Do Cool Cats Still Have Blue Chip Status? Collectibles recently fell on hard times, but so has any other NFT project. We are in a bear market, after all. a Hollywood agency manages the Cool Cats project, they had The Fabulous Exhibition at NFT NYC, and collaborated with Time magazine in a strange NFT drop. Still, the collection’s lowest price is below levels not seen since the project’s conception.
The Cool Cats started spreading good vibes in July 2021. This is a PFP collection consisting of 9.999 unique cats gathered from various traits that can make up to 300K possibilities in total. Some time ago the ecosystem expanded in two major ways. They launched their secondary collection, Cool Pets, and their own token, $MILK. The new coin is the blood that powers the gamified experience released by the creators of the collection.
— mike tyson (@mike tyson) 9 July 2021
Speaking about them, the core team are: Smart Contract Programmers Tom WilliamsonWeb Developer Rob Mahevcreative director iwan luzuA, and illustrator Colin Egan aka 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 Cool Cats and it inspired the collection when he needed it most.
The Relationship Between Cool Cats and the CAA
The Cool Cats moved to Hollywood in March 2021. In a move unprecedented at the time, the creators signed with leading talent agency CAA. In a press release from timeThe partners elaborated on the deal:
“The leading entertainment and sports agency Creative Artists Agency (CAA) has signed Cool Cats, creators of the widely known Cool Cats and Cool Pets NXT collections. In association with the Gamified NXT Company, the agency deals with licensing and merchandising, animated content, brands The partnership will identify and create opportunities for Cool Cats characters across multiple sectors, including live events, publishing, and more.”
So, behind cats there are serious money and interests. Then why are they fading into the background? Is this just a bear market effect?
ETH price chart for 09/24/2022 on OkCoin | Source: ETH/USD on TradingView.com
Cool Cats got utility
Firstly, CoolCats holders get the property rights to their NFTs. This means, they can build commercial projects with the images of their NFTs. Cool Cat owners also get access to the project’s Discord server, and have priority access to all special Cool Cats events and mints. Holders can stack their NFTs and receive returns in $MILK.
Another benefit is access to Cooltopia, which is a project they define As “a gamified ecosystem built on interactivity and usability, community rewards and growth, collaboration with brands, and much more.” another self definition Cooltopia has “a place where having CoolCats NFT lets you develop access to games, tokens, community events, collaborations, and more.”
Plus, there’s the Cool Pets side project. A reward for NFT holders and a way for newcomers to enter the ecosystem at a low cost. There are 19,999 units in the Cool Pets collection. Each holder got one pet for free and the general public bought the other half. Cool Pets comes first in the form of an egg image that composes and reveals the final NFT. Pets are divided into four elements: fire, water, air and grass.
$MILK is an ERC20 token on the Ethereum and Polygon blockchains. It’s the oil that lubricates Cooltopia’s simplistic economy. According to Documentation,
- “$MILK is the key to all kinds of functionality and fun in the Cool Cats ecosystem, from buying battles or housing chests to going on quests.”
- “$MILK is also how you’ll grow and develop your cool pets.”
- It describes the NFT’s stake-like arrangement: “Your cool cat is earning $MILK just by being quiet (the $MILK claiming clock starts as soon as the contract is in force), and that $MILK accumulates over time.” Will go.”
controversy and doubt
Something strange can happen with this project. In April, the newly appointed CEO stepped down after just three months. A credible explanation was never given. collection just tweeted“Chris Hassett has stepped down as CEO. We thank him and wish him the best of luck.” Is there a problem with the brewing at Cool Cats HQ?
And then there’s the price. At its peak, in October 2021, Cool Cats had a minimum price of around 26 ETH. About a year later, floor cool cats Trading at 2.9 ETH. He is not everything cool petsThe floor price is currently at 0.18 ETH. Are those blue chip numbers? Even though we are basically in the middle of a crypto winter, the collection is falling off a cliff…
Will the cool cats get on their feet?
Featured Image: screen shot from the collection's site | Charts by TradingView