Meebits Review: Your Flex in The Metaverse

NFTs, the phenomenon that changed our way of looking at digital assets in 2021, are here to stay in 2022. Within the first half of January, the OpenSea marketplace saw a total trade volume of $2.7 billion with a single-day volume of $261 million on January 9. Despite bearish sentiments in the crypto market, NFTs are in high demand. The market demand seems to be driven by the soaring floor prices of Bored Ape Yacht Club (BAYC) and its spin-offs, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). With the rise in demand, we also see a significant market structure change as LooksRare gives OpenSea stiff competition in sales volume. LooksRare reported nearly $400 million in trade volume in 3 days of opening, rivalling OpenSea's numbers. Wondering which collection is at the top of the list in stirring consumer interest? It's Larva Labs' second collection, Meebits.

Meebits is the latest NFT project launched by Larva Labs back in May 2021, creating hype in the NFT market even in 2022. 9,000 Meebits got sold within 8 hours of launch, for a price of about $75 million at that time. The developers behind Meebits are the famous Larva Labs, creators of CryptoPunks, the most famous NFT project, and Autoglyphs. Wondering what exactly are Meeebits? Don't worry. NiftyHype has got you covered. Let's dive in and find out if Meebits are worth your time and money.

What are Meebits?

Meebits is a collection of 20,000 algorithmically generated 3D avatars linked to NFTs built on the Ethereum blockchain. Every Meebit is a voxel (pixels with volume) avatar that resembles characters from traditional games like Minecraft, Roblox and even The Sandbox. Owners can use their Meebits in games, virtual reality and even in upcoming metaverse worlds. Larva Labs dropped Meebits on May 4, 2021, and a part of the collection was reserved for CryptoPunks and Autoglyphs holders. Despite initial discontent within the community about the reserved NFTs, Meebits took off well, and the NFTs have been selling like hotcakes since then. The primary intent behind the project was making it fun, like the trading cards we used to collect as a child and adding lots of utility to it. 

Who Created Meebits?

Meebits is brought to you by Larva Labs, a viral team of developers who created the pioneer NFTs in 2017. Founded back in 2005 in New York, Larva Labs' CryptoPunks were such a hit that it became the inspiration for ERC-721 standard itself, the most common NFT standard. Besides being cool NFT avatars to own, Meebits' popularity can be partly credited to the Larva Labs brand image. Like CryptoPunks are pixelated 2D characters, Larva Labs owners Matt Hall and John Watkinson have implemented the minimalistic and accessible voxel art in Meebits. Matt and John both have a degree in computer science from the University of Toronto. John also has a PH. D in Electrical Engineering and Genetics from Columbia University. Both co-founders have a track record of success as builders, creators and strategists. 

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What Can You Do With Meebits?

Meebits doesn't have the traditional utility roadmap that you see in most existing and upcoming projects. Here are some of the uses for these cool looking voxel avatars:

1. Render in High Quality

With the ownership of a Meebit, access to asset packs comes in addition, including the full 3D model. Owners get a T-pose OBJ file that you can import in most 3D modelling and animation software. It is possible to render Meebits as a 3D model in high-resolution and animate them for garnering attention in social media. You can also render your Meebits as simple 2D pixel art, like CryptoPunks, and use it as a profile picture on various social media platforms. 

2. Meebits in the Metaverse

The Metaverse is the next significant paradigm shift in the entertainment industry, and Meebits hold powerful utility. Platforms like Facebook, Instagram, Twitter, etc., are the present virtual platforms where CryptoPunks have served as a status symbol. In the future, the virtual platforms might be virtual reality platforms where Meebits will serve as the token of status symbol. Owners can use their Meebits in the various present and upcoming virtual worlds such as Decentraland, Cryptovoxels and The Sandbox. 

Want to make money in the virtual social world? Read: How to Invest In The Metaverse: An In-depth Guide.

