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A Primer on Blue Chip NFTs: “Cool Cats” Takes Off

This makes me wonder if the Hipsters have lost their Blue Chip status. Like every other NFT project, the collection is having a hard time right now. No matter what, the market is currently in a bearish state. A Hollywood agency is in charge of the Cool Cats project. They put on the best show at NFT NYC and worked with TIME magazine on a strange NFT drop. The collection’s base price has been cut to a level that hasn’t been seen since the beginning of the project.

In July 2021, the Cool Cats started spreading good vibes on a regular basis. It is a PFP set with 300K possible permutations based on the traits of 9,999 different cats. A long time ago, the ecosystem changed in two big ways. They showed off a new line of Cool Pets and their own cryptocurrency called $MILK. The people who made the collection have been putting out a game-like experience, and the new coin is what makes it all work.

The core team is made up of Tom Williamson, a smart contract programmer, Rob Mehew, a web developer, Evan Luza, a creative director, and Colin Egan, a cartoonist. Mike Tyson is, in fact, the band’s fifth member. The collection got a big boost when the heavyweight champion of all time changed his Twitter profile picture to a Cool Cats picture just a few days after it came out.

The Cool Cats moved to the Hollywood Hills in March of the year 2021. When they signed with CAA, a big talent agency, it was a risky move for the creators. Partners gave more information about the deal in a press release at the time:

“Leading entertainment and sports agency Creative Artists Agency (CAA) has signed Cool Cats, producers of the widely known Cool Cats and Cool Pets NFT collections. In collaboration with the gamified NFT company, the agency will identify and create opportunities for Cool Cats characters across an array of areas, including licensing and merchandising, animated content, brand partnerships, live events, publishing, and more.”

Extremely Useful Cool Cats

First, people who own Cool Cats NFTs get full ownership of the assets that back them up. This means that they can use pictures from their NFT in projects that make money. Also, Cool Cat owners will get first dibs on all of the special Cool Cats events and mints, and they will have access to the project’s private Discord server. People who own NFTs can save them up and get dividends in $MILK.

Participants also get access to Cooltopia, which is described as “a gamified ecosystem built on interactivity and utility, community rewards and growth, collaboration with brands, and much more.” Cooltopia calls itself a “place where having a Cool Cats NFT grants you evolving access to games, tokens, community events, collaborations, and more.”

There’s also a side project called “cool pets.” An incentive for people who already own NFTs and a low-cost way for new people to join. In the Cool Pets line, there are more than 19,900 items to choose from. Each holder got a pet for free, and the rest of the animals were sold to the general public. The first thing you see of the Cool Pets is a picture of an egg, which will eventually hatch into the ultimate NFT. There are four types of pets: those that are made of fire, water, air, or grass.

Symbol of the $MILK

$MILK is an ERC20 token that can be found on both the Ethereum and Polygon blockchains. To put it another way, it’s the fuel that keeps the game-based economy of Cooltopia running smoothly. If what the records say is true:

$MILK is needed to use the many features and ways to have fun in the Cool Cats ecosystem, like buying Battle or Housing chests or going on quests.

You can spend $MILK to improve and level up your Cool Pets.

This one explains how the NFTs’ staking system works: “Your Cool Cat earns $MILK just by being cool (the $MILK claiming clock starts as soon as the contract is deployed), and that $MILK will build up over time.”

Disagreement and Doubt

There might be something strange about this whole plan. In April, only three months after being hired, the interim CEO quit. No explanation that made sense was ever given. “Chris Hassett has stepped down as CEO,” the archive tweeted just now. We thank him for it and wish him the best in the future.

There’s also the cost to think about. The Cool Cats market reached its peak in October 2021, when the floor price was about 26 ETH. After almost a year, a floor Cool Cat costs 2.9 Ether. Also, the minimum price to buy Cool Pets right now is only 0.18 ETH. Does that mean those prices are for Blue Chips? Even though we are in the middle of a crypto winter, the amount of money coming in is going down.

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