Learn what is Meebits NFT collections, how to buy a Meebit, and what future developments to expect from Meebits.
The metaverse is expected to grow into a billion if not a trillion-dollar economy. These 3D characters could play a big role in how we interact with the digital world.
The potential of the project, already worth over $200 million, hasn’t gone unnoticed. In March 2022 Yuga Labs, the creator of Bored Ape Yacht Club and CryptoPunks, purchased the rights to the collection alongside the CryptoPunks. The deal was the NFT equivalent of Apple buying Microsoft.
Let’s take a look at the history of Meebits, what the collection has achieved so far, and its future.
What Is Meebits?
Meebits are 3D voxel characters that call the Ethereum blockchain home. Larva Labs created this NFT project using ERC-721 smart contracts, which means you can buy and sell them on Ethereum-based NFT marketplaces.
The 3D characters are reminiscent of the 2D CryptoPunks collection, also launched by Larva Labs in 2017 and became one of the first multimillion-dollar collections ever.
Meebits builds on the CryptoPunks by taking their unique 2D design and adding another dimension.
As you can see in the image below, Meebits are detailed, their designs are highly varied, and there’s no doubt that 3D trumps 2D when it comes to visual effects.
How Much Are Meebits?
Meebits caught the attention of NFT collectors straight out of the gate, and 9,000 of the pixelated characters were sold on launch day for an estimated ETH 22,500 ($75 million).
According to OpenSea, the year-long average price of Meebits averages ETH 5, and there are just over 6,000 Meebits owners.
An algorithm generates the unique features of Meebits. The rarity of a Meebit determines its value, as is often the case with NFTs.
The Rarest and Most Valuable Meebits
Meebits are multi-dimensional, meaning they are more colorful and creative than an average 2D NFT, which leaves room for the algorithm to create rare characters.
Some of the rarest traits a Meebit can have include; a backward cap, pig head, leather jacket, CGA shirt, dissected style, and no shoes.
A Meebit with a combination of just two or three of the traits above is considered extremely rare and potentially worth millions of dollars.
The most expensive Meebit ever sold was #17522 for ETH 1000 ($2.9 million); the algorithm was highly generous to this avatar and blessed with a double-pig head and a backward cap making it one of the rarest Meebits on the market.
Meebits #10761 was sold for an estimated ETH 700 ($2 million) thanks to its dissected style and lack of shoes.
Despite the importance of rarity, Meebits derive their value from much more than just looks; they have numerous impressive use cases.
Meebits Use Cases
Meebits, unlike many other on-chain NFTs, have numerous use cases; we’ll cover all of them in this section.
Meebits in the Metaverse
The NFTs can be rendered as fully functioning avatars thanks to their multi-dimensional design. Meebits owners of Meebits receive a tool kit specifically designed to render the Meebits into metaverse-ready characters. Larva Labs created this preview for how Meebits will look in the metaverse post-render.
Meebits are already used as avatars in several leading Metaverses such as:
- Somium Space
The reason Meebits are so much more detailed than their 2D predecessors is the use of voxels over pixels. Voxels are 3D versions of pixels constructed as 3D cubes instead of flat squares like pixels.
Furthermore, Meebits enjoy a level of customization; their movements and poses can be edited by users and displayed in metaverses.
The Meebits Marketplace
You can buy Meebits on OpenSea, Rarible and other NFT marketplaces. However, Larva Labs launched a peer-to-peer marketplace dedicated to Meebits and CryptoPunks, without fees.
According to NonFungible.com, the Meebits marketplace has regularly hit over $100 million trading volumes and processed 22,780 P2P transactions.
The success of the Meebits marketplace demonstrates that this NFT project is building its ecosystem with numerous use cases and an internal trading platform.
3D Printing Meebits
Even though Meebits are designed for the virtual Larva Labs decided that there’s no reason why they can’t be brought to life off the blockchain as well.
Every Meebits owner is sent a file containing the information needed to print a 3D version of their avatar and a square base for them to stand on.
As you can see in the image below, the 3D models are impressively detailed and resemble the virtual characters almost perfectly.
2D Profile Pictures
Meebits may be talked about primarily for their 3D characteristics, but they retain functionality as 2D images.
Most Meebits inhabit the 2D world as profile pictures on social media pages; according to Larva Labs, they are ideal for use on Discord and Twitter.
The Future of Meebits Under Yuga Labs
Yuga Labs acquired the Intellectual Property rights (IP) of Meebits and most of the Meebits that were owned by developers this month (March 2022).
The first action Yuga Labs took as the new owner of Meebits IP was to hand over commercial rights to the individuals Meebits owners.
By handing over commercial rights to NFT holders, Yuga Labs hopes to bring Meebits into line with the Web3 ethos of decentralization and ownership.
According to a blog post from Yuga Labs, the distribution of IP rights will encourage third-party developers and community creators to incorporate Meebits into future projects, potentially leading to more use cases.
Yuga Labs has stated that they plan to take it slow with Meebits, and they are yet to release a concrete road map for the project’s future.
Final Thoughts On Meebits
Meebits has built on the success of CryptoPunks and created a 3D avatar collection that is ready for the world to start embracing the metaverse. The fact that Yuga Labs snapped up the project’s IP tells us that it has a huge amount of potential, especially if the big bets on the metaverse pay off.
Anyone who believes the future of social media, work, and gaming is the metaverse should be following the Meebits project closely.