The “blue chip” PFP project has updated its branding and given holders gamified NFTs. Later this year, full-body avatars will be released.
Cool Cats was one of the most popular profile picture projects during the late 2021 NFT market boom, but collectors’ complaints affected prices to decline sharply last year. Today, the project’s creators showed a new way forward with a new logo and a plan to grow beyond Ethereum with full-body avatars that can be customized.
“With our new strategic direction and rebrand, we want to convey to the community and the broader Web3 space that Cool Cats is here to stay,” Cool Cats Group CEO Stephen Teglas told Decrypt. “We’re not just building for the next year, or the next five years—we’re planning for the long term.”
Cool Cats main goal
Cool Cats and Cool Pets NFT holders got a free Fracture NFT today, which co-founder and Head of Content Robert Mehew named “dynamic NFTs that enable a new storytelling experience via digital collectibles.” As users complete missions in the Cooltopia game, the Fracture NFTs will alter and eventually reveal potential rewards.
Later this year, Explorers NFTs will grow the Cool Cats project with customizable full-body avatars that can be used across blockchain networks and in supported apps and platforms.
Explorers’ full functionality is unknown, but it sounds like Doodles 2, another Ethereum NFT project. That project bridges to the Flow blockchain and turns profile pictures into customizable avatars with virtual apparel.
A representative from Cool Cats told Decrypt that Explorers NFTs will work on multiple layer-1 blockchains and layer-2 scaling networks, including some that are not compatible with the Ethereum Virtual Machine (EVM). In the coming months, these platforms will be shown. Cool Cats has used the Ethereum sidechain network Polygon before for limited-edition NFT drops and a mobile game.
A representative said that the goal was to make it as easy as possible for Cool Cats avatars to move between blockchains. The team also wants to work with members of the community to build things that can be used with the Explorers.
With today’s announcements came a rebranding of the Cool Cats project on social media and in marketing materials. This will go along with new content about the project’s central character, Blue Cat.
“Our new logo features a forward-facing cat, a nod to our focus on building for the future,” Cool Cats co-founder and Creative Director Colin “Clon” Egan told Decrypt.
Last year, Cool Cats prices fell amid leadership changes, Cooltopia’s mixed reviews, and complaints that the founders weren’t supporting the project. According to NFT Price Floor, the floor price was 2 ETH this morning before the announcements. Given that the price of Ethereum has dropped, that’s less than $3,200 worth.
What will happen next?
According to CryptoSlam, Cool Cats and Cool Pets have generated $377 million and $105 million in secondary market trading volume. In 2021, Cool Cats made limited-edition NFTs with Time magazine and today announced a marketing partnership with Ledger.
After an up-and-down year, can Cool Cats gain back its “blue chip” status with a new look, gamified reward NFTs for current owners, and a larger avatar push across multiple chains? Teglas believes that expanding Cool Cats beyond Web3 will help it become an entertainment brand.
Cover Image Source: decrypt.com