At the beginning of May 2021, Meebits was the biggest name in the NFT world. They had generated considerable hype within just a short time.
Meebits is the third NFT collection launched by Larva Labs, the studio behind Autoglyph and CryptoPunks.
Within just 8 hours of launch, Larva Labs had sold 9000 Meebits for around 22,500 ETH, which was approximately $75 million at the time.
It makes it one of the biggest NFT drops to date. Some of the rarest editions of the collection sold for over a million dollars on secondary markets.
During the initial drop, the top NFT sales were dominated by Meebits, with one collector buying two NFTs for over $1 million.
What Are Meebits?
Meebits is an NFT collection created by Larva Labs. It comprises 20,000 NFTs. Each NFT in the collection is a unique 3D voxel character that was created algorithmically and then minted on the Ethereum blockchain.
The initial price was 2.5 ETH per Meebit, with prices dropping until the last Meebit was sold.
Most investors were fine with paying 2ETH to get early access to a Meebit.
However, not all Meebits were sold during the drop. Only 9000 Meebits went on sale via the Dutch auction. The other 11,000 went to CryptoPunks and Autoglyphs holders.
Users with multiple Punks were able to claim multiple Meebits by simply paying the gas fee. Consequently, some of the biggest NFT collectors such as Pransky and Gmoney got an early start and created more hype within the community.
According to Larva Labs, those who own a Meebit will get access to an OBI file. The file will allow owners to render and animate a Meebit. They can also use it in a virtual world.
In short, a Meebit is a voxelized avatar that can be used in the metaverse. Meebits are well-designed and have been well marketed as avatars within the metaverse.
Thanks to the CryptoPunks community, the hype around them remains high. However, many similar avatar projects are being developed on the blockchain. One such project is Genies, which is creating similar NTs on the Flow blockchain.
Just like CryptoPunks, Meebits ownership is governed by a smart contract based on the ERC 721 standard, which ensures they are compatible with any Ethereum-based service or exchange.
Each Meebit was generated algorithmically with attributes that have varying levels of rarity.
Unique and Rare
The Meebit characters are all unique, but sometimes the differences are very subtle. There are seven different types of Meebits, in order of rarity: Anatomy, Visitor, Skeleton, Robot, Elephant, Pig, and Human.
In which 18881 human-Meebits have been developed and only 5 anatomy types. The appearance and attributes differ per Meebit.
For example, a distinction is made in hair color, hairstyle, hats, necklaces, earrings, glasses, shirts, pants, shoes, beards, tattoos, etc. Although 20,000 seems like a lot, this amount can be regarded as a scarce commodity worldwide.
And that is exactly what makes these Meebits so popular. The unique avatars encourage you to collect a certain suit, just like you used to achieve with pokemon cards.
Cryptopunk holders were given the opportunity to mint a Meebit character for free before the public auction. About 11,000 were distributed via the community grant.
The remaining 9000 Meebits were completely sold out a few hours after the auction started. In addition to the 3D view, you will also receive access to the full 3D model and a T-pose OBJ file with purchase.
With this, you can bring your 3D model to life. Print your Meebit in 3D or let your Meebit dance or stunt, who wouldn’t want that? You don’t have to make this just for yourself, because you can find the dancing Meebits everywhere on social media.
This will help you grab the attention of the NFT community.
Who knows, it might help you sell your Meebit, if you’ve had enough, for a good price. In addition to the 3D model, you also get special high-resolution renders. This allows you to properly convert the 3D model into a 2D pixel character.
Are you so fond of your Meebit figure? Then you can use the 2D figure as your new profile picture on Instagram, for example.
Features of Meebits
You now know a bit about what you can get, but let’s dive a little deeper into the characteristics of the Meebits.
These are the notable types, in order of rarity to most common:
- Dissected – This anatomy avatar is the rarest. There are only five of these in circulation;
- Visitor – Of these visitors, 18 were made, so scarcity is definitely a factor here;
- Skeleton – The skeletons are very popular. Of these, 57 are in circulation;
- Robot – Robots are futuristic and there are no less than 72 available;
- Elephant – They are imposing and anything but small and cute. They come in a herd of 256 animals;
- Pig – The pigs are slightly less popular. There are 711 of these;
- Human – And finally the least rare of Meebits: Humans. Here you can find out because there are no less than 18,881.
In addition to the types, you can also distinguish between accessories. These are the top-level categories of choices to make when purchasing a Meebit:
- Tattoo – as many as 994 avatars have a tattoo;
- Meebits wear a jersey number on their outfit;
- Earring – Of the thousands of dolls you can get your hands on, 2042 wear an earring;
- Overshirt – 3210 Meebits wear an overshirt/vest;
- Necklace – 3738 times you will see a necklace pass by;
- Hat – 4329 Meebits wear a hat, cap, or beanie;
- Beard – Facial hair is not normally an accessory of course, but 4429 avatars are distinguished by wearing a beard;
- Glasses – 7830 of the Meebits are glasses wearers;
- Pants – All 20,000 items wear pants;
- Hair – 20,000 – so this is all – not only wear pants but also have hair;
- Shoes – All avatars wear shoes, so 20,000 Meebits;
- Shirt – The last category is for the shirt wearers. There are also 20,000 of these.
