- Ayushi Abrol
- September 16, 2022
Non-Fungible Tokens, or NFTs, are enjoying the second round of hype this year. Apparently, there has been a rise in NFT creators in the last few years. NFTs came into the spotlight in the year 2021, and since then, it has been one of the most popular platforms based on blockchain. Recently, many new NFT projects have landed by new companies that have been able to use a blockchain platform to create new solutions. These new NFTs created by the companies provide a futuristic service to the users.
One such company is Larva labs, and they have launched a new project in the NFT market with the name Meebits. In this article, we will talk about Meebits and a lot more. The company has already created other successful NFTs in the past, known as CryptoPunks and Auto Glyphs. Meebits came into the market last year in May 2021, and since then, it has been one of the most popular NFT projects in existence. At the time of launch, 9,000 Meebits were sold for ETH 22,500, amounting to almost $75 million. However, few people know why Meebits is so popular, and questions like “what are meebits” are common. So, let’s look at what Meebits?
What is Meebits?
Meebits are 3D voxel characters created using a custom algorithm based on the Ethereum blockchain platform. This NFT works on ERC-721 smart contract, and they are a feasible option for all kinds of marketplace and services based on the Ethereum platform. Since all of these NFTs are unique, they differ from each other completely. Around 20,000 different 3D Meebits are available, with characters based on popular games like Roblox, Minecraft, and others. It allows users to play in a virtual world. In the future, you can expect more such Meebit characters based on different gaming platforms in a similar segment.
Once you have purchased it, you can use the characters to play the game, animate them, and exchange or trade them with another player. The main aim of Larva Labs was to create these characters as collectibles. You can collect them or trade them with other players and users, just as in card games. Since trading Meebits with Meebits is easier, people statistically buy it more than others. Larva Labs created the 2D avatars for Web 2.0 before this, which is still being used and was widely popular. It is one of the major reasons why Meetbits, which are 3D character models based on Metaverse and web 3.0, have become a lot more popular. Users can use the characters on any Metaverse application with the ability for the players to customize and change them even further.
A Closer Look at Meebits
When looking for what is meebits on the internet, you’ll come across a lot of information on Larva Labs, but not that it’s a variant of CryptoPunks with a different fundamental algorithm. These NFTs are very different from the existing tech landscape due to the unique traits that come with them. With Meebits, you have 3D characters created using an algorithm. Depending on the character, the same character has some unique characteristics like shirt, skin color, shoes, hairstyle, pants, and more. Since they are Voxel, they provide the 3D representation of a pixel, due to which they look very similar to the characters we see in Minecraft and similar games. Due to the increase in the development of the Metaverse platform and apps related to it, Meebits has become significantly more popular than the project that LarvaLabs introduced before.
Things you can do with Meebits
Meebits are more useful than just using them in the Metaverse games. Here are a few things.
- You can get your hands on Meebits and then customize the same 3D voxel characters as a user. The customization part remains to the limit of your imagination. Since it is based on the Metaverse world, you can customize your Meebit in any way possible.
- You can also render the Meetbit 3D character into a 2D pixel art, which is very similar to a character in the game Minecraft. This is fun to do, especially if you are a Minecraft player.
- The customization part of the Meebits 3D character does not limit the way they look, but you can also customize them and add various animations and actions to them. They can perform custom actions like dancing or doing a certain action on an achievement etc.
- Meebits can be edited using the T-pose OBJ file that you get for the character. Users can easily open this file in a 3D animation and modeling software to add new elements.
- They can be used almost in every Metaverse platform right now, like Sandbox, Somium, Space, and more.
- You can use them as a profile pic of your social media account to show off an NFT.
- You can use these Meebits as a digital representation of yourself in the future Metaverse world. Users will do almost every activity through the Metaverse, whether casual work or professional.
These are not the only things that you can do with Meebits, as LarvaLabs has been trying to add more functionality for the users. These characters are already unique, and no one can duplicate them. Customizing them further makes them different and adopts a look that the user wants.
