AMA Recap | All you need to know about MeebitPigs and the VirgoX NFT Auctions

On Friday, June 18, we had an AMA session in VirgoX official Telegram chat. Our Guest is Anna Lee, president of VirgoX Asia. Our host is Rylee Fan, VirgoX community leader. Here are the essential points of the session:

Host: First of all, please welcome Anna Lee and all Telegram chat members. Anna, please introduce yourself briefly.

Anna: Good afternoon, my friends. I am Anna, President of VirgoX Asia. I entered the blockchain industry in 2017 and have been working in the field of exchanges. In 2019, I had the honor to meet the founder and CEO of VirgoX, Adam Cai. I appreciate Adam’s professionalism and pragmatic attitude, so I cooperated with him and assisted in preparing the VirgoX global exchange and the establishment of the Asian team.

Question 1: First of all, we would like to know, what are the Meebit Pigs that everyone is talking about recently?

At the beginning of May 2021, Larva Labs launched its third non-fungible tokens (NFTs) collection called Meebits, an NFT collection of cute 3D characters. Within 8 hours, the platform gathered $75 million in direct sales, and Meebits became the most wanted NFT collection that day.

Meebits are 20,000 unique 3D voxel characters created by a custom generative algorithm and then registered on the Ethereum blockchain. Anyone who had Larva Labs’ previous NFTs, CryptoPunks, and Autoglyphs, were eligible to mint Meebits without buying one. The rest had a chance to purchase the NFTs for around 2,5 ETH.

There are seven types of Meebits that can carry multiple traits. One element is more important than the other and can increase the scarcity level significantly. Within this overview, we aim to analyze the most important attributes that impact the value of Meebits: their type, traits scarcity, traits count, and utility. In addition, the importance of the Larva Lab brand is considerable too.

Question 2: Why are the Meebit Pigs so popular and hot in the NFT community?

Brand awareness is the key to a successful launch.

The Larva Labs brand is well-known in the blockchain space. Firstly, they are known for the very first NFT collection created on the blockchain：CryptoPunks.

Secondly, for the first on-chain generated art collection Autoglyphs. CryptoPunks was launched in June 2017 and gathered plenty of attention. In 2021, the collection showed its real potential. A few CryptoPunks were sold for more than $7 million each. Without a doubt, the collection played well for the Larva Labs brand awareness over the years.

By no surprise, their third NFT project was very well received by the community. The fact that CryptoPunks collectors got these Meebits for free immediately caused some social media hype among top NFT influencers. This boosted interest in the project significantly, alongside the fact that Christie’s would auction 9 CryptoPunks around a week later. A total of 11,000 Meebits went to existing Larva Labs collectors; the remaining 9,000 were sold in an open Dutch auction. Despite the high initial price of 2,5 ETH (about $7,500), all Meebits were sold out within 8 hours.

An additional social layer

For most NFT collections, it’s all about scarcity and traits. That’s the case with CryptoPunks, and also with Meebits. However, the Meebits NFT collection adds an extra layer of fun. These NFTs were created as 3D characters that the owner can use as avatars across different virtual worlds, such as Cryptovoxels, Decentraland, and The Sandbox. They are truly meant as avatars for the metaverse.

As the owner of a Meebit, you can extract files to make Meebit move, dance, or exercise. Multiple users used these videos to make their Meebits famous. While such videos grasped plenty of community attention on Twitter, no data proves the success of such sales techniques, at least not yet. On the other hand, such a utility creates an additional social layer that makes the collection even more special. Community is vital in the blockchain space. With the rise of digital influencers like Lil Miquela and Vtubers, we only have to wait for a Meebit to become famous. That’s how this social element might become a key value driver in the long run.

Question 3: Meebit Pigs will be available for auction in the No loss NFT auctions on VirgoX at 10 a.m. (EST) on June 18th. How can we participate?

After VirgoX launched the No loss NFT auctions in mid-May, it caused a considerable market response. The participants were enthusiastic and after the first batch of 10 NFTs was launched, the auction even exceeded the specified time limit.

Although NFT digital art is still relatively unfamiliar to most users, its investment value, price action, and transaction method are very different from traditional digital currencies. In a sense, it has more implementations and is closer to the real world. However, since the products launched this time are all NFT artworks with a wide reputation in the international market, they have high recognized value and huge value-added space, so the market reaction is quite positive.

Meebit Pigs will be one of the most anticipated NFTs auctioned on June 17th at 10 pm (EST) on the VirgoX NFT auctions section https://virgox.com/nft.

