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The creators behind CryptoPunks, one of the most popular NFT projects on the web, just revealed their latest project, called Meebits. The project boasts 20,000 procedurally generated 3D characters that are tradeable on the Ethereum blockchain.

There have been hundreds of 3D avatar NFT platforms popping up over the past several months hoping to gain momentum and capture the enthusiasm of crypto buyers, but the traction of the Larva Labs team whose pixel portrait CryptoPunks project has netted more than $550 million in lifetime sales will likely make this platform another hit. Meebits arrives at a time of peak hype for their first effort, CryptoPunks, which is weeks away from a Christie’s auction that many are expecting to see fetch a price in the tens of million of dollars. It also arrives as Ethereum has had one of its best weeks on record, punching through all-time highs nearly every day this week. Ethereum is currently trading at just shy of $3,300.

In a blog post, the Larva Labs creators posit that they hope that Meebits will eventually serve as avatars for “virtual worlds, games and VR.” Meebits not only boast a revised art style, but Larva Labs has made some underlying changes to the no-fee marketplace, the most significant of which is likely the ability to customize trades allowing users to swap Meebits with each other in a more complex manner.

In my profile of the company’s CryptoPunks project last month, the team’s founders hoped that their new project would lower the barrier of entry; as CryptoPunks prices reached stratospheric heights, it seems that even by doubling the total supply (20,000 avatars versus CryptoPunks’ 10,000 figures) Meebits are poised to still be an expensive affair.

The company is distributing the Meebits avatars through a Dutch auction, meaning the price for buying and minting a Meebit will lower to zero Eth (plus Ethereum gas fees) over the course of a week. Currently users are paying 2.49 Eth to mint a Meebit at random, a nearly $8,500 investment at current prices. Nevertheless, around 2,000 of them have already sold, meaning the creators have already pulled in nearly $20 million worth of Eth after just over two hours on the market.

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