After releasing CryptoPunks in June 2017, and Autoglyphs in April 2019, development studio Larva Labs has now launched Meebits. This an on-chain generated 3D voxel character project that also gives owners the ability to use their Meebit as an avatar in virtual environments. There will only be 20,000 Meebits in total ever.
Larva Labs has really made a name for themselves, in creating limited edition crypto art. CryptoPunks are now being traded at a minimum of 22 ETH or $71,719, while the floor prize for Autoglyphs is currently 109 ETH or $358,902. Save to say that there are some expectations surrounding these Meebits.
With 20,000 Meebits in total, the supply is already quite limited. Larva Labs will give holders of CryptoPunks and Autoglyphs a free Meebit, which leaves 9,000 Meebits for the public sale that’s live right now. The price for Meebits starts at 2,5 ETH and drops until all characters have been bought. This is called a Dutch auction. Even at this premium price more than 1,000 have already been minted.
What to expect from Meebits?
These Meebits are ERC-721 non-fungible tokens, connected to a marketplace where they can be traded without any gas fees. There are 20,000 Meebits in total, and all of them are unique. Owners of a Meebit also get access to a T-Pose OBJ file, allowing them to bring their Meebit to life in a virtual environment, like for example Somnium Space, VR Chat or other VR-friendly software.
Larva Labs legacy
Obviously these Meebits won’t end of in Christie’s just yet, however, next week the famous auction house will sell 9 CryptoPunks. Among them is one alien punk, of which there are only nine in total. Two of those sold for a record $7.5 million each in March. Larva Labs and Christie’s will auction punks 2, 532, 58, 30, 635, 602, 768, 603 and 757.
Christie’s highlights CryptoPunks as the beginning of the modern crypto art movement. In total there are 10,000 punks on the market, minted three years ago on June 23th 2017. Each punk is 24×24 pixels and randomly generated following a set of rules. Christie’s considers the auction to be an historic sale. They will accept bids through traditional routes, and in ETH. The sale takes place on May 13th.
What are NFTs?
NFT is the abbreviation for non-fungible tokens, which are tokens that signify ownership over unique digital assets. These assets can for example be items in a game, crypto art, or digital collectibles. In addition it could also be a ticket for a cinema or perhaps a subscription for public transit. The usability of NFTs doesn’t end with gaming, it only starts there.
A non-fungible token can’t be swapped one-on-one with another non-fungible token. It represents something unique. That’s why non-fungible tokens can be based compared with rare art, an owned house or a signed mint edition of a certain comic book. These products are unique and in the same way a non-fungible token is unique as well. This gives non-fungible tokens also an unique value that only represents that one specific token.