The Meebits DAO

The elegant and straightforward 3D voxel art of Meebits made them one of the hottest NFT drops of 2021. Soon the Meebits fanfare grew, and the community decided to set up its own DAO, known as the Meebits DAO. The main ambition behind the Meebits DAO was to create a platform for supporting and funding innovative projects to create an ecosystem around Meebits. To be a part of the Meebits DAO, you need to mint a General Membership NFT from their official website. The membership token gives you access to the MeebitsDAO discord, participation project or DAO governance and an opportunity to contribute to the Meebits ecosystem's future. 

The goal of Meebits DAO is to build a cross-platform ecosystem for Meebits in the Metaverse. A part of the DAO's funds is used to acquire lands on various virtual worlds to inhabit the avatars. After the launch of Meebits, many people came up with multiple ideas that could be implemented with Meebits. However, giving ideas is the easy part, and Meebits DAO wants to help these ideas come through with a structured roadmap and accountability. Although Meebits DAO is not affiliated with Larva Labs, they have got backing from Larva Labs' developers as its advisors. The community behind any project is an indicator of its long-term success, and the Meebits community doesn't fall short in this regard. 

Life After Launch

Only 9,000 Meebits were put up for sale in a Dutch suction style, where the price dropped starting from 2.5 ETH eventually to zero. The rest of the NFTs (11,000 in total) went to the CryptoPunks and Autoglyph holders, who could redeem a free Meebit using a CryptoPunk or Glyph. Soon the collection got traction, and the sales reached millions of dollars. At present, Meebits is selling at a floor price of 3.8 ETH with a total volume of 83.1K ETH. Meebit #13824 got sold for $50.61 million in recent weeks, and it is the most expensive Meebit ever sold. Meebit #9711 also got sold recently at $49.25 million, slightly shy of Meebit #13824's price. However, not all Meebits cost you millions of dollars, and you can get yourself one at a price as low as $11,000 (at the time of writing). 

How to Buy Meebits?

Larva Labs has created Meebits' integrated marketplace where users can trade up to 100 tokens in a single transaction. The transaction limit is applicable for both sides on transactions, meaning 50 buying and selling cycles. The top NFT marketplaces like OpenSea and Rarible are also populated with Meebit trades, LooksRare joining the fray this year. While OpenSea's API is handy in downloading NFT transaction data, it charges a transaction fee of 2.5% per trade. For a lower cost, you can try out the LooksRare marketplace that hosts an equally large variety of Meebits. 

For choosing the right marketplace, do check out our NFT marketplace comparisons:

LooksRare vs Rarible - Which is the Better NFT Marketplace?

LooksRare vs OpenSea: Who's Better?

Meebits are built on the Ethereum blockchain, so that you would need an Ethereum based wallet for any transaction related to Meebits. Some of the best Ethereum wallet services in the market are MetaMask, TrustWallet, Coinbase Wallet, Portis, and Formatic. If you plan to hold your Meebits, it is wise to invest in a hard wallet such as Ledger. You can get yourself a Ledger wallet for as little as $50, which can prove to be a worthy investment for your asset's security.

Scams in the NFT space are at an all-time rise, and you need to take care of certain factors in mind not to get scammed. For understanding what kind of scams you might face in the NFT space.

Is Meebits a Good Investment?

It is not possible to say with a guarantee if investment in Meebits is a good investment or not. However, certain factors determine the long term sustainability of any NFT project. When it comes to Meebits, one of the most important aspects is the team behind the project. Larva Labs is a brand value associated with success and popularity because of its co-founders and their history of success. The next most crucial factor is utility. As of now, there is not much utility, but we can expect that to change when virtual world projects like Decentraland and The Sandbox become mainstream. Although the number of Meebits (20,000) is double compared to most NFT projects (10,000), sales have gone up steadily. With a growing community and ecosystem around these 3D voxel avatars, we can predict that Meebits will grow even more and be a good investment choice. 

It is always advised not to invest more than you can afford to lose. Before you invest in any NFT project, you should take your time to understand why it can be successful. In the case of Meebits, you should keep a close eye on the Metaverse as it is closely related to Meebit's success. You can also follow Meebits on different social media platforms such as Discord and Twitter.