Half Suit Meebit
Half Suit Meebit
This stylish guy is wearing a suit with gold shoes. There isn't a cooler guy in the metaverse.
= 0 MEE
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Auction / Bidding
Top 10 Vault Owners
Released on 5/3/21, Meebits is the third project of Larva Labs and features a collection of 20,000 fully rendered characters who ostensibly will act as avatars or characters skins in a future virtual world. Like its predecessor Cryptopunks, Meebits come in a variety of character types with a diverse collection of clothing and accessories. The dissected character type is by far the most scarce, with only four (so far) in existence. Visitors, Skeletons, and Robots are among the more desirable types. While Humans are the most common type, certain clothing items and accessories can add significant value; Meebits equipped with hoodies and 3D glasses are already selling for a premium on the secondary markets.
While Cryptopunks themselves were completely free releases, Meebits adopted a hybrid model of distribution. Cryptopunk and Autoglyph owners were reserved a free Meebits mint free of charge, accounting for up to 11,000 Meebits. The remaining 9,0000 were sold on a Dutch auction format, starting at 2.5 ETH and selling out by the time the price reached 2.41 ETH.
There were thought to be 16 Visitors in existence until a 17th mysteriously popped up on the secondary markets on 5/7/21. As it turned out, a community member was able to exploit the LL minting contract and minted an additional Visitor. Within the first day, it had traded hands twice: selling for 200 ETH and then once again for 299 ETH.
Meebits have already shown a vibrant and active community with heavy trading early on. Thus far, the highest recorded sale was #10761, a Dissected Meebit, for 700 ETH. Overall, secondary market trading has remained strong, with Meebits catapulting up to the 13th highest volume NFT project, with over $42M in total sales.
Cryptocurrencies are inherently risky, and emerging asset classes like NFTs are no exception towards the rule. In fact, as a whole, this asset class may carry even higher volatility than other crypto assets. While the NFT space has seen strong momentum, that may not always be the case; research accordingly and proceed with caution.
Frequently asked questions
Answers to the top questions asked by the fractional community.
Who is the custodian of a vault?
There are no custodians and vaults are fully decentralized, audited smart contracts.
What are the curator fees?
Curator fees are similar to an asset under management fee. Annually, a curator will earn a percentage of the total ownership token supply. These fees are set by the vault’s curator, but restricted by governance to prevent inordinately high fees.
What is the reserve price?
The price (in ETH) required to initiate an auction for a vault and its NFT(s).
What is a buyout?
A buyout can happen when there is an external party who deposited ETH that is greater than or equal to the reserve price. This will kick off an auction. At auction completion, the NFT will be withdrawn and fractional owners will be able to trade in their tokens for ETH.
How is the reserve price set?
The reserve price is set by the weighted average of all ownership token holder votes. If less than 50% of token holders have voted, a reserve price will not be set. Token holders cannot set a reserve price greater or less than 5x the current weighted average.
What is an auction?
An auction is a public sale of a vault and all its contents, which is triggered when someone deposits and offers an amount of ETH greater than or equal to the vault’s reserve price. The individual offering the highest price at the time the auction completes wins the buyout.
What happens to fractional owners after a successful auction and buyout?
Once completed, fractional owners are able to trade all their ownership tokens in for the ETH that was deposited by the auction winner on a pro rata basis. The ownership tokens that are traded in for the ETH are then burned by governance.
How do I learn the status of a vault?
The status of your vault is indicated by the tags (e.g., ‘Live Auction’) that can be found underneath the vault’s name.
What do the different vault tags mean?
A ‘normal’ tag indicates a vault exists and its ownership tokens have been minted. A ‘live auction’ tag indicates a vault is currently being bid on for its contents. A ‘closed’ tag indicates that a vault has been bought out.
What is the visual representation of the tokens/fractions?
Fractional ownership is represented through ERC20 or ERC1155 tokens. If your vault is using ERC1155 tokens, fractions will display in your wallet similar to other NFTs. If your vault is using ERC20 tokens, there is no accompanying visual representation.
Fractional plans to progressively decentralize the protocol to ensure long-term resilience & upgradability.