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What are Meebits and Why the Hype?

Posted by
Robert Hoogendoorn

$75,000,000 in primary sales within approximately 8 hours

Meebits is the biggest talk of NFT town and has generated considerable hype in the past 24 hours. It’s the third NFT collectible series by Larva Labs, the studio that also brought us CryptoPunks and Autoglyphs.

Within 8 hours Larva Labs sold 9,000 Meebits for approximately 22,500 ETH or $75 million. This makes the primary sale of this particular NFT collection one of the biggest NFT drops to date. At the moment the secondary market is also heating up, as certain rare editions already sold for amounts close to or over $1 million. 

The hype around these Meebits becomes particularly clear when looking at the Top NFT sales from the past 24 hours. The top sales are being dominated by Meebits. You will even notice that one collector is responsible for the two biggest purchases: $1.66 million for a visitor and robot Meebit. This person owns a total of 194 Meebits in this wallet

Meebits explained

The Meebits NFT collection consists out of 20,000 unique 3D voxel characters, each created through an algorithm and then minted onto the Ethereum blockchain. These Meebits were sold for 2.5 ETH and the price slowly dropped until all Meebits sold out. Plenty of investors and collectors were fine with paying 2 ETH or more to get their hands on a Meebit. 

However, not all 20,000 Meebits were sold. Only 9,000 sold through a Dutch auction. The remaining 11,000 went to CryptoPunks and Autoglyphs owners. Users who owned multiple punks can claim multiple Meebits simply by paying the gas fees. As a result, some of the most influential NFT collectors, like Gmoney and Pranksy, got an early start and created additional hype within the community. If you own a punk or glyph, claim your Meebit here.

However, what are these Meebits really? Larva Labs communicated that owners of a Meebit will get access to an OBJ file. This will allow owners to render and animate their Meebit and use it in for example a virtual world. In short, Meebits are positioned to be voxelized avatars in the metaverse. 

Meebits look cool. They are nicely marketed as avatars in the metaverse. They have some serious hype going on thanks to the CryptoPunks community. But they are not the only avatar project on the blockchain. 

Genies is doing something similar on the Flow blockchain, while CryptoAvatars has been pioneering in this field by working on open standards for avatar creation in the metaverse. Where CryptoPunks was the first collectible NFT on Ethereum and Autoglyphs was the first on-chain generative artwork, Meebits isn’t the first in anything. That doesn’t make them less cool or less desirable, it’s still a cool product by Larva Labs.

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