Cool Cats NFT is one of the most popular projects in the NFT space. After its launch in July 2021, the project quickly rose to position #3 in terms of popularity and sales volume, according to OpenSea rankings. The collection was closely following NFT projects such as the CryptoPunks and Bored Ape Yacht Club. Although Cool Cats NFT has dropped in terms of price, it is still one of the top generative avatar NFT projects today.
The Cool Cat NFT project has a vibrant and active community. The team behind the project has also promised to push the NFT project forward. In this article, we give you a 360-degree view of the Cool Cats NFT project.
What are Cool Cats NFT?
Cool Cats NFT is an NFT project that comprises 9,999 randomly, programmatically generated NFTs. Just like its predecessors such as the CryptoPunks, each Cool Cat NFT has a variety of unique traits. There are more than 300,000 combinations that comprise things such as unique bodies, facial hair, faces, glasses, hats, clothing items, etc.
The Cool Cats are not created equal. Some are rarer than others.
About half of the NFTs in the collection have a basic degree of “cool,” which means they are worth three or four points. Other NFT Cool Cats are “Wild,” “Classy,” and “Exotic,” in the order of increasing points.
The first generation of the Cool Cats NFT was very successful, leading to high trading activity and community involvement. The team behind the project is committed to delivering new features in the upcoming versions of the project.
Who Created Cool Cats NFT?
The team behind Cool Cats NFT comprises four people. The first one is Tom Williamson (xtremetom), a blockchain and smart contract expert. The second one is Rob Mehew (Lynqoid), a web developer and manager. Then there is Evan Luza (ELU), the creative director. Finally, the illustrator is Colin Egan (clon), also known as The Cartoonist.
In one of the interviews, Egan explained how the Cool Cats NFT idea came up. “My whole life I’ve drawn cartoon characters, but the cats didn’t start until high school. […] Eventually, I was known as the guy who drew cats — and that was when I started translating that into my cartoon drawings, which until then were only doodles for me,” he said.
All Cool Cat NFTs are derived from “Blue Cat,” a character that Egan would draw in high school. A Cool Cats Medium page writes that Colin “spent years perfecting the line weight, ear height, and whisker length of Blue Cat to finally get him to its undeniably cool and cute final form.”
What Makes NFT Cool Cats Unique?
The Cool Cats NFT team is building on the popularity of the brand by implementing new gaming mechanics and features into the NFTs. Cool Cats launched the Adventure’s Guild in the first quarter of 2022. Collectors can earn MILK, the native social token of the platform, by completing quests using their NFT Cool Cats. MILK is an ERC-20 crypto token that can be exchanged for randomized prices.
An additional 19,999 NFTs were created in February 2022 under the Moniker Cool Pets. The Cool Cats NFT team is also planning to implement more gaming features and add ways for collectors to interact with their NFT companions.
Cool Cats NFT has an aesthetic simplicity that is different from the hyper-detailed visuals of other NFT collections. The collection is rendered plainly, just like cartoons. The nostalgic simplicity of this NFT project could be the reason behind its popularity.
Why are NFT Cool Cats So Expensive?
The Cool Cats NFT project closely followed the Bored Ape Yacht Club (BAYC). While Bored Ape catalyzed the profile picture (PFP) boom that occurred in the summer of 2021, Cool Cats helped lead the all-out avatar bull run.
The Cool Cat NFTs were initially priced at 0.06 ETH, which was about $150 then, and 300 NFTs were sold. The team then reduced the price to 0.02 ETH (or $50) per mint. The NFTs were sold out within 8 hours. The project then started to explode within the NFT ecosystem. The price of the Cool Cat NFTs rose to 0.66 ETH, or about $1,000. This can be attributed to celebrity involvement.
Eight days after the launch of the NFT collection, the Cool Cats NFT collection received a huge endorsement from Mike Tyson. By using a Cool Cat as a Twitter avatar, the boxing legend solidified himself and the Cool Cats NFT as prominent parts of the NFT community. Today, some of the celebrities who own Cool Cats are actress Reese Witherspoon, DJ Steve Aoki, and Reddit co-founder Alexis Ohanian.
Cool Cats NFT Utility: What Does the NFT Project Offer its Community?
One of the Cool Cats NFT’s core offerings is a community centered on positivity. In the early days of the project, “We like the cats” became the official slogan of the project. As trading started to pick up and NFT enthusiasts began to become bullish (gaining confidence in the project because of factors such as the rising prices and celebrity support) on the project, the collective Cool Cats ethos of enthusiasm and positivity was established.
And just like other PFP NFT projects, the Cool Cat NFT project became all about community.
To give a warm welcome to anyone who joins the Cool Cats universe, the Cooltopia was opened. Cooltopia is the entire Cool Cats ecosystem, which includes the official Twitter account, the Cool Cat Shop and marketplace, the Discord Server, etc. The project creators took their entire ecosystem and have tried to transform it into a type of gamified NFT experience connecting all Cool Cats NFT owners. According to the founders, they aimed to create “a place where having a Cool Cats NFT grants you evolving access to games, tokens, community events, collaborations, and more.”
Thus, owning a Cool Cat NFT comes with a lot of incentives. Holders are given an exclusive role in Discord, access to NFT airdrops, access to live and online Cool Cats events, priority minting for all Cool Cats endeavors, and a non-exclusive license to the NFT they own.
According to the Cool Cats website, they return 20 percent of all ETH raised to their community in the form of contests, raffles, and more. The project wants to give buyers a real place and a voice in their community.
Although NFT licensing and copyright have been a continuous topic in the NFT space, the Cool Cats’ non-exclusive license helped overcome the usual challenges by allowing its NFT holders to do anything they please with their Cool Cat NFTs. At the same time, the Cool Cats creators also reserve the same right and they can use any NFT from the 10,000 Cool Cats for marketing, merch, etc.
In August 2021, Cool Cats entered into a partnership with Time magazine, flexing the freedom given to the NFT holders and project creators via a non-exclusive license. A limited-edition drop with 100-TIME-branded editions of Lynoid, ELU, Xtremetom, and Clon’s signature cats was launched. The partnership came alongside a meme competition, pushing Cool Cats NFT secondary sales upwards.
How to Buy Cool Cats NFT
You can easily buy NFT Cool Cats on secondary NFT marketplaces such as OpenSea, or directly from Cool Cats holders. However, the easiest and lowest friction way of buying NFTs is on OpenSea.
At the time of writing, the collection had a floor price of 0.5666 ETH. To buy a Cool Cat NFT on OpenSea, you will be required to connect your NFT wallet to the platform. Luckily, OpenSea supports different types of NFT wallets, including MetaMask, WalletConnect, and others. Your NFT wallet should also be funded with enough ETH for buying the Cool Cat NFT. OpenSea may also charge you additional costs for buying an NFT on its platform, for example, gas fees.
What is the $MILK Token?
$MILK is the social token of the Cool Cats ecosystem. You will need $MILK to complete tasks such as buying Pet chests, Housing chests, Battle chests, going on Chests, and future gamification.
The announcement of the $MILK token created a new trend within the Cool Cats ecosystem: the milk chug. While celebrating the token news and the rising floor prices, the Cool Cats creators and community members started posting videos of themselves consuming anything from a small glass to a full gallon of milk.
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