Updated: Sep 30, 2021
Cool Cats is an NFT project based on a character created over 10 years ago by artist thecatoonist. The project is aiming to build a community and ecosystem around thecatoonist's primary character, Blue Cat. Cool Cat NFTs launched on July 1st, 2021 and sold out in about 8 hours. Each NFT includes a non-exclusive license.
Blue Cat (pictured below) is the original inspiration behind Cool Cats. This character has undergone many design changes throughout the years to become the sleek feline it is today.
After diving through Blue Cat's history you'll find a variety of comics, illustrations, posters, emojis, and stickers that have been developed throughout the years. These existing items make the character feel more real and help it stand out from many of the other new generative avatar projects. Below is one of the posters that inspired the project's creation.
Gen 1 Supply: 9,999 cats
100 cats reserved for competitions & airdrops
Mint price: 0.06 ETH
Mint price was later decreased to 0.02 ETH after the first 360 cats sold because sales were slow
The Cool Cats have a ranking system from 3 to 10 points that determines the rarity of each NFT. Common items are worth less points than rare ones. Points are based on the following:
There will be multiple waves of Cool Cat drops - Blue Cat Skin is exclusive to cats from Gen 1. I imagine future drops will also have a unique skin or identifier to distinguish which generation certain cats belong to.
Giving back 20% of ETH raised to the community through contests, raffles, etc. (airdrops & community rewards are highly emphasized by the team)
Breeding in Gen 2
Cool Cats didn't impress me at first but after doing the research I can now say I understand the hype. The choice of creating a NFT project around an already established character was a great move on the team's part. It's pretty nice that they already have existing material that can be used to build a community behind. It definitely makes the project feel more established and not just out there as a money grab.
I like the emphasis Cool Cats is placing on their point system. A consequence of generative NFT projects is that they naturally create an informal caste system within their communities. This happens due to the fact that each NFT is unique and has a varied amount of rarity. Cool Cats is embracing this social class system and I think it will actually help gamify their community.
There are 2 reasons I can see people owning cats:
Receive airdrops & participate in giveaways
Genuine support for building content around Blue Cat and its likeness
These two reasons are not compelling enough for me to join this community because almost every other NFT community is working on the same things. BAYC, Gutter Cats, Slumdoges and more are already airdropping items to their communities which makes Cool Cats' emphasis on giveaways stand out less.
Having multiple generations of drops can either be a good thing or bad thing for collectors - I'm not sure which outcome will happen. On one side, more drops can be a good thing because it allows new entrants to join the community. On the other side, more NFTs in the ecosystem can dilute the overall price of Cool Cats which could disincentivize collectors from holding long-term. I believe the deciding factor in preserving the price of Gen 1 cats lies in how much the community values Blue Cat Skin. Given that there are 9,999 cats with this trait, I don't personally see its value holding up.
I don't own a Cool Cat and am not in a rush to buy one but I do see their potential. I think there will be opportunities to buy these at a lower price in the future so I plan on holding out and reevaluating when the time is right. The biggest encouragement I have for anybody joining a project like this is to create something within the community. Community projects are the next step in determining which NFT communities will last and which won't. I say this as someone concerned about the number of people flipping projects for profit instead of joining them for the long run.