Discover the world of blue-chip collectibles and what sets Meebits apart
Meebits is the OG NFT collection that has taken the web3 space by storm. Created by the team behind CryptoPunks, Meebits’ unique 3D voxel characters are designed to be metaverse-ready, offering endless possibilities for collectors, investors, and artists. In this article, we will explore what makes Meebits special and why it’s worth your attention.
Contents
- What are Meebits?
- Who is the team behind Meebits?
- What makes Meebits special?
- Meebits holders’ exclusive benefits
- What is the most expensive Meebits NFT ever sold?
- Where can I buy a Meebits NFT?
- What the future holds for Meebits
- Explore the NFT space with DappRadar
What are Meebits?
Meebits is an NFT collection of 20,000 unique 3D voxel characters that were created by the same team behind the famous CryptoPunks collection, Larva Labs.
Each Meebit is a non-fungible token (NFT) that represents a unique digital asset on the Ethereum blockchain. The Meebits collection launched in May 2021 and became an instant success, selling out 9,000 NFTs on a Dutch auction in just under eight hours – for approximately 22,500 ETH or $75 million. The remaining 11,000 NFTs were gifted for free to CryptoPunks and Autoglyphs holders – a major incentive.
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.
Who is the team behind Meebits?
Meebits was created by Larva Labs, the same team behind the famous CryptoPunks collection. The two co-founders, Matt Hall and John Watkinson, are software developers and artists who have been working together since 2005. Larva Labs gained widespread recognition in the NFT community for their pioneering work in the space, including the creation of CryptoPunks and Autoglyphs.
In March 2022, Yuga Labs acquired both the CryptoPunks and Meebits collections from Larva Labs. The acquisition sparked much interest in the future of both collections, with Yuga Labs stating its commitment to preserving the unique qualities and authenticity of both collections. Moreover, Yuga Labs granted IP and commercial rights to individual owners and started a new age in NFTs.
What makes Meebits special?
Meebits is a unique NFT collection that sets itself apart in several ways. Firstly, the collection’s 3D voxel characters are designed to be metaverse-ready, which means they are ready to be used in virtual reality (VR) and augmented reality (AR) environments. This opens up a world of possibilities for Meebit owners, who can use their digital assets in various ways beyond simply owning and trading them.
Secondly, Meebits are highly sought after in the NFT community, with a large and active fan base. The collection’s popularity has led to a vibrant secondary market where Meebit holders can buy and sell their assets. According to DappRadar, the total volume of Meebits sold to date is over $1.53 billion.
The successful launch vs today
Meebits launched in May 2021 to an overwhelming response from the NFT community, selling out all its unique 3D voxel characters within eight hours. Since then, the value of Meebits has continued to increase, with some of the rarest and most coveted Meebits selling for millions of dollars.
Despite the volatile nature of the NFT market, blue-chip collections like Meebits are viewed as long-term investments by many crypto investors. In contrast to other NFT collections that have seen drastic price drops during bear markets, Meebits has held steady in value and continues to be highly sought after by collectors and investors alike. See the chart below.
The collection’s floor price has remained relatively stable and around $4,000 from August 2022 until the time of writing in May 2023.
Meebits holders’ exclusive benefits
Meebit holders enjoy several exclusive benefits, including access to the Meebits Discord community, where they can interact with other Meebit owners and engage in discussions about the collection. Additionally, Meebit holders are eligible to participate in various Meebit-related events and activities.
In August 2022, Yuga Labs announced that they had released the intellectual property (IP) rights for both the CryptoPunks and Meebits collections. This means that Meebit owners may potentially enjoy new benefits in the future, such as owning merchandise or participating in Meebit-related projects.
For example, Yuga Labs has hinted at the possibility of creating a CryptoPunks TV show and a Meebits food truck. These new benefits are sure to add even more value to the Meebits collection and provide new opportunities for Meebit owners.
Meebits in The Sandbox metaverse world
Since October 2022, Meebits can be used as playable avatars in The Sandbox, a decentralized virtual world that allows players to create, share, and monetize their gaming experiences using NFTs.
This integration highlights the growing interest in the use of NFTs in the gaming industry and provides a unique opportunity for Meebit owners to explore the virtual world and interact with other players. As more metaverse worlds emerge, it is likely that we will see even more innovative uses for NFTs like Meebits.
What is the most expensive Meebits NFT ever sold?
