Cool Cats Pets Drop Causes Controversy Due to its Access Rights, Minting Price

Ahead of the January 28 launch, Cool Cats’ Companion Pets are receiving some heat over access rights and minting price. Some users are hating on the project and expressing dismay because of the 0.05 ETH minting price. Take note that out of the 20,000 total supply, 10,000 are already reserved for current NFT holders while the rest would be up for grabs.

Are people actually hating on Cool Cats giving 1 free Cool Pet per Cat and then adding 10,000 at 0.5 ETH when the current floor is 12.5 ETH? The same team that invented accessible “Paper Cats”, only took 2.5% royalty and will allow you to rent pets to gain tokens?

— Farokh.ethᵍᵐ (@farokh) January 15, 2022

Is Cool Pets’ Minting Price Fair?

NFT influencer @Farokh quickly defended the blue-chip NFT project by highlighting the credibility and track record of the team. From 0.02 minting price, Cool Cat’s floor price has climbed to 12.49 ETH or almost $42,000. This represents a tremendous appreciation in value and growth over time. So naturally, NFT enthusiasts and collectors are clamoring to be part of the community.

@Farokh also refuted claims that 0.5 ETH is too much and it’s just a cash grab stunt. He reminded the bashers that this is the same team “that invented accessible Paper Cats, only took 2.5% royalty and will allow you to rent pets to gain tokens.”

He reiterated that building a business, P2E game and much more incur costs so there’s nothing wrong with raising funds. For example, when BAYC released Mutant NFTs, the floor price was 50 ETH, so they priced it at 2.5 ETH and raised $100 Million in fresh funds.

wen? january 28, 2022.
mint? 0.5 ETH.
cool? pets.

💧🔥☁️🌱 pic.twitter.com/QFQ99JMbxR

— Cool Cats 🆒🐱 (@coolcatsnft) January 14, 2022

The community backed up Farokh’s sentiments after he posted the Twitter thread defending Cool Cats. Emmy nominated photographer @JohnKnopfPhotos  shared the dark truth that people preach value your art but when an artist does and the crowd can’t afford it, they attack the artist.

Aside from expanding the community and raising funds to build the brand, the 0.5 ETH is actually a way to give back to the NFT holders. The minting price provides value to the holders because they get their Cool Pets for free. As @kryptokyleNFT pointed out, “many holders spent $20,000 for their cats. So this is a way to reward them by providing them with something that will be immediately worth 0.5.”

What’s Next for Cool Cats and Cool Pets NFTs?

Objectively, 0.5 ETH or around $1600 is a lot for newcomers. It is indeed not for everyone. However, the project’s success and future utility completely justify it. Moreover, in the NFT world, it is actually a reasonable price for a blue-chip NFT project. The team also did a good job of giving 5,000 allowlist slots to notable communities like Boss Beauties, Kumo x World and Phanta Bear.

@kryptokyleNFT also thinks that if you can somehow raise the money for the mint, then you should definitely go for it. However, if you get priced out, then there are alternative ways to ape into the community.

For example, the team is building “the guild” into the system. This feature will allow non-cat/pet holders to borrow staked pets to go on quests (play the game) to earn $MILK and items. You can then liquidate your earnings or put it towards buying a pet or future Cool Cats character or asset. This way, you can participate in the project’s ecosystem even if you don’t have any money to start with.