Cool Cats: The NFT industry had a tremendous rise in late 2021, and a number of projects witnessed a surge in popularity.
Many of the NFTs were subsequently utilized as social media profile pictures.
Cool Cats ranked high among the most well-liked NFTs, reaching record levels.
The prices did, however, drop drastically last year, and collectors’ complaints began to increase.
The owners of Cool Cats recently revealed a new strategy for moving the project along with fresh branding.
They also implied fully customizable avatars as a possible future extension outside of Ethereum.
“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,” said CEO Stephen Teglas.
“We’re not just building for the next year, or the next five years – we’re planning for the long term.”
What’s coming?
In the near future, holders of Cool Cats and Cool Pets NFTs will receive a complimentary Fracture NFT through airdrop.
The free NFT, according to project co-founder and head of content Robert Mehew, are dynamic tokens that enable a brand-new storytelling experience through digital artifacts.
The Fracture NFTs will develop when holders complete objectives (or Journeys) in the “World of Cooltopia” story.
They eventually make possible rewards public.
But later in 2023, the Explorers NFTs will represent a larger extension of the Cool Cats initiative.
Users may post fully editable avatars of their entire bodies on various blockchain networks.
The NFTs may also be utilized with a variety of platforms and apps that are supported.
Functionality
The project is similar to the Ethereum NFT project Doodles, which released Doodles 2 before revealing the entire scope of the Explorers capability.
Old profile pictures are transformed into completely customizable avatars that can update the NFT’s virtual attire as part of the project’s bridge to a new blockchain (Flow).
A spokesperson for Cool Cats added that the Explorers NFTs would function on a variety of layer-1 blockchains and layer-2 scaling networks.
Some of the blockchains are incompatible with the EVM, or Ethereum Virtual Machine.
Read also: DeGods NFT make progress towards Ethereum switch
The platforms will be made available all year round.
The Ethereum sidechain network Polygon was previously utilized by Cool Cats to drop limited-edition NFTs and introduce a mobile game.
“Our goal is to remove as much fraction as possible,” a representative said, addressing the movement of avatars across various blockchains.
The Cool Cats also intend to collaborate with community members and create resources that may be applied to the Explorers project.
Rebranding
The most recent statement was aligned to the Cool Cats project’s redesign in marketing materials and social media.
The rebranding is connected to new narrative material that centers on Blue Cat, the project’s main character.
“Our new logo features a forward-facing cat, a nod to our focus on building for the future,” said Colin “Clon” Egan, the co-founder and Creative Director of Cool Cats.
Progress
The floor price for Cool Cats rose to about 14 ETH (around $48,000) in October 2021 as a result of the NFT market’s overall spike in late 2021.
A prominent Hollywood agency, Creative Artists Agency, signed the project last year in an effort to seek licensing and media arrangements.
However, a lot of factors, like the following, caused the Cool Cats price to drop:
- Leadership departures
- Mixed reception to Cooltopia
- Complaints of the founders not doing enough to support the project
According to NFT Price Floor statistics, the NFTs floor price was just 2 ETH prior to the announcement.
Due to the low price of Ethereum, the price was worth less than $3,200.
Cool Cats produced more than $377 million in secondary market trade volume, according to CryptoSlam.
Over $105 million was contributed by the Cool Pets offshoot.
The project worked with Time Magazine to create limited-edition NFTs in 2021.
They just disclosed a marketing agreement with hardware wallet manufacturer Ledger.
“We ultimately believe that scaling Cool Cats’ brand awareness and onboarding more members into the brand is one of the most effective ways for us to deliver on the expectations of our community,” said Stephen Teglas.
Image source: NFT Now
