Want to jump straight to the answer? You need Ethereum to buy NFTs, which you can get today on Gemini.
Most consumers would agree that 2021 saw the rise of interest in the metaverse. The idea of an entirely virtual world has been around for decades, but the past year has shown the possibilities associated with the project. Additionally, crypto has crossed paths with the idea and created projects such as Decentraland and The Sandbox. Meebits is a non-fungible token (NFT) project that hopes to bring new levels of customization to the metaverse.
What is Meebits NFT?
An NFT is essentially a way to represent ownership of digital goods on the blockchain. In the case of Meebits, the digital goods being represented are photos and videos. Each NFT has a unique address stored on the blockchain. The NFT owner has a wallet associated with this unique address, allowing Meebits holders to verify ownership.
Meebits offers a collection of 20,000 NFTs on the Ethereum blockchain. Each NFT is a pixelated photo of a figure. These figures can be human, animals, skeletons or robots. Apart from the overall type of figure, a variety of other characteristics contribute to a Meebits’ rarity. These traits range from hair and clothes to jewelry and tattoos. Each NFT has a different combination of traits that make it unique.
One of the more unique aspects of Meebits NFTs is that holders are given access to a full 3D model of their NFT. With this model, they can program new animations and emotes for their NFT. This cool feature furthers the customization and uniqueness of NFTs.
The 3D model can also be used as an avatar in the metaverse. Users can take the 3D model and transfer it into the metaverse through games. This feature allows users to show off their expensive NFTs across the metaverse.
Meebits was created by Larva Labs, the creators of CryptoPunks. CryptoPunks has proven to be one of the first and most popular NFT projects to date. Meebits are designed to essentially be 3D CryptoPunks, with uses as digital avatars. This adaptation contrasts with the original CryptoPunks, whose 2D appearance was designed for Discord and other social media apps.
Brief History of Meebits NFTs
Meebits launched on May 4, 2021. At launch, each NFT could be bought for around 2.5 to 3 ETH. Additionally, 11,000 of 20,000 NFTs were given to holders of CryptoPunks because they have the same creator, Larva Labs.
Since release, the average selling price of a Meebits NFT is above 6.5 ETH (~$18,500), and the largest sale was for 1,000 ETH ($2.1 million at the time) in July 2021. Famous holders of Meebits include social media influencer Gary Vaynerchuk and rapper Snoop Dogg.
Perks of Holding Meebits NFTs
As with most high-profile NFT projects, you can tap into a variety of perks that come with holding a Meebits NFT. These perks are designed to attract buyers and increase the utility of the NFT.
The largest perk of holding a Meebits NFT is the full rendered 3D model that comes with each NFT. This model can be used to create animations for the avatars and 3D printed models and to use in the metaverse. This unique feature allows Meebits holders to further customize their NFT. Moreover, in metaverses such as the Sandbox, Decentraland, Somium Space, as well as Cryptovoxels, Meebits can be used as avatars by their holders.
Another perk of holding a Meebits NFT is the potential for future airdrops. Holders of CryptoPunks were given free Meebits; future NFT projects by Larva Labs may possibly do the same.
How to Buy Meebits NFTs
Now that you understand the basics of Meebits, you may be interested in purchasing an NFT from their project. Fortunately, purchasing a Meebits NFT is fairly straightforward.
- Open an online account.
Since Meebits is housed on the Ethereum blockchain, the first step in acquiring an NFT is to purchase ETH. This action can be completed on a variety of trading platforms, but Coinbase Global Inc. (NASDAQ: COIN), eToro, Webull, Gemini and Voyager are among the best. These platforms are known for their security, ease of use and low fees.
Once you have chosen a trading platform, set up an account using a password and email, provide basic personal information to verify your account and fund the account by connecting your bank.
With your funded and verified account, head over to the ETH page through the search feature. Enter in the amount of ETH to purchase and execute the trade. Your ETH will now be shown in your portfolio.
- Buy or download a wallet.
A wallet essentially allows users to access decentralized finance (DeFi) applications on the blockchain. NFTs fall under this classification, so a wallet is needed to purchase an NFT.
- Send ETH to MetaMask.
Once you have ETH on a trading platform, you have to send it over to your wallet. To do this, you locate your MetaMask wallet address, which is a string of 64 letters and numbers that can be found in your wallet. Copy this address and paste it into the “Send” feature on your trading platform. Enter the amount to send and execute the trade.
Ethereum is slower and more expensive than usual at the moment. Because of this, it may take up to a few minutes and $10 or so for your ETH to arrive in your wallet. However, these fees are low when compared to the price of a Meebits NFT.
If you see that transaction fees are high, you can wait for a more optimal time to send your Ether to your wallet. A decent price to spend on a transaction fee is around $10, and you can usually get a better price at night or on the weekends.
- Make your purchase.
Once you have ETH in a wallet, head to OpenSea. This NFT platform houses the Meebits project. Connect your wallet and locate the NFT you would like to purchase. If it has a “buy now” price, you can purchase it right then. If it has a bid, you can also bid on the NFT and wait for the seller to accept. Once the trade has executed, the NFT will be stored in your wallet.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.
Ledger is a brand of hardware wallet that supports all Ethereum-based NFTs. It offers Nano S and Nano X models. The Nano S offers rudimentary features while the Nano X supports ease of use with Bluetooth connectivity and a larger screen. However, you need to pair your Ledger hardware wallet with a software wallet to trade NFTs.
Best Software Wallet: MetaMask
Software wallets store private keys online. While this is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.
MetaMask encrypts all information on its servers. Information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your trades efficient and safe.
Keep an eye on the popularity of the metaverse. The use of Meebits in the metaverse is a major selling point and may influence demand.
Current Crypto Prices
The first month of 2022 has not been kind to the crypto markets. Major tokens have continued to fall all month, and many wonder when the slide will come to an end. Many factors may be contributing to this decline in prices, ranging from potential government regulations to new COVID-19 concerns.
Is it Worth Getting a Meebits NFT?
As of right now, Meebits are extremely speculative. The high prices are mostly because of Larva Labs’ reputation and celebrity involvement. The prices could drastically fall at any time, and investors have no guarantee that the price will go up. However, you can take advantage of multiple perks of holding the NFT that may make it appealing for some buyers. If you are looking to turn a profit, Meebits may not be for you. However, if you are looking for customization and social capital in the metaverse, then Meebits may be worth purchasing.
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About Caden Pok
Caden has been involved with cryptocurrency for several years. He began trading and investing in crypto in 2018. Now, we mines multiple coins and holds positions in Cardano and Ethereum. He is very experienced with DeFi technology.