How to value Meebits NFTs?
The Meebits are 20,000 unique 3D voxel characters, created by a custom generative algorithm, then registered on the Ethereum blockchain. This is the third collection launched by Larva labs i.e. from the guys who made Cryptopunks and Autoglyphs. The meeebits, very soon after being launched, created a buzz and a hype around them, conquering thousands of hearts. Despite the high initial price of 2.5 ETH (about $7,500), all Meebits were sold in less than 8 hours. Moreover, these formidable characters generated $75,000,000 in primary sales.
Before getting into the heart of the subject, it is necessary to mention the brand awareness and established reputation of the Larva labs.
Table of contents
What is so special about “those guys who made Cryptopunks”?
Consider the value of the Meebits collection
Meebits Types
Attribute Categories
Meebits Marketplace
Additional Meebits features
Summary
What is so special about “those guys who made Cryptopunks”?
First of all, Larva labs is known for the very first NFT collection created on the blockchain which is CryptoPunks. This is an art project on the blockchain covered by the New York Times that Mashable said “could change how we think about digital art”. In other words, it contributed to establishing NFT as an art form. The recognition of the Larva labs by the community after the very successful Cryptopanks is a key factor in the buzz of Meebits. But what else does CryptoPunks have to do with Meebits besides the common studio?
In fact, among the 20 000 of Meebits 11 000 of them went to CryptoPunks and Autoglyph owners which means that only 9000 were sold in an open Dutch auction. The existing collectors of multiple punks were able to claim multiple Meebits by simply paying the gas fee. This fact immediately sparked a buzz on social media among NFT's top influencers that no doubt boosted interest in the project considerably. At present, Meebits' all-time trading volume reached $68.23M.
Consider the value of the Meebits collection
The value of Meebits is determined by several variables such as their type, from most rare to most common, plus different attribute categories. These are the level categories for all hair, clothing, and accessories for a Meebit.
Meebits Types
There are 7 different types in total: Dissected, Visitor, Skeleton, Robot, Elephant, Pig, and Human in order of rarest. The rarest one, Dissected, counts only 5 Meebits with an average sale price of 700 ETH. In contrast, the most common types of Meebits, Humans, count 18,881 of Meebits. Besides, the average sale price of Humans is about 2.59 ETH which is also the type generating the most sales.
However, there have been some Humans that fetched over $100,000, which means other attributes have been taken into account that increase their value.
Attribute Categories
A second tranche of uniqueness to a Meebit is due to the attributes it has. It is about hair, beard, tattoos, clothes, accessories and their colors. Some Meebits possess rare attributes that can perhaps only be found once or twice within the whole collection. Thus, a certain type and a number of attributes adds a certain degree of distinctiveness to a Meebit that also impacts value. Especially within the Human type collection, as these attributes allow a better differentiation of these 18,881 characters.
The amount of attributes that a Meeebit possesses certainly has an impact on the value. As an example, there are only 13 Humans with 17 attributes in the entire NFT collection. One of those Human types with 17 attributes is the Meebit #12739. This Meebit was sold for $324,000 which is nearly 130 times higher than the average price of a Human-type Meebit. However, 85% of all the Meebits have between 8 and 12 attributes. Therefore, the diversity of attributes needs to be considered too
There are over 200 different attributes with the following top-level categories: Tatto (994), Jerseynumber (1433), Earing (2042), Overshirt (3210), Necklace (3738), Hat (4329), Beard (4429), Glasses (7830). Each attribute has a different level of rarity. Likewise, Human type of Meebits with at least one attribute below 1% rarity have the highest sales. As an example, there are 22 different Hairstyles, of which the Fiery Mohawk and the Half-breasted are the two rarest traits with a scarcity level of 0.21% for the first one and 0.18% for the second one.
The tattoos certainly enhance the value of Meebit since most of the tattoos are unique. And even the most common tattoos, which are LLL, LLL, can only be found on 17 Meebits in the entire NFT collection. All the Meebits having the LLL, LLL, tattoo are Humans, their average sale price is 4.09 ETH which is twice higher than the average Human price.
The style of each attribute can also play a major role - the rarest ones are found in shirts, overshirts and shoes. There is only one Meebit without any shirts (0.01%), whereas there are 6 with Glyph shirts (0.03%) and 26 with Punk t-shirts (0.13%).
It is certainly fair to presume that the rarity of Meebits' attributes plays an important role in valuation. At the same time, there may be external factors that could affect Meebits value. In the context of the global Covid-19 pandemic, the Medical Mask attribute has become widespread by collectors while there are only 113 (0.56%) Meebits who possess a Medical Mask thereby creating a high sales range.
Recently on OpenSea The Meebit #16920 was sold for 201 ETH (worth $466,243 at the time). More specifically, the sale occurred on May 22. This Meebit is a Human making the sale of this type the highest priced.
Meebits Marketplace
The Meebits collection provides an Integrated No-Fee Marketplace. Also included in the contract is the custom marketplace that supports like-kind trading of up to 100 Meebits per transaction, along with all the standard buy, bid, and ask transactions.
Meebits NFTs were sold 151 times in the last 7 days. The total sales volume for Meebits was $454.98k. The average price of one Meebits NFT was $3042.
Additional Meebits features
The Meebits NFT collection provides some additional features that add extra fun. Owners of a Meebit are given access to an additional asset pack that includes the full 3D model. It allows you as the owner to render and animate your Meebit by extracting files to make them move, dance or exercise, or use it as an avatar in the metaverse. In fact, all Meebit owners can access a T-pose OBJ file that can be imported into any most standard 3D modeling and animation software.
Some Meebits owners used these features to bring fame to their Meebits, thereby garnering a lot of attention from the community on Twitter. There is no doubt that this type of functionality generates an additional social layer that makes the collection even more unique.
More recently, Larva Labs has been doing some experimenting with 3D printing and has added a new file to the owner's download area for each Meebit to get a 3D printable model. With Shapeways used to print Meebits, users could order the print. The printing uses High Definition Full-Color material, a hard and relatively heavy plastic, which costs about $125 for a 4-inch tall model.
Summary
As we have seen from the very start the Meebits collection characters have been sold out despite the fairly high price. Subsequently the collection has generated significant trading volume. The notoriety of the Larva Labs has certainly played a decisive role in the collection's success. The collection itself is an outstanding product concept. Therefore, with the development of the metaverse as a new social area, Meebits have considerable potential in the years to come.