As the highly anticipated Moonbirds NFT project hit the shelves last week, the Cool Cats NFT floor price plummeted. While this is good news for Moonbird holders, Cool Cats owners are not so happy with the development.
Cool Cats Floor vs. Moonbirds Floor
According to data from NFT Price Floor, Cool Cats’ floor price went from an all-time high of around 16 ETH to below 5 ETH over a few months. While the current floor price is sitting at about 6.3 ETH at the time of writing, it has more than halved in the last three months.
Meanwhile, the newly released Moonbirds collection sits at a whopping 18.5 ETH floor price. In addition, Moonbirds is currently the top NFT collection on OpenSea over the last seven days, with around 66,800 ETH trading volume. In fact, it surpassed a good few top-grossing collections in all-time volume – including VeeFriends.
Why Has The Floor Price of Cool Cats NFTs Dropped?
While the Cool Cats NFT team plans many things with utility, they are often late and disorganized in delivering them. For example, the Cool Pets NFTs are yet to be revealed, and the project is far behind on game development. Furthermore, their native token $MILK is down almost 30% for the third day in a row since the launch of Cooltopia.
While the game added to the hype and utility of the Cool Cats project, some community members seemed dissatisfied with the launch. “I think it’s the market reflecting on their overall experience. 2 months of waiting for a very slow and laggy UX,” tweeted one Twitter user @renegademasterr, “It’s a tough market out here. Plenty of top tier competition. If you can’t execute people will move on. It’s crunch time for CC.”
About Cool Cats
Launched in July 2021, Cool Cats is a blue-chip NFT project with 9,999 NFTs in the primary collection. Recently, they also dropped a Cool Pets dilutive NFT collection. However, the Cool pets have yet to be revealed at the time of writing. Some of the most popular Cool Cats NFT holders include Mike Tyson, Steve Aoki, and Reese Witherspoon.
In addition, Cool Cats artist Clon is one of the most well-known names in the NFT space as an artist and builder. Since its launch, Cool Cats have been significantly praised, and many people classify it as their favorite NFT collection.
Why is Moonbirds Overtaking Cool Cats?
The Moonbirds NFT collection by PROOF Collective was essentially an effort to expand PROOF’s ecosystem. Being one of the most anticipated NFT projects this year, each MoonBird NFT provides value beyond its cute feathered companion, granting exclusive perks to the holders.
Additionally, each MoonBird NFT is a key to entering the PROOF Collective’s private discord. Furthermore, Moonbird holders will gain the first access to the upcoming “Project Highrise” metaverse.
Should You Buy The Cool Cats NFT Floor Price Dip?
Speculations aside, a project’s roadmap should be the basis of any NFT purchase. Superior art and utility always stand out in the NFT space, which is flooded with new NFT drops and collectibles. Also, the general rule is to buy the dip when an asset is swinging uptrend. The ideal scenario of buying Cool Cats is when the project pulls back with the expectation of returning to its original position. You can check out our complete guide for more NFT investment tips.