Meebits: Larva Labs Launches New NFT Project

Introducing Meebits: Larva Labs' New NFT Project

The team responsible for the highly successful CryptoPunks NFT project has unveiled its newest creation: Meebits. This project features 20,000 uniquely generated 3D characters designed for trading on the Ethereum blockchain.

A Competitive 3D Avatar Market

Numerous platforms offering 3D avatar NFTs have emerged recently, all vying for the attention of cryptocurrency investors. However, the established reputation of Larva Labs, whose CryptoPunks have generated over $550 million in sales, positions Meebits for significant success.

Meebits is launching during a period of heightened interest in CryptoPunks, with a highly anticipated Christie’s auction expected to yield a sale price potentially exceeding tens of millions of dollars. This launch also coincides with a strong performance from Ethereum, which has consistently reached new all-time highs this week.

As of today, Ethereum is trading close to $3,300.

Features and Marketplace Enhancements

According to a blog post by Larva Labs, the intention is for Meebits to function as avatars within “virtual worlds, games and VR” environments. Beyond a refreshed artistic style, Larva Labs has implemented improvements to its no-fee marketplace.

A key enhancement is the introduction of customizable trades, enabling users to exchange Meebits with each other through more intricate arrangements.

Accessibility and Pricing

A previous analysis of Larva Labs’ CryptoPunks revealed the founders’ desire to make their subsequent project more accessible. Despite doubling the total supply – 20,000 avatars for Meebits compared to CryptoPunks’ 10,000 – Meebits are still expected to command a substantial price.

Dutch Auction and Initial Sales

The Meebits avatars are being distributed via a Dutch auction. This means the minting price will gradually decrease to 0 Eth (plus Ethereum gas fees) over a seven-day period.

Currently, minting a random Meebit costs 2.49 Eth, which translates to approximately $8,500 at the present exchange rate. Despite this cost, approximately 2,000 Meebits have already been sold, generating nearly $20 million in Eth for the creators within just over two hours of launch.