Cool Cats is an NFT collection that launched back in 2021 and arguably became one of the most popular projects of that year, some would even consider it to be a blue chip project. The NFT collection first incited notoriety when Mike Tyson changed his Twitter profile picture to a Cool Cat following the successful mint.
Before I explain what the Cool Cats team is trying to build through gamification, it’s important to know what Cool Cats are.
Cool Cats, are a collection of 10,000 cat-themed NFTs built on Ethereum blockchain. With 300k unique randomly generated features, including hats and outfits, each Cool Cat is rated on a ‘coolness’ scale of 3-10. Owning a Cool Cat grants access to passively earning the $MILK token and ownership of a Cool Pet NFT in the Cooltopia game.
Owning a Cool Cat provides utility such as access to their game known as Cooltopia. In the Cooltopia world, players passively acquire $MILK, the project’s native cryptocurrency (issued on Ethereum & Polygon) for simplifying owning a Cool Cat; furthermore, additional $MILK can be earned by completing missions.
Holding a Cool Cat also granted holders the ability to mint a Cool Pet; Cool Pets are a separate NFT that was launched in 2022, which can be sent into quests – within Cooltopia (the NFT inspired world) – where they receive $MILK for their efforts.
Cool Pets start out as an egg but evolve when they are given items, which can be purchased in the shop using $MILK. The final form for a Cool Pet is Grass, Fire, Water, or Air and the items that the Cool Pet is given influences how the Cool Pet evolves. At present, the 19,999 Cool Pets have a floor price of 0.06 Ethereum.
Furthermore, the $MILK token is currently trading for less than $0.01; however, it originally launched at a price of $0.12. Only time will tell if the token will recover and if Cooltopia will be innovative enough to keep Cool Cats hovering on the border of blue chip status.
Unveiling the Genesis: How Cool Cats NFTs Were Created
Cool Cats drew inspiration from the groundbreaking CryptoPunks, a project by Larva Labs.
The creators of the NFT line Cool Cats created an algorithm that randomly generated 10,000 cats; these NFTs have an array of attributes. They are ranked by features from 3-10, starting from cool (3 & 4), wild (5 & 6), classy (7 & 8) & exotic (9 & 10) – with 10 having the most scarce features.
The original artwork was brought to life by Colin, a graphic designer from Georgia State University. Each cat in the artwork was derived from the famous “Blue Cat,” potentially the most recognized NFT in the ecosystem; the image at the top of this article features his iconic creation. Colin has been crafting different versions of the cat for over a decade and attributes much of his personality to be akin to that of Blue Cat.
The Creative Minds Behind Cool Cats: Meet the Creators
The Cool Cat team consists of a small number of people; each focuses on unique aspects to make the project work.
They stated, “We’re a team of four nerds who are passionate about crypto, art, and makin’ cool stuff.”
Cool Cats were founded by a team of four people; two focused on the artwork and branding while the other two focused more on blockchain development. Since the initial mint, the team has expanded and now includes a total of 15 people. The four founders go by the pseudonym ELU, Clon (aka Colin), Tom, and Lynq.
ELU is the creative director and helps out with marketing/project management. Clon is the cartoonist or illustrator. Tom is the blockchain expert who works with smart contracts. Lastly, Lynq works primarily on the website. While the original founding team is crypto enthusiast, they do not have a large internet presence.
Your Guide to Buying Cool Cat NFTs: Step-by-Step Process Explained
The process for buying a Cool Cat or a Cool Pet is the same process as purchasing any other NFT.
The process involves three simple steps; firstly, users must establish a digital wallet that interacts with the blockchain. Secondly, users need ETH in their wallet to fund the transaction. Thirdly, buyers need to purchase the item and pay the transaction fee. These NFTs can only be purchased in the secondary market.
The first step in the process is establishing a digital wallet; this will allow you to hold the NFT and interact with NFT marketplaces like OpenSea. I recommend using MetaMask because of its simple user interface.
