One of the most popular NFT projects on the web, the creator behind CryptoPunks recently unveiled their latest project, called the Meebits Project, which boasts 20,000 methodically generated 3D characters that are commercially available on the Ethereum blockchain. Hundreds of 3D avatar NFT platforms have been hoping to gain momentum and encourage buyers over the past few months, but the search for the Larva Labs team, whose pixel portrait CryptoPunks project has garnered more than $550 million in lifetime sales, is likely to be another hit.
Meebits appeared at the time of the hype for their first attempt, a CryptoPunks that is a few weeks away from the Christian auction that many expect to bring in tens of millions of dollars. It was one of the best weeks on Ethereum’s record, punching through the all-time high almost every day this week. Ethereum is currently trading shamefully at, $3,300. In a blog post, the creators of Larva Labs posted that they hope Meebits will eventually act as an incarnation of “Virtual Worlds, Games and VR”.
Meebits is not only proud of a revised industry style, Larva Labs has made some underlying changes to the no-fee marketplace, most notably perhaps allowing users to customize trades capable of switching Meebits to each other in a more complex way. In my company’s CryptoPunks project profile last month, the team’s founders hoped that their new project would reduce barriers to entry; Even though the price of CryptoPunks has reached stratospheric heights, it seems that even though the total supply has doubled (20,000 incarnations compared to 10,000 figures of CryptoPunks), Meebits are still expensive.
The company is distributing Meebits avatars through a Dutch auction, which means it will reduce the price for buying and drawing a Meebits to zero in one week (plus more Ethereum gas fees). Currently users are randomly paying 2.49th to mint a Meebits, investing about $8,500 at current prices. Still, about 2,000 of these have already been sold, meaning manufacturers have already pulled the eth to a market worth about $20 million in just two hours.