The most expensive Meebits NFT ever sold is Meebit #4092, which was sold for 15,200 ETH (around $48,190 million) on January 28, 2022. However cool this Meebit may look, its traits don’t make it especially rare and DappRadar’s NFT Value Estimator points out it’s worth around 2.51 ETH at the time of writing ($4,596).
The sale of this Meebit set a new record for the highest price ever paid for a Meebit and highlights the immense value that the collection holds in the NFT market. While beauty is in the eye of the beholder, the value of an NFT is usually linked to its rarity and traits – but this case is not normal.
After analyzing a series of suspicious activities like this around the time this NFT was sold, CryptoSlam reported:
“We pulled the LooksRare transaction data for Meebits, one of the “no-royalty” collections that have seen the majority of wash trading occur, for the week of 1/11/22 – 1/19/22 and you can see from our transaction data below that almost all of the volume was from wash trading.”
Traders were doing so to benefit from the marketplace’s token trading rewards. Those who sold and also those who bought NFTs would earn LOOKS tokens based on the percentage of overall platform sales their transactions represented in a day.
Meebits and wash trading
Wash trading, a form of market manipulation has been a growing concern in the NFT market, including Meebits. In wash trading, traders artificially inflate the trading volume of a particular asset by buying and selling it repeatedly to create the illusion of high demand. In March 2022, a report by blockchain analytics firm Nansen revealed that Meebits was one of the NFT collections with the highest wash trading volumes on Ethereum.
According to the report, Meebits had a wash trading volume of over 46% during a particular period, meaning that almost half of its trading volume was artificially inflated. The report also highlighted that wash trading can distort the true value of an asset and create an unfair advantage for certain traders.
Despite this concern, the Meebits community remains strong, and the collection continues to attract interest from collectors and investors. It is important to conduct thorough research and due diligence before purchasing any NFT and to be aware of potential market manipulation techniques like wash trading.
Where can I buy a Meebits NFT?
Meebits NFTs can be bought and sold on various NFT marketplaces and platforms. However, the primary and official marketplace for Meebits is the Meebits Marketplace, which provides a secure and reliable platform for buying and selling Meebits NFTs.
To buy a Meebits NFT, you first need to have a cryptocurrency wallet that supports Ethereum and ERC-721 tokens. Some popular options include MetaMask, Coinbase Wallet, and Trust Wallet. Once you have set up your wallet, you can connect it to the Meebits Marketplace and browse through the available Meebits. To purchase a Meebits NFT, you need to have enough Ether (ETH) in your wallet to cover the purchase price. Once you have made your purchase, the Meebits NFT will be transferred to your wallet, and you can store, trade or sell it as you please.
To stay updated on the latest Meebit sales and prices, you can check out DappRadar, which provides real-time data and insights on NFT collections.
What the future holds for Meebits
Meebits has already made significant strides in the NFT market, and its future looks bright. The project continues to attract interest from collectors and investors, and new developments are in the works that will enhance the value and utility of the collection.
In October 2022, Meebits launched a new activation website and physical prints, which provide a new way for Meebit owners to showcase their NFTs in the physical world. It was what the project called MB1, the first chapter of their new story.
Later that year, Meebits partnered with WarpSound to launch an NFT music album, further expanding the possibilities for Meebits beyond digital collectibles.
As 2023 goes on, the collection kept on its roadmap towards innovation. On the 1st of May, its official Twitter account hinted at the next chapter, MB1.2. While it’s not yet clear what it will be about, the community is surely hyped and speculating on how it relates to Yuga Labs’ other projects – such as the Otherside metaverse.
Another exciting development for the Meebits community is the formation of the MeebitsDAO, an independent decentralized autonomous organization that enables Meebit owners to collectively discuss the future direction of the collection.
Whatever the new stage brings, there’s great potential for Meebits to continue evolving and adapting to new market trends and opportunities.
Explore the NFT space with DappRadar
In conclusion, Meebits is an OG NFT collection that is definitely worth exploring. To learn more about Meebits and other top NFT collections, check out DappRadar, the ultimate NFT data platform.
Useful links
- What are Blue-Chip NFT Collections & How to Find Them
- Yuga Labs: From Nothing to The Disney of Web3 in 2 Years
- What are Non-Fungible Tokens, or NFTs?
- Are Your NFTs Worthless? How to Analyze Their Value
- 10 Things Everybody Should Know About NFTs
- What are CryptoPunks: A Simple Explanation
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