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    Home » NFT News » Collectibles » The Cool Cats NFTs Makes a Splash with 45x Gains

    The Cool Cats NFTs Makes a Splash with 45x Gains

    By TheoAugust 11, 2021Updated:January 27, 20233 Mins Read

    It looks like cute cat avatars haven’t been dethroned in the hearts of NFT Holders as Cool Cats soared 45x in July, according to Delphi Digital. Lifetime volume (42 days) has reached 10,100 ETH or almost $32 Million based on OpenSea.  

    The cats were available for minting at 0.06 ETH but as of today’s rate, the floor price is 1.08 ETH or almost 18x the initial price. 

    Cool Cats NFT
    Following the footsteps of CryptoKitties, cute cat avatars of Cool Cats soared 45x in July. Credit: Cool Cats

    Why are They “Cool Cats”?

    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. 

    Cool Cats NFT
    The 10,000 cartoon cat avatars are valued based on points with rare items like computer head at the top of the ladder. Credit: Cool Cats

    If your only basis is the project’s description, then it’s easy to pass it off as another NFT Avatar Project. The market is being flooded with 10k+ NFT drops, sometimes coming multiple times a day. So what exactly did it do to stand out?

    Cools Cats is doing well because it pursued an uncharted territory. Instead of 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. By doing so, the project regained its momentum because NFT holders started using the avatars as their PFP on Twitter. 

    The main risk of lowering your price is that it might devalue your product. However, the team was confident the art was unique. Additionally, they prepared a suite of utilities for NFT Holders. Basically, they bet that their project has what it takes to stand out. 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. 

    Mike Tyson's Cool Cats NFT Avatar
    Cool Cats NFTs captured the interest of legendary boxer and NFT Collector Mike Tyson. Credit: Cool Cats

    Sustaining the Momentum Through Utility and Community-Building

    The astronomical rise in popularity of some collectibles like Bored Ape Yacht Club has inspired the community to look for the “next big thing.” There has basically been a Zoo’s worth of Animal-themed drops in a couple of weeks. If we are to follow the strategy of BAYC, the utility is KING. 

    Cool Cats is hyperfocused right now on building a strong utility for the collectible. Future developments will include breeding capabilities, monthly exclusive airdrops and merchandise giveaways. In addition, the project will pursue liquidity pools to fractionalize and stake their cats to receive token rewards and potential community-made cat derivatives such as 3D cats or cat comics. 

    Another mandatory aspect is building a strong community. Thus, the team is crafting creative possibilities to increase engagement by incentivizing the community to come up with new ideas to increase the market value of their Cool Cats.The project is giving back 20% of all ETH raised to the community (through contests, raffles, and more) – because they want Cool Cats to be a community-driven and centric project.

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Cool Cats
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    Theo
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    Theo is NFTevening co-founder. He has been in the digital marketing & Media industry for the past 7 years and is involved in several big publishing companies - Reaching 35Millions users monthly across 20 different countries. He is a nostalgic gamer, a Witcher-fan and a huge NFT-enthusiast !

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