Recently, a new line of NFTs are drawing a lot of online attention. This NFT line is known as Cool Cats – notably, Mike Tyson changed his profile picture on Twitter to a Cool Cat wearing sunglasses and a Viking-style hat.
Cool Cats are a line of 10,000 cat-based NFTs that have over 300k randomly generated unique features including hats, bodies, faces, and outfits. They are built on the Ethereum blockchain. The firm rates it’s offerings on a scale of 3-10 based on how cool they are (features). Generation 2 cats will be released soon and can be bred.
The four creators of the project hope to create an interactive ecosystem for their non-fungible tokens including collaborations with other brands. Holders of Cool Cat NFTs have the ability to participate in exclusive events such as raffles, community giveaways, NFT claims, and more.
NFTexplained.info will go into detail explaining what Cool Cats are, how they were created, the creators of the project, a step by step walk through as to how you can purchase a Cool Cat, explain if they can be bred, explain if they are associated with NBA Top Shots and talk about famous people promoting them. We will end the article with the cost of a Cool Cat and the amount of profit one could have amassed from purchasing them at primary sale.
How Were Cool Cats NFTs Created?
Cool Cats were seemingly inspired by the genesis of CryptoPunks. The NFT tech entrepreneurs who created CryptoPunks are known as Larva Labs; they created punks which had randomly generated features. If you would like to read the NFTexplained.info article explaining everything you need to know about CryptoPunks, that can be found here.
The creators of the NFT line Cool Cats created an algorithm that randomly generated 10,000 cats which they considered Gen 1; 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). 10 has the most scarce features.
Projects within the NFT space that have randomly generated features have been known to do well and the NFTexplained.info team thinks that this played a major role in the decision process for the creators. CryptoPunks was a line of NFTs that were the first to generate random features and many think they are the ones who started the NFT art craze.
Who Created Cool Cats?
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.”
The Cool Cats creators are four people; they were not widely known by the public before these NFTs dropped. ELU is the creative director and helps out with marketing/project management. CLon is the illustrator. Tom is the blockchain expert who works with smart contracts. Lynq works primarily on the website.
These people are crypto enthusiasts, however, they do not have a large Internet presence. The NFTexplained.info team was not able to find a lot of information about these people however a fanbase for the creators is expected to grow given the success of the NFT drop.
How Do I Purchase A Cool Cat NFT?
Users looking to purchase a Cool Cat can do so through a simple and easy process. NFTexplained.info has broken down the steps in a manner that is elementary to understand.
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 that is able to interact with the Ethereum blockchain. The most commonly used digital wallet is MetaMask because of its simple user interface. This process is quite simple and the NFTexplained.info team has already published an article explaining precisely what the MetaMask wallet is, how it works, and a step by step guide for users. That article can be found here.
For the purchasing of a Cool Cat, Ethereum is required in order to complete the transaction. On MetaMask users have the option to directly purchase ETH using a debit card or can exchange a variety of cryptocurrencies for ETH. It is important to note that a ‘gas fee’ must be paid or this transaction won’t complete – a miner needs to verify the transaction and need to be rewarded for their work. A lot of energy is required; miners don’t work for free and the whole process is energy intensive. Users also have the option to purchase ETH from Coinbase as long as the address of the digital wallet is connected, which is also a very simple process.
If you would like to learn how much energy an NFT consumes; NFTexplained.info has created the perfect article for you. We will breakdown to proof of work and proof of stake consensus algorithms and explain how much energy an NFT built on the Ethereum blockchain uses.
Once the MataMask wallet is connected and enough ETH is in the wallet to purchase and pay for the minting (gas fee) of the NFT, users have the option to purchase and bid. Users also have the option to mint (sell) their own NFTs or resell any NFT they have already purchased.
If you would like to learn about the largest NFT marketplace, the NFTexplained.info team has created a complete tutorial on OpenSea and we have broken down the marketplace in a way that is easy to understand.
While in the process, you may find more NFTs that are intriguing to you and provide the opportunity to make a profit by reselling them. Since more users are transacting on the Ethereum network, gas fees tend to be much, much higher at this point in time. The procedure of purchasing an NFT is done through the use of smart contracts; this is computer programming and is what makes the NFT process possible. Smart contracts allow the wallet to interact with the blockchain. Happily, the NFTexplained.info team has created a smart contract article to help you understand exactly how it works and to provide you with some examples. Tom, from the Cool Cat NFT team, is the one responsible for making this process feasible.
Can Cool Cat NFTs Be Bred?
As of the Gen 1 drop, Cool Cats can’t be bred; however, the creators have disclosed that the Gen 2 release will allow these cats to be bred. The creators have stated that owners have a voice for the direction of the project and can help in determining aspects like breeding.
The project Cool Cats seems to share numerous features with CryptoPunks however the idea of creating a community-driven project is something that few in the NFT space have done successfully. Aspects like breeding have been done before such as in the popular NFT project CryptoKitties, which broke the Ethereum network.
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.
Who Is Promoting Cool Cats?
While more and more influential people are talking about NFTs, few have expressed their interest in the Cool Cats project with the exception of a few noteworthy public personas.
Since Cool Cats is a new line of NFTs, there has not been widespread publicity by influencers for the project with two exceptions – Faze Banks (an Esports team owner) has expressed his love for the project and is an owner. Mike Tyson even has his Twitter profile picture currently set as a Cool Cat.
NFTexplained.info is confident that the project will gain more awareness given that numerous influencers have expressed interest in the project. Mike Tyson, arguably the world’s most famous boxer, received over 9,000 likes for his Cool Cat tweet; this shows the interest in this project. This is an enormous amount of likes and is one of the top liked tweets from the boxer.
How Much Do Cool Cat NFTs Cost?
At the time of minting, a Cool Cats cost roughly 0.02 Ethereum, which was equivalent to roughly US $50 at the time. The NFT line currently sells for an average of 0.75 ETH however this is likely to increase as more awareness creates demand.
At the time of NFTexplained.info publishing of this article, which is when the Cool Cats NFT line dropped, the creators saw roughly US $8.5 million in sales. As such, this turnover ranks the project as the 10th largest ever, a notable achievement given how recently 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 would have accumulated roughly 32 Ethereum in the single following the project dropping!