Mooncat Rescue is an Ethereum-based NFT Collectible launched back in 2017, rescued this year by cat-loving NFT Holders.
What does that mean?
Ponderware developed MoonCat Rescue in 2017; then, the NFT Twitterverse discovered that it was just collecting dust mid-March this year. In a matter of hours, all the Collectibles were gone. By chronology, Mooncat is the second oldest NFT on Ethereum after CryptoPunks making it a potential goldmine in the eyes of NFT enthusiasts and collectors. After all, factors like historical significance and scarcity drive the value of NFTs.
Time to meet the OG Cat Collectibles!
What is Mooncat Rescue?
MoonCat Rescue is a generative art collection. All NFTs in the collection feature images of cats generated by the blockchain. Originally buyers didn’t know what type of cat they would get because the blockchain would only generate their NFT collectible after recording the transaction.
Since the front-end interface of MoonCatRescue had long been defunct, dedicated NFT fans had to manually interact with the contract using Etherscan to rescue the cats. The contract from Ponderware allowed only 25,600 MoonCats to be added out of a possible 4 billion unique combinations.
The best part? The only cost for rescuing a Moon Cat was that of the ETH transaction fee to mine it.
Once again, the NFT Community displayed its prowess and dedication to rare NFTs. In only four hours, MoonCats shot to second place on the list of accounts with the highest transaction fees on the Ethereum network that day, raising over $600,000 in gas fees alone.
Trading MoonCat Rescue NFTs happens primarily on OpenSea. However, through the official website, users can also trade these pixel cats. The original MoonCats predate the ERC-720 standard. Therefore the developers have created a wrapping service, allowing the tokens to exist as an ERC-721 standard for a fee of about $200. This makes them compatible with modern NFT marketplaces like OpenSea and Rarible. The $200 charge is a relatively nominal fee because some NFTs from the MoonCat Rescue collection are already being resold for almost $40k during that time.
Moon Cat Rescue NFTs continue to top the Charts
Last week, the Collection displayed tremendous growth. Its trading volume increased by 1,128% to more than $4.4 million. The tremendous increase in trading volume came from 1,050 sold NFTs, which means that the average MoonCat Rescue NFT sold for $4,190, or approximately 1.3 ETH.
Trading Moon Cat NFTs happens primarily on OpenSea. However, through the official website, users can also trade these pixel cats. The original Moon Cats predate the ERC-720 standard. Therefore the developers have created a wrapping service, allowing the cute NFT collectibles to exist as an ERC-721 NFT. This makes them compatible with modern NFT marketplaces like OpenSea and Rarible.
Logan Paul is a proud owner of the NFT collection. He paid 160 ETH or around $522,000 for a Pure White Grumpy Genesis Mooncat NFT . He alludes that he was willing to pay for the price because history is equal to price appreciation.
Right now, MoonCat Rescue has gone into its next phase: accessories. NFT owners can now add items to their Moon Cat NFTs, making them sit in a giant robot, giving them a lightsaber, hats, or placing them in the hands of the monkey from The Lion King. Plus, Cudl.finance released a blockchain game that allows you to use your NFT from the MoonCatRescue collection as something like a tamagotchi.
Enamored by the unique history of the Mooncat Rescue NFT collection? You can learn more from the project’s official community page.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