To purchase a Cool Cat NFT, you’ll need Ethereum (ETH) to complete the transaction. On MetaMask, users have the convenient option to directly purchase ETH using a debit card or exchange various cryptocurrencies for ETH. It’s crucial to note that a ‘gas fee‘ must be paid to ensure the transaction’s completion. This fee compensates the miners who verify the transaction and ensures that all transactions on the blockchain are legitimate.
Alternatively, users can send Ethereum from their centralized exchange wallet such as Binance to their Ethereum wallet address on MetaMask.
After you have enough Ethereum to purchase the NFT, you will need to connect your wallet to OpenSea, the largest NFT marketplace, in order to purchase the actual Cool Cat or Cool Pet. Remember, additional funds will be needed as purchasing the NFT as a gas fee will be incurred; this is the reward paid to the miner for verifying a transaction.
Cool Cat NFTs & Breeding: Is It Possible?
At present Cool Cat NFTs can not be bred; however, it is possible for this to change as the Cool Cat game – Cooltopia involves many aspects of blockchain gamification. At present the existing 10,000 Cool Cats are considered to be the Gen 1 drop and the creators have disclosed that future Gen 2 drop will likely allow for breeding.
To recap, no breeding is currently possible within the Cool Cat ecosystem however there is potential for that to change. It will be interesting to see how Cooltopia evolves and if this feature will be added.
The Cool Cats team takes great pride in fostering a strong sense of community, where active participation and collaboration drive the evolution of the game and the project.
That being said, it’s possible that the community may not want breeding as it has implications of negatively affecting floor price; this of course, greatly depends on the influx of new NFTs and how supply will change.
The Axie Infinity crash displayed the negative consequences of an oversupply of NFTs – through breeding – coupled with diminishing or stagnant demand. While breeding often allows new people to get into the ecosystem at cheaper price points, its possible to existing community may prefer to maintain a limited supply.
Are Cool Cats NFTs Associated With NBA Top Shots?
NBA Top Shots is not associated with Cool Cats NFTs. NBA Top Shots released a pack known as ‘Cool Cats’ which is likely a play on CryptoKitties, the first successful NFT line created by Dapper Lab (creators of NBA Top Shots). A ‘Cool Cat’ pack allows purchasers to receive scarce, officially-licensed NBA video highlights.
One highlight from the NBA Top Shots ‘Cool Cat’ series 2 drop was the ability to receive an incredibly valuable Lebron James dunk. The pack was limited and many people shared online their frustration at being unable to get their hands on one.
In the Top Shots pack, there are five of the ‘Cool Cats’ NFTs which are scarce, noteworthy NBA highlights. The less valuable and more common NFTs that people received were the Base Set; however, some moments were valuable and had low serial numbers which is something that significantly raised their value.
More on Dapper Labs, the creators behind NBA top shots can be found in this article here.
Cool Cat NFTs Price Analysis: Price Points For These Digital Collectibles
At the time of minting, a Cool Cats cost roughly 0.02 Ethereum, which was equivalent to roughly US $50 at the time. Following the mint, prices shot up immensely, even reaching a peak of 15 ETH; however, the floor price has since dropped to just below 1 ETH. Cool Cat prices fluctuate immensely along with the entirety of the NFT market.
At the time of the drop, back in 2021, the creators behind the project saw roughly $8.5 million in sales. As such, the turnover ranked the project as the 10th largest ever, a notable achievement given how recent the project was released.
At 0.02 ETH the Cool Cats NFT collection saw an increase of 5X overnight. If you were to purchase a full Ethereum worth of Cool Cats at the time of initial sale, you could have potentially accumulated roughly 32 Ethereum following the project drop!
Only time will reveal whether the Cool Cats team can sustain their innovation and if the collection will regain its previous price levels. It will be interesting to see the approach the team takes and if they will successfully be able to create a sustainable blockchain game.
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