whom you can play in metaverse.
What can you do with Meebits?
Here are a few things that Meebits allow holders to do:
- Customizing your 3D voxel character.
- Rendering 3D Meebit into 2D pixel art.
- Animating them and making your avatars perform actions.
- Use them as avatars in metaverse like The Sandbox, Decentraland, Somium Space, and Cryptovoxels.
- Use them as your social media account pfps, and flaunt them in your network.
Funds collected from the MeebitsDAO will help NFT projects develop and acquire virtual lands on metaverse to inhabit these 3D avatars.
The Meebits DAO has received tremendous response from the community and is now backed by the devs too.
Why are Meebits so popular?
Initially, only 9000 Meebits were available for sale through a dutch style auction. Every single Meebit was sold for 2.5 ETH, with the price gradually declining to zero as the avatars diminished. Rest NFTs went to the holders of the CryptoPunks and Autoglyphs.
Holders can redeem a Meebit with punk or glyph by a simple gas fee transaction.
Since then, the collection has topped the charts by acquiring millions in sales due to its rarity and scarcity. It became the 7th all-time top collection in four months by generating $127 million in sales volume.
Meebit #10761 is one of the most expensive Meebits ever sold for a whopping 700 WETH (2.69 million). It has the “Dissected” type and features black pants, a bald hairstyle, and a customized hoodie.
Last month another Meebit was sold for $2.1 million, which is a “Pig” category. At least 10 Meebits have been sold for more than $1 Million.
Not every Meebit needs millions to acquire; you can purchase some of them at a low price. The average price to buy a Meebit is around $22k (as of last 7 days).
The future of Meebits
Meebit has a bright and promising future as it comes from the Larva Labs itself. The 3D voxel character NFTs is unique digital art that allows great customization, 3D rendering and can be easily exchanged through the NFT marketplaces.
Even if Meebits are circulated in a limited quantity, they are pretty abundant and almost twice in circulation than the CryptoPunks. However, the sales are still driven by the level of uniqueness and rarity.
Like the CryptoPunks, Meebits too is a decentralized NFT project, and developers are not charging any fees. These NFTs offer superior transparency and flexibility, which is the key for future NFT projects.
Check all NFT projects listed on The Dapp List.