Cool Cats avatars: The newest top NFT Collectible explained

Cool Cats was launched barely 1 month ago and it’s incredible what it has achieved in the NFT world. Securing high-value NFT sales on the secondary market and a high-profile partnership have skyrocketed these cute cat avatars.  The new cats on the block are set to become one of the industry’s top NFT collectibles- perfect for a new and cool pfp.

Cool Cats Top NFT Collectible Charts

Cool Cats is another recent project that launched on July 1st and minted 10,000 programmatically randomly generated cartoon cat avatars. The 1st generation consists of 10,000 randomly assembled cats from over 300k total options. Each Cool Cat possesses a unique body, hat, face, and outfit which determines how “cool it is” on a point system. 

The project follows the successful model of CryptoPunks set back in 2017. It includes 10,000 pieces; all programmed to generate. Meaning the traits are assigned randomly from a set of pre-made components like wearables, facial features and colors. Finally, they are in headshot format – perfect for social media profile pictures. The ability to set them as a cool pfp has led to their success as an NFT avatar collection.

Last week, we reported that Cool Cats NFT #3330 has sold for 110.0 ETH ($359,000 as of the 22nd of August 2021) to Opensea user CoinUnited, making it the highest all-time Cool Cats sale. The 2nd highest was at 80.0 ETH ($244,000 as of the 7th of August 2021).

 A Cool Partnership with Time Magazine

The project is collaborating with the iconic TIME magazine for an NFT Drop as well as a meme competition. The collection features the four founder Cool Cats and TIME front cover. It includes a total of 400 pieces. On the other hand, the meme competition picked out eight winners and awarded them randomly selected NFTs from the new collection. 

This partnership is a major win for Cool Cats. Firstly, because TIME Magazine has cemented its legacy in the industry and is considered as an institution. Moreover, publication giants are really embracing and shifting to NFTs. For example, Fortune Magazine’s first NFT sale this month had fetched over $1.3 Million.

Why did the Cool Cats NFT Collection Do So Well?

According to OpenSea, the project has a lifetime volume of 16,900 ETH or over $54 Million. Meanwhile, the cheapest Cool Cat NFT is 2.99 ETH or around $9,600. The minting price was only .06 ETH and eventually lowered to 0.02, so the appreciation is easily in the thousands. 

Why?

The Cool Cats NFT team are doing well because it pursued an uncharted territory; rather than letting the project sputter out at .06 ETH.  The team lowered the price of each cat to .02. Then, they refunded collectors who already paid and minted at .06 ETH. Allegedly, the project regained its momentum because NFT holders started using the avatars as their PFP on Twitter. 

This strategy worked like magic and even Mike Tyson got hooked. The boxing legend now sports a Cool Cat as his PFP on Twitter, in full view of his 5.6 Million Followers. The main risk of lowering your price is that it might devalue your product. However, the team was confident the art was unique. Basically, they bet that their project has what it takes to stand out. 

Future of Cool Cats

Future Cool Cat developments doesn’t just stop at social media pfps. Apparently, they will include breeding capabilities, monthly exclusive custom Cool Cat airdrops and merchandise giveaways. Not only that, but liquidity pools will open to allow holders to fractionalize and stake Cool Cats. Plus, chances to receive token rewards and hace access to potential community-made cat derivatives such as 3D cats or cat comics.

The creative possibilities to increase engagement are truly endless, and community members are incentivized to come up with new ideas to increase the market value of their Cool Cats. Clearly, Cool Cats are dedicated to the NFT scene a little more than their initial pfp compatibility may suggest. Their tall ambitions are only cementing their newfound status as top NFT Collectibles.