Meebits are not only limited to these 3D voxel characters, but it also offers a lot more through the community where you meet people who also own these Meebits. The MeebitsDAO community (Meebits Decentralized Autonomous Organization) and Meebits launched one after the other. The community helped add many new elements and platforms for further development. When you search about what is meebits, the search engine will direct you towards their community. The community helps support the development of the Meebits ecosystem and the Metaverse. The community collects funds from the members in MeebitsDAO, and the same funds are used to create various other NFT projects, which they further use to acquire virtual lands on Metaverse using the 3D avatar. These 3D avatars can further inhabit these virtual lands in the Metaverse. The community is already popular and has been backed up by developers as well.
What is the Reason behind its Popularity?
Meebits might seem to be like a normal 3D character that is being sold for the Multiverse and Web 3.0. However, the current value of this NFT is what makes it popular. At the time of launch in May 2021, there were 9,000 NFTs, and they were sold in an auction for 2.5 ETH, where the price of remaining Meebits avatars declined to zero as the avatars diminished. The remaining NFT went to holders of CryptoPunks and Autoglyphs. Holders could redeem the Meebits with punk or glyph by paying a gas fee. Ever since then, the value of these Meebits has increased by at least twice, and some have been sold for more than ten times the value.
The Meet collection has acquired millions in sales due to the scarcity and rarity of the characters. For example, Meet #10761 was sold for a staggering 700WETH, which is estimated at $269 million. It features a dissected type and black pants with a bald hairstyle. Similarly, a Meebit from the Pig category was sold for $2.1 million. More than 10 such Meebits have already been sold for more than a million dollars. The average price of purchasing a Meebit right now is $22k, and it has been increasing ever since. It is popular among many as a collectible that they can sell at a later time, giving them millions in profit.
One of the major reasons Meebits is becoming more and more popular is the increase in investment by companies in Web3.0 and Metaverse projects. Companies already understand that Blockchain, Metaverse, and Web 3.0 are the future, and they have to create services and products that cater to this environment. Due to the increase in such platforms, users have become a lot more interested in Meebits and will be an important part of the Metaverse.
There are various ways to buy Meebits for investment or using it in the Metaverse application. To do so, simply follow the steps mentioned below.
- First, you need to configure your wallet to offer support for NFTs. Unless you do not have support for NFTs in your wallet, you will not be able to purchase an NFT in it. You can configure such a wallet from platforms like OpenSea and more.
- Once you have a wallet that supports NFT, you need to visit a platform that will list the NFTs available for purchase. You can either do it from the official website of LarvaLabs, where you will find various valid offers for these NFTs or log in to an NFT platform like OpenSea and more to see the listing.
- Once you have selected Meebits, make sure that you have the complete details about the security of the Meebits NFT. The listing will also have an ETH value attached to it. Ensure that you have the mentioned ETH value in your wallet to make the transactions.
- Now make the transactions, and the Meebits will be automatically stored in the linked wallet.
Future for Meebits
The future definitely looks a lot brighter and not only for Meebits but also for LarvaLabs. There is no doubt that LarvaLabs has provided some excellent NFT projects in the past, and Meebits has been one of the most popular ones. The unique digital 3D voxel art of Meebits can be easily rendered to 2D, customized, and a lot more can be done with it. Also, it can be easily exchanged in the NFT marketplace, making it one of the best blockchain resources to own. Since there are only limited quantities of Meebits in the market, the same value has been increasing ever since.
Also, further customization in these characters has increased their value. Meebits is a decentralized NFT project, and developers are not even charging a fee for the same. The transparency and flexibility they provide are what passes for a good NFT project, and we expect to see many similar projects in the future. Meets are a kind of art represented in the form of a Non Fungible Token. These cannot be duplicated, and the original artwork and its ownership will always remain with you in any case, which makes it more valuable.
Since last year, when more emphasis has been given to Meebits and NFTs, one thing is for sure NFTs will be more popular in terms of investment and collectability in the future. We expect the market to grow even more since they have already been valued in millions just for one NFT. Also, the Metaverse and Web 3.0 universes are being developed faster, and we can see more and more companies investing their resources and time in the Metaverse app development with the adoption of blockchain technology. Therefore, it might still be early for people to invest in Meebits as they are still available. Due to their scarcity, the value of these Meebits is increasing with time, and they might not be available for an average value of $22,000 in the future. It might double or triple next year as we are closer to Metaverse and Web 3.0. Meebits can be used for multiple things, even if we do not think about trading them, making them one of the most valuable NFTs in the market right now.