Blue Chip NFTs 101: Cool Cats Lands On Its Feet And Does It In Style
September 24 2022 - 2:16AM
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Do the Cool Cats still have Blue Chip status? The collection fell
on hard times lately, but so has any other NFT project out there.
We’re in a bear market, after all. A Hollywood agency manages the
Cool Cats project, they had the coolest exhibit in NFT NYC, and
collaborated with TIME magazine in a weird NFT drop. Still, the
collection’s floor price is down to levels not seen since the
project’s conception. Related Reading: Blue Chip NFTs 101 – What’s
The Secret Behind CloneX? Built For The Metaverse The Cool Cats
started spreading good vibes in July 2021. It’s a PFP collection
consisting of 9.999 unique cats assembled from various traits that
could form 300K possibilities in total. The ecosystem expanded in
two major ways a while ago. They launched their secondary
collection, the Cool Pets, and their own token, $MILK. The new coin
is the blood that powers the gamified experience that the
collection’s creators have been releasing.
pic.twitter.com/GcpXtb5Vt8 — Mike Tyson (@MikeTyson) July 9, 2021
Speaking about those, the core team are: the smart contract
programmer Tom Williamson, web developer Rob Mehew, creative
director Evan Luza, and illustrator Colin Egan AKA The Cartoonist.
The unofficial fifth member of the band is Mike Tyson. A few days
after launch, the eternal heavyweight champion changed his Twitter
profile picture to a Cool Cats and that propelled the collection
when it needed it the most. The Relationship Between Cool
Cats And CAA The Cool Cats went Hollywood on March 2021. In a move
unprecedented at the time, the creators signed with leading talent
agency CAA. In a press release from the time, the partners
explained the deal in detail: “Leading entertainment and sports
agency Creative Artists Agency (CAA) has signed Cool Cats,
producers of the widely known Cool Cats and Cool Pets NFT
collections. In collaboration with the gamified NFT company, the
agency will identify and create opportunities for Cool Cats
characters across an array of areas, including licensing and
merchandising, animated content, brand partnerships, live events,
publishing, and more.” So, there’s serious money and interests
behind the cats. Why are they fading away into the background,
then? Is it just an effect of the bear market? ETH price
chart for 09/24/2022 on OkCoin | Source: ETH/USD on TradingView.com
Cool Cats ’ got utility First of all, Cool Cats holders get their
NFT’s property rights. That means, they can produce commercial
projects with their NFT’s images. Cool Cat owners also get access
to the project’s Discord server, and priority for all of the
exclusive Cool Cats events and mints. Holders can stack their
NFTs and get yield in $MILK. Another benefit is access to
Cooltopia, a project they define as “a gamified ecosystem built on
interactivity and utility, community rewards and growth,
collaboration with brands, and much more.” Another self-definition
has Cooltopia as a “place where having a Cool Cats NFT grants you
evolving access to games, tokens, community events, collaborations,
and more.” Plus, there’s the Cool Pets side project. A reward
to NFT holders and a way for newcomers to enter the ecosystem at a
lower price point. The Cool Pets collection has 19,999 units. Every
holder got a pet for free and the general public bought the other
half. The Cool Pets first come as an egg image that hatches and
reveals the final NFT. The pets are divided into four elements:
Fire, Water, Air, and Grass. The $MILK token The $MILK is an ERC20
token on the Ethereum and Polygon blockchains. It’s the oil that
greases Cooltopia’s gamified economy. According to the
documentation: “$MILK is the key to all sorts of functionality and
fun in the Cool Cats ecosystem, from buying Battle or Housing
chests to going on quests.” “$MILK is also how you’ll enhance
and evolve your Cool Pets.” This one describes the NFTs
staking-like mechanism: “Your Cool Cat is earning $MILK just by
being cool (the $MILK claiming clock begins as soon as the contract
is deployed), and that $MILK will accumulate over time.”
Controversy And Suspicion There might be something strange going on
with this project. In April, the newly-appointed CEO stepped down
after just three months. There was never a credible explanation
given. The collection just tweeted, “Chris Hassett has stepped down
as CEO. We thank him and wish him the best moving forward.” Is
there problem brewing in the Cool Cats headquarters? Related
Reading: Blue Chip NFTs 101: The World Of Women Collection,
Including And Conquering And then there’s the price. At its height,
in October 2021, the Cool Cats floor price was around 26 ETH.
Almost a year later, the floor Cool Cats are trading for 2.9 ETH.
That’s not all, the Cool Pets’ floor price is currently at
0.18 ETH. Are those Blue Chip numbers? Even though we’re basically
in the middle of a crypto winter, the collection seems to be
falling off a cliff… Will the Cool Cats land on their feet?
Featured Image: screen shot from the collection's site | Charts by
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