Earlier this week I took a look at my paltry NFT collection on opensea.io and something a little odd caught my attention. See if you can spot it (no, I do not own this NFT)

Bottom right. All these offers. Actually, this example doesn't look too fishy. Just a couple of accounts placing offers on an NFT. Right?

That's until you realize that ABBA7234, Mycointool, meebitmaster42069, and others are also bidding on tens - maybe hundreds or more - of other (floor?) meebits. Could these be trading bots?

Alright, time for a quick rewind.

"Meebits"?

Yes, Meebits are another NFT set. Collectibles. A few special things about them:

1. there are 20,000 little Minecraft-style looking square-headed characters
2. they were created by LarvaLabs, of CryptoPunk fame
3. If you owned a CryptoPunk when they were created, you could mint one for free
4. they are expressly designed with the metaverse in mind, i.e. they are made available in formats that will make importing them into a 3D environment (a game) very easy.

What are floor Meebits then? Well, a lot of NFTs are sold as unique specimens of a set. You could be owning item #35 of a set of 888 items in total. Each item has various traits. For example, the Meebit in the gif above has yellow sneaks, he's wearing a suit with a black tie, he has a 5 o'clock shadow and a mohawk. Each of these traits come with a probability. This creates rarity. And since all of these characteristics are available for consultation and analysis, on an open blockchain, it becomes easy to identify which NFT is rarer than the other. The rarest ones fetch the highest prices. The common ones go for cheap. They can be found at the bottom of the pool, tagged with the floor price.

As I was looking at the repeated, systematic offers on my NFT, I realized with amazement that someone had written a program to bid on some NFTs automatically.

One of the members of our Discord server works for a Blockchain company. He spends his day talking to startups in the space that need his expertise. He confirmed that NFT auto-trading bots are a thing. And this activity seems to be very, very lucrative.

How does this work? Do the bots offload their recent purchases at a profit shortly after buying? Or do the bot owners have very deep pockets and they are trying to scoop up as much as possible in order to later unleash a big PR push and sell when the hype is at peak? Much question, so fascinate.

Let me know if you come across more information on this!

Let's make a DAO

Another member of the Discord server, Imali, stepped up and offered some suggestions for a token name: Lea, KO, Ammo, Vision, Mirage.

Not bad at all.

Want to throw other options my way before we go to votes? Simply reply to this email. Or join our sleepy Discord. Still sleepy but for how long?