Cool Cats is a cute and family-friendly NFT project that’s drawing some serious attention.
Based on the Ethereum blockchain network, Cool Cats consists of 9,999 randomly generated and stylistically curated “bluecat” doodle NFTs that vary in rarity and design.
While the amount of animal-based NFT projects is growing, what sets Cool Cats apart is its devoted fanbase, with the project’s future looking extremely bright.
With an exciting roadmap and built-in utility for token holders, Cool Cats NFT is shaping up to be one of the biggest projects out.
Below, we’ll take a closer look at exactly what is “Cool Cat NFT“, how it works, whether or not it is a good investment, and what its team has in store in terms of future plans.
The very first generation of Cool Cats dropped in July 2021 after a year of development. This initial crop of Cool Cats is limited to just 9,999 tokens meaning true scarcity is built into the project allowing the assets to appreciate in value over time.
Following a similar path to successful projects like Bored Ape Yacht Club, the NFTs are all based on a single animal, in this case, cats. With the summer of 2021 being filled to the brim with NFT projects, the Cool Cats launch was anything but a guaranteed success.
However, listening to the growing community’s cries for an affordable entry-level NFT, the team behind the project decided upon a rock-bottom low entry price for the initial token launch and found success. Celebrities such as Mike Tyson even began buying into the project, using their Cool Cat NFT as their profile picture.
After selling out fast, the tokens are now becoming increasingly valuable.
The Cats themselves are combinations of 300.000 features. These features are either programmatically attributed to a Cat according to randomizing algorithms or assembled manually in the case of the rarest NFTs.
These features are combinations of the following features:
Each Cat is rated on a scale of 3-10, with obviously no feline being below a 3 on the coolness scale. This scale is then subdivided into 4 “classes”, with the majority of Cats sitting somewhere between 3 and 6 in terms of cool points.
- Cool (3-4 points): 4,599 cats
- Wild (5-6 points): 3,000 cats
- Classy (7-8 points): 1,750 cats
- Exotic (9-10 points): 650 cats
The rarest (and most expensive) Cool Cats are those with a complete and matching set of features such as the zombie cat #1490. The Cat last sold for a whopping 320 ETH ($1.3 million) in October 2021.
Holding a Cool Cat NFT not only gives you exclusive rights to do whatever you wish with your Cat but also gives you access to perks and rewards.
Unlike some other NFT projects such as NBA Top Shot, holding a Cool Cat NFT means you literally own that asset and the digital artwork it portrays. The upshot of this is that should your Cool Cat become recognizable or valuable, you are entitled to create merch, license the image, or even use its likeness in webcomics.
This freedom makes Cool Cats one of the most encouraging projects out, demonstrating the true potential for NFT technology to increase engagement and capitalize on investments.
The project also gives incentives to keep holding the tokens by giving airdrops of associated NFTs to those who keep a Cool Cat NFT in their wallet. These can be things such as NFT fan-art and video loops, only obtainable by owning a Cool Cat NFT.
Another sign that this project is focused on the long-term is that 20% of all ETH raked from primary and secondary sales back into the community treasury. This is then used for raffles and contests to foster the growing Cool Cats community.
In the future, holders are also going to be rewarded with yet more random airdrops, access to the breeding mechanic (coming in generation 2), and usage of the $MILK utility token further into the project’s life.
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Who made Cool Cats NFT?
The project is a collaboration between four individuals who had previously had experience with the Faticorns project where overweight unicorn pixel art is celebrated in the form of NFTs.
The team consists of:
- Clon: the creator of the project, well-known for being The Catoonist on Instagram.
- ELU: the creative director, responsible for the project’s marketing and general direction.
- Lynq: created and maintains the website.
- Tom: does the technical stuff such as creating the smart contracts that govern Cool Cat NFT ownership.
Each of the original team members above holds a unique and special Cool Cat of their own, with their ownership of it adding to its provenance and history. Verifiable, of course, via the blockchain.
Upon launch in July 2021, the Cool Cats team set an initial minting price of 0.06 ETH, around $125-$140 at the time, and saw just 360 cats sold.
With nearly 10,000 Cools Cats still waiting to find a new owner, the team made the bold decision to slash the price of minting to just 0.02 ETH, around $50(ish) dollars. Demonstrating the goodwill behind the project, the team also refunded 0.04 ETH to the 360 existing buyers.
The gamble paid off and the project sold out within hours. Not only did the project sell out, but it gathered a lot of attention along the way with comparisons to some of the summer’s biggest projects. Since then, some of the crypto community’s biggest influencers and celebrity endorsers have gone on to own a Cool Cat NFT, including the aforementioned Mike Tyson.
The current floor price of a Cool Cat NFT is 7.199 ETH, which is $30,000 at the time of writing. For those who managed to get hold of a Cat at 0.02, the project has been a truly worthwhile investment.
While some will choose to hold their Cool Cat NFT, others are cashing in, such as the former owner of the robot-themed #3330 which netted the initial owner over $400,000 in profit.
Being based on the Ethereum blockchain, Cool Cat NFTs can be bought, traded, and sold freely.
The easiest way to buy a Cool Cat NFT, however, is to use the OpenSea platform in connection with a MetaMask wallet:
- Install MetaMask if necessary, set up your wallet, and add funds.
- Visit OpenSea and browse its selection of Cool Cat NFTs for sale.
- Once you’ve selected a Cool Cat you’d like to buy and reviewed all of the NFTs information, click the “Buy Now” button, or “Make Offer.”
- OpenSea will then finalize a few details about the transaction with you before submitting it.
- If everything looks ok, proceed to checkout and review the final cost of the purchase.
- If successful, you will see the NFT in your MetaMask wallet in the “In Wallet” section. Sometimes there is a slight delay in it appearing as the network confirms the transaction and in the case of offers, the transaction will complete once the other party has accepted.