Mutant Cats is an exciting NFT project that’s trying something a little different: rewarding holders with other NFTs such as Cool Cats.
The concept is novel and proving highly popular, with the debut collection selling out fast. Now averaging well over $600k in weekly sales and a floor price of 0.46Ξ, the project is drawing a lot of attention.
As well as being colorful, well-designed NFT collectibles, holding a Mutant Cat is a gateway to the innovative Mutant Cat DAO and the opportunity to passively earn yield.
With utility at the very heart of the Mutant Cats project, investment in the tokens is ramping up and is looking to continue to attract interest.
This guide will explain everything you need to know about Mutant Cats NFT, from the tokens themselves and how the treasury plus DAO work to what lies ahead.
The Mutant Cats NFT project is a collection of 9,999 profile-picture-ready cat artworks.
Like the Cool Cats project, the Mutant Cats portray cat characters with different characteristics. However, unlike the cute Cool Cat kitties, the Mutant Cats have been ravaged by a disease that’s spreading through the Ethereum blockchain. Or so says the official lore anyway!
The Mutant Cats are therefore not exactly looking their best, with most showing more than their fair share of slime or infectious lumps, more eyes than there really should be, and appearing noticeably radioactive.
As with most generative NFT projects, the tokens are each assigned an assortment of traits and accessories, with some being notably rarer than others.
The fun spin on the trend towards cute and cuddly is a welcome change in the NFT world and expresses the team’s mentality, not being afraid to try something different.
Unlike most other projects, the team behind Mutant Cats is attempting to provide future utility to holders. While someone could just see a Mutant Cats NFT as a cool investment and avatar, they can also provide many benefits to holders.
Holders of a Mutant Cat NFT get the following benefits:
- The ability to access the Mutant Cats DAO with voting rights
- Rewarded with 10 $FISH a day per NFT held.
- Mutant Cats staking.
The Mutant Cats Decentralized Autonomous Organization (DAO) is the project’s way of providing future utility to holders. This DAO is being used to make ownership of a Mutant Cat extremely valuable and give holders voting rights on the project’s direction.
Whenever a Mutant Cat is sold on OpenSea, some of the royalties collected are added to the DAO treasury. This fund then grows in size over time. This public pot of funds is then used to acquire valuable crypto assets to benefit Mutant Cat holders. Tokens such as Cool Cats, Bored Apes, Wrapped CryptoPunks, a Damien Hirst “The Currency” piece, and more.
Royalties are split thus:
- 7.5% is sent to the DAO wallet to be used for future fractional vault purchases and initiatives.
- 2.5% to the project’s wallet for the execution of the roadmap.
- 2.5% reserved for OpenSea fees.
So far, the community-owned DAO vault holds 605.78Ξ worth of assets. This $2.7 million collection of artwork is being used to reward holders by utilizing the Fractional.art platform.
This fractionalizes the tokens, allowing Mutant Cat holders to gain exposure to some seriously high-value NFTs that they otherwise wouldn’t be able to.
Holders of a Mutant Cat are able to reap the benefits of ownership through staking.
When an owner chooses to stake their Mutant Cat, they are rewarded with 10 $FISH per day per NFT staked.
At the time of writing, over 89% of Mutant Cat holders have chosen to stake their NFTs, with the $FISH tokens automatically added to their wallet.
Currently, the price of $FISH is still relatively low, sitting around the $0.39 mark.
However, $FISH is central to the project’s future and is expected to gain significantly in value over time. As a utility token, $FISH not only gives exposure to the Mutant Cats DAO vault’s contents but is also expected to have other uses.
The team themselves claim $FISH “…will have a multitude of use cases as our project grows, from raffle entries, exclusive merchandise, alpha access, and of course breeding of mutant cats.”
As well as staking your Mutant Cats NFT, you can also acquire $FISH through the SushiSwap dapp for those who wish to gain exposure without holding an NFT.
Staking is also expected to reward those involved in the future with special airdrops. Periodically, the project claims, when staking milestones are achieved, stakers will receive rare and exclusive NFTs through airdrops. What these will remains to be seen, but with only Mutant Cat holders able to receive these drops, the benefits to holding will mean longer hold-times and a greater appreciation in value.
The Mutant Cats project is still in development, and, as such, the current crop of NFTs represents just the beginning of what’s to come.
The roadmap is subject to change, but the team’s vision is as follows:
1. Launch the Mutant Cats (achieved)
The aim here was to simply launch the 9,999 infected Mutant Cats into the NFT world. Alongside this milestone, the team also wanted to ensure the DAO wallet was set up and functional so royalties could be stored communally and used to purchase assets for fractionalization.
2. Expand the Mutant Universe (achieved)
With the Mutant Gorillas NFT project launch, the team successfully iterated on its “Mutant” universe. Playing on the Ethereum disease story, the team used deformed gorillas with an accompanying token, $SERUM.
3. Launch the “Cured” Collection (yet to be launched)
Again keeping up with the official lore, with the use of the $SERUM token, the team plans on allowing holders to “cure” their Mutant Cats if they so wish. Should an owner choose to cure their cat, the original token is burned forever, with a new, less slimy and deformed, kittie taking its place.
4. Breeding (yet to be launched)
The long-term plan is to allow holders of Mutant Cat NFTs to breed, giving rise to new Cats that will be used in the Metaverse. While details are still being finalized, the team claims you’ll need two cured cats in order to breed, with the expectation that they’ll be burned in the process.
As well as these official milestones, the project’s team has also discussed the possibility of companion NFTs.
Are Mutant Cats Worth Investing In?
In a nutshell, yes. Mutant Cats NFTs are gaining value fast, and with the added bonus of $FISH yield and holder rewards, the benefits of ownership are numerous.
Mutant Cat #1025, for example, was minted for 0.1Ξ, around $450 at the time. Not long after minting, the NFT was sold for 16.9Ξ, around $76,000.
As the project matures, the value of holding becomes greater. With the $FISH utility token likely to appreciate in time, the ability to passively earn 10 a day will become an increasingly attractive prospect. Prices are likely to go up over time, and so early investment could well be a highly successful investment.