Do adorable cats still have Blue Chip status? The group has had rough times lately, and so has any other NFT project. We are in a bear market, after all. The Hollywood agency runs the Cool Cats project, they had The coolest gallery in NFT NYC, and collaborated with TIME magazine on a bizarre NFT projection. However, the base price of the kit has fallen to levels not seen since the project was conceived.
The Cool Cats started spreading good vibes in July 2021. It’s a PFP made up of 9,999 unique cats assembled from different traits that can make up 300,000 possibilities in total. The ecosystem expanded in two main ways for a while. They launched their secondary group, Cool Pets, and their token $MILK. The new currency is the blood that fuels the beloved experience unleashed by the group’s creators.
– Mike Tyson (@MikeTyson) July 9, 2021
Speaking of those, the core team is: Smart Contract Programmer Tom WilliamsonWeb developer Rob Mihocreative director, Evan LuzA, 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 this pushed the group when they needed it most.
The relationship between adorable cats and CAA
The Cool Cats went to Hollywood in March of 2021. In an unprecedented move at the time, the creators signed with the leading talent agency CAA. in Press release from that timeThe partners explained the deal in detail:
Cool Cats has signed on to Cool Cats as the producers of the widely known Cool Cats and Cool Pets NFT kits. In collaboration with beloved NFT, the agency will identify and create opportunities for Cool Cats characters across a range of areas, including licensing and marketing, animated content, brand partnerships, live events, publishing, and more.”
Therefore, there is money and serious interests behind cats. Why does it fade 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 a benefit
First of all, Cool Cats holders get their NFT equity. This means that they can produce commercial projects using their NFT images. Cool Cat owners also get access to the project’s Discord server, priority to all Cool Cats events and exclusive mints. Holders can stack NFTs and receive a US dollar milk yield.
Another benefit is access to Cooltopia, a project they define As “an ecosystem built on interaction, benefit, community rewards, growth, brand collaboration, and more.” else self definition It has Cooltopia as “a place where getting Cool Cats NFT gives you advanced access to games, codes, community events, collaborations, and more.”
In addition, there is a Cool Pets side project. A bonus for NFT holders and a way for new entrants to enter the ecosystem at a lower price. Cool Pets collection includes 19999 units. Each owner got a pet for free and the common people bought the other half. Cool Pets first comes as an image of an egg that hatches and reveals the ultimate NFT. Pets are divided into four elements: fire, water, air and grass.
$MILK is an ERC20 token on the Ethereum and Polygon blockchains. It’s the oil that hones Cooltopia’s manipulative economy. according to documents:
- “$MILK is the key to all kinds of jobs and fun in the Cool Cats ecosystem, from buying Battle Crates or Housing to doing quests.”
- “$MILK is also how you will improve and develop your adorable pets.”
- This one describes the contribution-like NFT mechanism: “Your Cool Cat earns $MILK just by being cool (MILK claim hour starts as soon as the contract is posted), this $MILK will accumulate over time.”
controversy and doubt
There may be something strange going on in this project. In April, the newly appointed CEO resigned after just three months. No reliable explanation has been provided. the group just tweeted, “Chris Hassett is stepping down as CEO. We thank him and wish him well going forward.” Is there a problem with brewing at Cool Cats headquarters?
Then there is the price. At its peak, in October 2021, the price of Cool Cats was around 26 ETH. About a year later, Earth cats are cool It is trading for 2.9 ETH. that’s not all, adorable petsThe lowest price is currently at 0.18 ETH. Are these blue chip numbers? Even though we’re basically in the middle of a crypto winter, the group seems to be falling off a cliff…
Will adorable cats land on their feet?
Featured Image: screen shot from the collection's site | Charts by TradingView