Tom Williamson and Rob Mehew had attempted to make the NFT project but landed on unicorns. However, the two scrapped the project and collaborated with artists Colin Egan and Evan Luza on a different concept, Cool Cats. The generative NFT project aimed to have 9,999 cartoon cats being blue, cute, illustrated. They even had put on accessories such as bandanas, beanies and flannels. The cats on sale witnessed a quick sale of the 9,999 types in less than eight hours, leading to a revenue generation of $400,000 in Ether.
Luza, having the name ELU online, said that the cats were both cool and cute. He felt that the package felt like Pokemon cards. Cool Cats is just one of the projects that have taken the NFT space by storm in the last few months. Thanks to the success of absurd collections such as Crypopunks that have been sold for millions of dollars. Following the model set in 2017, they comprise 10,000 pieces. These are programmatically generated, from a set of components such as T-shirts, moustaches, hats amongst others.
These are akin to big games of Pokemon, barring the fact that every creature can be used only once. Fan favourites such as Charizard and Pikachu have more value than seventh-generation throwaways like Cutiefly.
Some of the Cool Cats are being sold for 3ETH (around $10,000) while some others going are being sold for 15ETH (around $49,000). All of them are being sold above the initial “capture” price of .02ETH (about $42 at the time) on day one. Initially, it was cats such as Mad Cats, Punk Cats, Moon Cats, Gutter Cats, Stoner Cats and Blazed Cats. In recent months, many projects have sprung up, around a single creature such as aliens, robots, lions, tigers and bears.
In recent times, globally reputed TIME magazine had disclosed crypto projects in collaboration with Cool Cats. Every cat has a novel hat, face, body as well as outfit drawing from more than 300,000 total options. It is estimated that presently weekly trading volumes are ranging in millions with a single Cool Cat providing about 200,000 USD. The magazine will be working with Cool Cats for releasing about 400 images in four diverse designs featuring Cool Cats illustrations also reading a TIME magazine.
TIME president Keith Grossman had said that it had decided to take up the project as the community demonstrates optimism and coming across as family-friendly. Cool Cats and TIME had organised a meme competition instead of auctioning digital collectables. It was decided that the best eight memes on the project receive one of the NFT pieces for their efforts while the balance 392 NFTs were distributed through a raffle.
In July 2021, the Non Fungible Tokens witnessed a stupendous surge hitting all-time highs. The projects witnessed millions being poured into the capital, as per the crypto research firm Delphi Digital. Commencing from July 1, about 10,000 randomly generated cats were available on the Ethereum blockchain. It has been seen that prices for Bored Apes, ArtBlocks and Meebits surged by about 250 to 300 per cent in the last one and half months even as Cool Cats rose by 45x during the same time.
Cats were available for purchase at a price of 0.06 Ether (about A$256, at today’s prices). But was being sold for 1.19 Ether (A$5,000) on Opensea earlier. The developer has huge plans for Cool Cats including a breeding contract as well as generation two.
The company said that it is focusing on building the Cool Cats universe which aims to bind the community together and create a sense of belonging and ownership.
Viraj Desai is a former banker turned communications professional with over ten years of experience across Financial institutions, multilaterals media and corporates. He has over ten years of experience including a stint as a financial journalist with India's largest business daily, The Economic Times, covering energy and infrastructure policy developments in India. He has also led communications for advisory projects in the International Finance Corporation,World Bank's private sector arm. Mr Desai has a Masters in Public Policy from TERI School of Advanced Studies, graduation from Madras University, a diploma in Journalism and a certification from the MICA Institute, Ahmedabad on Data Analytics.