Cool Cats NFT Review: The Coolest NFT in 2022?
Cool Cats NFT debuted in July 2021 and quickly rose to the third spot in terms of popularity and sales volume, according to OpenSea’s ranking charts. So, is it also the coolest NFT in 2022? Let us learn about Cool Cats NFT in this article.
What is Cool Cats NFT?
Cool Cats NFT is a blockchain-based collection of 9,999 different Cool Cats. Each Cool Cats NFT, like its predecessors the CryptoPunks, is made up of a range of distinct characteristics. In the end, approximately 300,000 different combinations are possible, including things like unique bodies, faces, facial hair, headgear, spectacles, clothing items, and so on.
The body, hat, face, and attire of these picture-for-proof (PFP) cats are all unique. There are eight different levels of Cool Cats. A Cool Cats NFT’s rarity is determined in part by its tier, but other factors also play a role.
Cool Cats has also recently announced the expansion of its community with the launch of Cool Pets. Cool Pets is a collection of randomly generated NFTs that you can interact with to grow into unique creatures. Of the 19,999 Cool Pets available, 9,999 were airdropped to Cool Cats holders, leaving 10,000 for public minting.
Cooltopia includes Cool Cats and Cool Pets. Cooltopia is the Cool Cats ecosystem, which includes all of the parts of Cool Cats that interact with one another. In the future, the team hopes to transform Cooltopia into a gamified ecosystem based on utility and interactivity, community rewards and growth, brand collaboration, and much more.
The Cool Cats team is made up of four people. The blockchain and smart contract expert is Tom Williamson (xtremetom). The web developer and manager is Rob Mehew (Lynqoid). The creative director is Evan Luza (ELU). Colin Egan (clon), also known as The Catoonist, is the illustrator. Since its inception on July 1, 2021, the project has experienced tremendous growth and is now regarded as an up-and-coming bluechip NFT project.
How does Cool Cats NFT work?
The Cats themselves are made up of 300.000 different traits. These characteristics are either assigned to a Cat via randomizing techniques or manually assembled in the case of the rarest NFTs. These characteristics are a mix of body, face, attire, and hat.
Each cat is given a score from 3 to 10, with no feline receiving a score lower than 3. This scale is then divided into four “classes,” with the majority of Cats scoring between three and six cool points.
- 4,599 Cool cats (3-4 points).
- 3,000 Wild cats (5-6 points)
- 1,750 Classy cats (7-8 points).
- 650 Exotic cats (9-10 points)
Advantages of Owning a Cool Cats NFT
Holding a Cool Cats NFT grants you not only exclusive rights to do whatever you want with your Cat, but also access to perks and rewards.
Unlike some other NFT projects, such as NBA Top Shot, owning a Cool Cats NFT means you own the asset as well as the digital artwork it depicts. As a result, if your Cool Cat becomes recognizable or valuable, you have the right to create merchandise, license the image, and even use its likeness in webcomics.
Cool Cats is one of the most encouraging projects currently available, demonstrating the true potential of NFT technology to increase engagement and capitalize on investments.
The project also incentivizes people to keep their tokens by giving them airdrops of associated NFTs if they keep a Cool Cats NFT in their wallets. These can include NFT fan-art and video loops that can only be obtained by owning a Cool Cats NFT.
Another sign that this project is long-term is that 20% of all ETH earned from primary and secondary sales is reinvested in the community treasury. This is then used for raffles and contests to help the Cool Cats community grow.
Holders will also be rewarded with additional random airdrops, access to the breeding mechanic (coming in generation 2), and the use of the $MILK utility token as the project progresses. Holding Cool Cats NFT has numerous benefits, so you should consider your conditions before purchasing it.
History of Cool Cats NFT price
When Cool Cats first launched in July 2021, the team set an initial minting price of 0.06 ETH, which was around $125-$140 at the time, and only 360 cats were sold. With nearly 10,000 Cool Cats still looking for a new home, the team took the risky step of lowering the cost of minting to 0.02 ETH, or around $50. To show their support for the project, the team refunded 0.04 ETH to the 360 existing buyers.
The gamble paid off, as the project sold out in less than eight hours. The project not only sold out, but it also garnered a lot of attention along the way, with comparisons to some of the summer’s biggest projects. Since then, some of the crypto community’s most powerful influencers and celebrity endorsers have purchased a Cool Cat NFT.
At the time of writing, the current floor price of a Cool Cat NFT is 4 ETH. With a floor cap of 39,764 ETH, the project is presently placed #20 on NFT Price Floor. It has a 6.51% listed ratio and a maximum supply of 9,941.
How to Buy Cool Cats NFT
If you think Cool Cats NFT price is within your purchasing power, you can learn how to own it by following the steps below.
A Cool Cat can be purchased through secondary markets such as OpenSea or directly from a Cool Cat holder, because the minting of Cool Cats NFTs has been done. OpenSea is the simplest and most convenient way to purchase a Cool Cat NFT. Let’s go through the steps below.
- Open an online account: The first step in acquiring a Cool Cats NFT is to purchase Ethereum. Because the Cool Cats NFT project is built on top of the Ethereum network, ETH is required to purchase it. Ethereum can be purchased with fiat money from centralized exchanges such as Coinbase Global Inc. and Gemini. Ethereum can also be purchased from a decentralized exchange (DEX) such as Uniswap. You can exchange any ERC-20 token for Ethereum on these decentralized exchanges.
- Set up a crypto wallet: To purchase an NFT from a secondary market such as OpenSea, you must have a wallet. You can use a hardware or software wallet; hardware wallets provide the highest level of security, but software wallets are easier to use and, in most cases, free.
- Send ETH to wallet: You can send ETH to your Ethereum wallet’s cryptocurrency address after purchasing it on an exchange.
- Make your purchase: The Cool Cats NFT would be purchased as the final step. OpenSea will be the safest and easiest place to buy a Cool Cats NFT. When making a purchase, ensure that the links from the project’s official social media accounts all lead to the same page. Scammers abound in the NFT market, attempting to dupe inexperienced investors. On OpenSea, you can bid on an item or buy it for the asking price right away.
The Cool Cats NFT project is an excellent NFT project with a strong community and valuable utility for its holders. Despite this, the project’s floor price of more than 4 ETH may be out of reach for many smaller retail investors. Those looking to make an investment in this project should consider purchasing a Cool Pets NFT. However, the blockchain market is currently volatile. So, before you invest any assets, do your research and set a risk limit for yourself.
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