Meebits in the virtual world
The Meebits community, which consists of owners of the Meebits, set up its own DAO (Decentralized Autonomous Organization). This DAO, self-explanatory name MeebitsDAO, aims to build a metaverse for the Meebit avatars.
Metaverse… what is that? Well, we wrote about that before. You can read all about metaverse in this article. The first step in this is to acquire sufficient funds. This then buys land in various virtual worlds, on which the Meebits can be housed.
Larva Labs is still involved as an advisor at the MeebitsDAO.
As mentioned before, the voxel characters turned out to be even more popular than expected! Within no time every character was provided with a new owner. The trade in the Meebits is really booming right now.
For example, Meebit #17522 was already sold for a hit of 2.1 million dollars. This doll is of the anatomy type and has transparent skin, a gray hoodie, and black pants. And Meebit #17522 was even surpassed by a Pig voxel.
The new owner paid about $3.27 million for it. You don’t have to bring millions for every Meebit, but the average selling price is around 18.2 thousand dollars. So you can dig a little deeper into your pocket than you might be used to form a nice voxel doll.
The best-selling Meebit at the moment is a Meebit pig, which brought in a whopping USD 3.27 million!
Are Meebits a good investment?
That Meebits can generate a lot of money, is one thing that is certain. However, I will not give you financial advice, because you will really have to do the thinking and research yourself.
On OpenSea.io you can also view the statistics of the Meebits in the past. Below you see an image of the price development of the last year so that you have an idea of the popularity.
Where can I buy Meebits?
Do you also want to add such a dancing avatar to your collection? We understand that. You can pick them up from all kinds of marketplaces. The most famous of these is OpenSea.
OpenSea is the largest and most versatile NFT trading platform. You can easily exhibit your crypto art here yourself, but you can also purchase all kinds of gems.
The platform is built on the Ethereum blockchain and you can close your deals with ETH.
Note: the pixelated characters have become so popular that you have to invest thousands of euros before you get your hands on one. To make it easier for you, I have set up a simple step-by-step plan for you:
- Put balance on your crypto wallet; in this case, Ether (ETH) is the only logical choice;
- Find your favorite NFT on OpenSea;
- ETH to a wallet, such as MetaMask;
- Buy the Meebit you want.
What is Larva Labs?
Matt Hall and John Watkinson are the creative technologists behind the most recent NFT successes.
Since 2009 they have joined forces in the company Larva Labs, which mainly develops software and apps. A very well-known one is Androidify, which you as an Android user in any case have on your phone.
Androidify is an app that allows you to create your own avatar.
Matt and John have been working with Microsoft and Google for many years. The latest crypto projects are the result of this collaboration.
We highlight three of their popular projects below, so you can get an idea of their portfolio. We start with Cryptopunks, followed by Autoglyphs & Meebits.
The first success: Cryptopunks
With Cryptopunks Larva Labs set foot in the world of NFTs. And that was a big foot that she put there. The Cryptopunks project includes 10,000 unique 2D punk figures.
Thus, using an algorithm, 10,000 different characters have been developed, differing in appearance and attributes. A few punks are very special because of their limited editions.
For example, only 9 out of 10,000 were performed as aliens, 24 punks as monkeys and the zombies are also quite rare with a number of 88. The punks with such a hip beanie are also scarce, only 44 of them have been issued.
The amounts that collectors are willing to pay for these figures are therefore quite substantial.
The punks were not very popular until the beginning of 2021, but after that, the project really took off. The alien Cryptopunk #3100 went to a new owner on March 11, 2021, for a mere $7.58 million. And a monkey, number #6965, was paid about US$1.54 million in February.
Watch the visual explanation of the Cryptopunks in the video below.
After the resounding success of Cryptopunks, Larva Labs got a taste for it. Not long after, they came up with Autoglyphs.
You may remember that spirograph game from back in the day. As a child, you could make the most amazing art objects with this.
Well, Larva Labs came up with an algorithm with Autoglyphs that made such art for its buyers itself. Self-generating art, is another first on the Ethereum blockchain. The algorithm was designed to stop after creating 512 art forms.
So now you can only find them through public marketplaces, such as OpenSea. The great thing about these Autoglyphs is that you can print them out and actually display them on your wall.
While Larva Labs built some utility into Meebits for use in the metaverse, the biggest driver of growth remains speculation. It is unlikely anyone is buying Meebits for use in the metaverse.
Like all previous Larva Labs projects, Meebits has proven to be quite successful. The growing interest in novelty NFTs has led to growing interest from the traditional art world.
Various leading auction houses. Another driver of price is the prestigious position that Larva Labs holds within the NFT community.
It has undoubtedly helped in both price and mainstream attention. There are plenty of projects being started everyday and some others with promises to become NFTs soon.
Some others, like Yats, is currently difficult to define. Due to the limited amount minted and growing interest in NFTs, their price is likely to continue rising.