In the light of recent success of upcoming NFT projects like AutoGlyphs and CryptoPunks, the NFT giant Larva Labs has developed a new set of interesting NFT collections known as Meebits, an adaptive currency for the 3D crypto ecosystem.
Reportedly within 8 hours post its launch, The Meebits NFT Collection sold more than 9,000 pieces priced at 22,500 ETH ($75 million). If statistics are to be considered, then 55 Meebit NFTs were sold at a combined volume of $325,000 at an average price of $5,900 between July 6, 2022, and July 13, 2022 and this number is still accelerating. If you wonder why then in this blog we will let you know everything that you need to know about the Meebits NFT Collection by Larva Labs.
Before we delve into the Meebits phenomena let us take a look at the most basic concepts for the sake of unwariness.
What are NFTs?
On the most generalized understanding, Non -fungible tokens or NFT is a way of registering a unique image, video, real estate or any form of digital item, or physical item on a blockchain. Turning these files into ‘tokens’ secures them on a blockchain to make buying, selling and trading these files efficient and reduce fraud. Thus it is decentralized and open to scrutinization.
Started off as a simple jpeg art stored on blockchains, NFTs have now become video games, music, films, animations, wearables and more. From Beeple, Bored Ape Yacht Club, Larva Labs’ Cryptopunks to Square Enix, Disney and Nike, NFTs have evolved in a short period of time.
NFTs are designed in a way for digital files to be secured, ensuring ownership and creating scarcity. Like physical art are sold, an NFT too can be sold but the artist is only able to retain the copyright, or they can offer it to the buyer, or decide on a percentage of secondary sales an owner shall have.
In short, NFTs are also called non-fungible blockchain-held tokens, that represent a unique asset – whether physical or digital.
NFTs are secured on cryptocurrency blockchains, which can be traded using Ethereum, Solana, Wax and other tokens. This means they are directly influenced by the ebb and flow of cryptocurrency values.
Some view NFTs as assets for collecting, trade and investments. Meanwhile, others just love the art or the technology behind NFTs, to experiment its diverse applications.
Now let’s come back to Meebits.
What are Meebits?
What makes Meebits interesting is that they are algorithmically generated 3D characters linked to NFTs on the blockchain technology, Ethereum. They are rendered in voxels i.e pixels with volume, similar to characters from popular games. These NFT characters can be used as metaverse avatars, or in games, and virtual reality.
With Meebits, the developers aimed to evoke the same nostalgic childhood experience people enjoyed by collecting cards and exchanging them with friends. They come from a successful and highly popular team of developers at Larva Labs who had already developed CryptoPunks, which has an immense fan following since its launch in 2017 for being the pioneers of the NFT movement as unique collectible characters. While CryptoPunks are pixelated 2D characters, the developers enhanced Meebits and created them as 3D voxels instead. Moreover it also has a significant feature, for instance, that is the ability to trade Meebits for Meebits.
Therefore, if you are looking to explore the NFTs in a fun and fashionable way, you can use Meebits. From using them as avatars on the metaverse to animating them as 3D models, there are a number of things you can do with Meebits such as enhance your 3D Models or turn them back into 2D pixel art. You can use them as your avatar in the virtual world, from games, social media to virtual reality.
Where Meebits revolutionized NFT in the realm of blockchain, we at Nuox Technologies extend safe and secure blockchain development. From consultation, developing tools, decentralized applications, smart contracts, using technologies like Ethereum, Corda, Bigchain and more to revolutionize blockchain technology suiting your business best.