How it Works

VirgoX Booster Packs

• Each Auction Series will contain a number of VirgoX Booster Packs derived from a pool of preselected NFTs that we have curated from the hottest NFT projects. Furthermore, there will be 1 or 2 NFTs in each pack, depending on the total of NFTs per Auction Series.
• All users will be able to see what NFTs have been released and which NFTs have yet to be collected on NFT Auction Page.

Bidding

• All users will use VXT to place bids for the Booster Packs.
• There is no extra cost to bidding, with an exception to the price you pay at the end.
• You can only bid equal to the amount of idle VXT you have in your VirgoX Wallet.

Question 4: How can the participants earn more in these NFT auctions?

1. Have a preliminary understanding of the situation of all lots;
2. Understand the historical transaction prices of related products on the OPENSEA market, especially the price of the last auction;
3. Actively participate in every bid, especially the first time to participate in the auction. Every bid meets the minimum markup principle;
4. After getting the collectibles, pay attention to the price changes in the open market, and don’t rush to sell. This market is still developing upwards, and there is a lot of room for it.

Question 5: Are there other interesting features on the VirgoX platform?

VirgoX is an innovative digital asset management platform. We pay attention to the cutting-edge development in this field and selectively launch innovative products suitable for our platform users, combining the team’s professional expertise to create more value for platform users. In addition to the NFT auctions, we currently have wealth management programs for our users (including regular deposits to generate interest) and the recent VirgoX Vault liquid mining that has been very popular among users. In the future, we will continue to introduce more products and services for the users. Serving customers well and providing customers with professional value-added services is the purpose of the VirgoX platform.

The industry is changing rapidly, and there are many entrepreneurial businesses. The VirgoX team has will keep learning, spot market sensitivity, and create interesting products for the customers. You may rest assured that digital currencies are an emerging investment field with huge room for development. We are willing to grow together with all users, build a VirgoX ecosystem, and create a global and community-based digital asset investment and financial management platform. In the near future, our VirgoX platform will continue to have innovations. Please continue to pay attention to our trends.

Thank you all!

Question 6: What are the rewards for the users who participated in this AMA event?

1) In order to encourage users to participate in the NFT auctions, we decided to subsidize the auction activities.

The specific reward method is:

10% of the transaction price of each blind box auction will be rewarded to the last three bidders, among which the top bidder and winner will receive a 5% cashback, the second one will receive a 3% airdrop, and the third one will receive a 2% airdrop.

2) In today’s open Q&A session, we will select high-quality questions from the users and, as a reward, give out NFT airdrops.

Free Q&A session:

Question 1: What are the 3 main features you would recommend to us? What are the applications that VirgoX in the future (daaps. finance. business …)?

Here are 3 main features as follow:

1. Trading
2. VirgoX Vault
3. NFT Mystery Box Auction

VirgoX will provide more applications like mortgage market and communities decentralized Management in the near future.

Question 2: Will there be more rounds of NFT auctions?

Yes, we have provided 5 rounds and will continue to provide more.

Question 3: How important is the community to you? and how can we collaborate or help you with the development of the project?

Community force is one of the key factors to an exchange development.

We can cooperate with each other almost in all the applications on VirgoX. We can reward all community members according to their achievements on the VirgoX platform.

Question 4: Is there room for appreciation of NFT in the auction? Are you worried about selling it?

That is a must. All NFTs VirgoX chose are high valued, globally well-known, and have good liquidity. Therefore, winners can sell on the Opensea platform immediately.

Question 5: How do we guarantee the value of each NFT? Traffic becomes smaller over time, but how does value guarantee?

This is a good question which everyone concerns about.

Firstly, the continuation and enhancement of NFT value come from the enhancement of consensus and the mining and utilization of its intrinsic value. VirgoX first carefully considers various factors in the selection of NFT products, follows the trend, and selects the varieties with the greatest value potential.

Secondly, we will start NFT asset pledge lending to improve asset liquidity and explore greater value.

Question 6: What is the biggest challenge you face currently in terms of becoming a successful project?

I think almost all projects will face 2 challenges: star products and community users.

Question 7: How does VirgoX intend to stand out with so many Crypto projects out there? What is the uniqueness of VirgoX that make it different from those?

Good question! VirgoX will enhance the trading experience, improve security, research and follow new trends, and provide customers with the most valuable products and services. VirgoX is a trading and service platform, and we strive to make the trading experience the best and the simplest and provide the most competitive products and services. For specific products, we have an expert investment research team, will review each online product strictly. Most importantly, we pursue a win-win relationship with our users, not a zero-sum game.

Thanks for your concern and time today. Welcome to VirgoX and experience our products, I believe you will get many surprises.

Be always aware of our next AMAs and other projects with VirgoX official Twitter and Telegram, and see you soon!