Even though the amount of sales of NFT illustrations has slightly decreased, the enthusiasm that spins new avatar projects has had the ability to get the necessary attention from the community. And the best part, they are coming from veterans in the field.
The new NFTs allow investors to have a more accessible alternative to have different artistic collections or constant assets. Therefore, it is normal that we have observed how the market is filled with celebrities investing and looking for opportunities. And even normal people, as it is a way to protect their currencies from constant inflation.
Despite the fact that NFTs tend to be much more illiquid than general crypto, therefore have a higher risk that no one person is willing to invest, it still keeps the business active and new projects are seen every day that catch everyone’s attention and keep us in expectation of whether the future of NFTs will really thrive.
What are Meebits?
Larva Labs’ new project is named Meebits, and is in pursuit of the success generated by the company’s past projects such as CryptoPunks, and Autoglyphs launched in 2017 and 2019. Although in this particular project we will note that unlike the previous ones, the avatar seeks to be 3D and enter different virtual worlds.
Like its predecessors, the CryptoPunks, Meebits has a proprietary contract through the Ethereum or ETH standard, being an ERC-721 NFT, therefore it has compatibility and quality with any service or exchange that occurs within the TH platform:
Of the 20,000 Meebits released by CryptoPunks, 11,000 of them have been divided by general subvention, which allowed owners of previous collections to mint a considerable percentage of Meebits for free. Although this depended on the percentage of Glyph Punks they had accumulated.
Each NFT in this collection is unique, no two Meebits are the same. And clearly depending on the characteristics there are different levels of rarity and value in the community. A clear example of this are the skeletal Meebits and visitors, which have a higher percentage of value than humans because of their rarity.
The sales prototype for these avatars are like the other collections we’ve seen this year: their value is seen through scarcity. Although Larva Labs has confessed that the Meebits are made to be able to have more accessibility to the public, not like their predecessor projects.
The amount of AutoGlyphs avatars has a rather high rarity percentage as it only has 512 in the entire collection. CryptoPunks has a total of 10,000 NFT. Meebits doubles the previous number and has a total of 20,000 NFT.Which although unique, they belong to the blockchain with special IDs for each one.
The advantage that Meebits had is coined thanks to the recognition that Larva Labs has had in the cryptocurrency community, therefore it had a considerable boost. Adding to the excitement was the fact that CryptoPunks would be auctioned at Christie’s.
The reserve price for each Meebit was at 2.5 ETH each, so they would have a total cost of $8,400. But collectors went out on a limb looking to win by being the first CryptoPunk investors, which caused the entire s uministro to run out starting the sales.
Who created the Meebits collection?
This NFT collection was launched through Larva Labs. This is a studio and consulting firm that has its beginnings in Brooklyn. Its founders are Matt Hall and John Watkinson.
This company has been known for its various projects ranging from developing digital art to creating large-scale web infrastructure. In addition, developing genomic analysis software, games and even APPS for big companies such as Google and Microsoft.
Meebits price history
Meebits belongs to a free integrated marketplace that is made to allow trading up to 100 NFT. In addition, it has its main sales through OpenSea, the largest peer-to-peer marketplace.
At the beginning of its launch, Meebtis had an estimated cost of 4.76 ETH. Peak prices were reached through this month , but since the beginning of June it has been averaging 5 ETH.
Although we must consider that Meebit is sold depending on the rarity of the avatar, in addition to the properties it has. For example, human Meebits have 94% of the character development, therefore they have an approximate cost of 2.92 ETH. While the Meebits of ultra rare visitors of which only 18 of them have been created, have a total cost of 330 ETH. One of the stuffed Meebits, sold for 700 ETH, and that amount was surpassed by a pig Meebit that cost 1000 ETH.
In August of this year, Christie’s auction house, known as one of the most prestigious auction houses in the world, did something unexpected, announcing that a variety of NFTs were to be auctioned at an event called “No time like present” where rare crypto-collectibles would be presented. Bored Apes, CryptoPunks, and one particular Meebit were sold. Known as #6337. Which sold for 44.1 ETH in early June, but will clearly fetch a higher price in the bidding process.
Larva Labs’ ambition has been noted since its inception. It is now trying to apply itself in the metaverse by trying to enter digital world assets like Decentraland. But this entry is not yet confirmed and we will not know if collectors will give in to take a chance on this new offer. For now there is only speculation and more time is needed to reach a conclusion.
The positive thing about Meebits is that it has come out through a company with famous previous projects, therefore its exit also had a prominent stage. Showing that although the market has slowed down lately, there is still an active demand for NFTs.