As the crypto world continues to grow and expand, a lot of creators are coming up with new and exciting ideas to add in preparation for the impending Metaverse. Every day, news of new NFT creations are flooding the internet and investors are rushing to grab a piece.

The reception of these NFT creations is not always the same, though, with some collections gaining a lot more support than others. Collections such as the Bored Ape Yacht Club, Doodles, CryptoPunk, Lucky Block NFTs, and, recently, Cool Cats NFTs, have become household names in the NFT world. 

While creators of these NFTs deserve credit, much of the popularity their creations are enjoying is due to celebrity backing. Whenever news about big-money purchases hits the internet, huge flocks of investors are quick to rush to buy similar NFTs before the price goes up.

One such collection that is enjoying plenty of success is the Cool Cats NFT. This review will look deeper into this collection, focusing on its creation, how to purchase it, and the factors that influence its price.

What Is the Cool Cats NFT?

Cool Cats NFTs are a set of unique NFT tokens that together form a limited digitally rendered collection that is based on the Ethereum blockchain. The entire set consists of 9,999 unique digital cat NFTs which are one-of-a-kind collectibles. 

Each unique cat token is a variation of the same cat character that can be combined with any one of the Cool Cats’ compatible traits if the owner wishes. There are over 300,000 possible combinations by combining the cats with certain traits, such as the cat’s body, facial hair, expression, clothing, hats, glasses, and many other various trait combinations.

Certain traits can be added to various Cool Cats tokens to increase their value, with some of these traits being very rare. Collectors of Cool Cats tokens seek to collect the rarest tokens for themselves, but there are huge price differences between the common type of tokens and the very rare versions. 

Buying any one of these tokens will grant you entry into the exclusive Cool Cats Cooltopia, which is a sort of virtual meeting ground where Cool Cats NFT owners can interact with each other.

Anyone Can View Cool Cats NFT Pieces, but Only Investors Can Own Them

Viewing any NFT, such as Cool Cats NFT is possible and easy to do for anyone who has access to the internet. Information about the ownership and purchase history, and even the current purchase price is all public knowledge. 

However, the various benefits of being a member of the Cool Cats Cooltopia are only reserved for legitimate Cool Cats Token owners. Investors are the only ones who will be allowed on the Cooltopia. 

While many of the features and benefits of the Cool Cats Cooltopia are still undergoing development, as the Metaverse expands, there will be more and more benefits available, which is why investors are buying these tokens right now, while the price is still affordable.

Who Created the Cool Cats NFTs?

Cool Cats NFTs are yet another creation that came as a result of the enforced lockdown during the first and most serious waves of the Covid-19 pandemic. It was during this difficult time that the idea of creating the Cool Cats NFT collection was brought to life by:

All Cool Cats are variations of the Blue Cat that Colin Egan used to draw in high school.

When Was the Cool Cats NFT First Released?

The first Cool Cats tokens to be minted were released in July 2021. To date, all 9,999 Cool Cats NFTs have been completely sold out and are no longer available on the open market. It immediately reached number three on the OpenSea NFT rankings chart. 

On the first day of its release, the Cool Cats NFT collection sold about 300 tokens, at 0.06 ETH ($150). To increase sales, on the second day, the Cool Cats team lowered the price to just 0.02 ETH ($50), and the entire collection sold out in a matter of eight hours.

The Cool Cats NFT Community Is Very Active

Since the day Cool Cats Cooltopia became active, the token is proving to be a hit among NFT enthusiasts, and this is shown by how active its members are. A solid and interactive community is the backbone of any NFT initiative, and the organizers of Cool Cats Cooltopia are very good at this.

The Cool Cats Cooltopia sees a lot of traffic daily, and Cool Cats tokens are constantly changing hands. Interested investors will appreciate how active the Cool Cats market is.

Some Cool Cats NFT Pieces Are Cooler Than Others

Even though all the 9,999 Cool Cats tokens have long since been sold out, meaning that in a sense they are all rare, others within that collection are rarer still. It is the unique combination of the cat tokens with various traits such as cat body, whiskers, clothing, and unique facial expressions that make certain tokens a lot rarer than others.

66 super cool cats are extremely rare and are the most expensive. The rest of the cats are predominantly blue in color with various trait combinations. Furthermore, the more unique and sort after a token is, the rarer it will become. This rarity is what results in the, sometimes, very big price differences between similar tokens.

Prices of Cool Cats NFTs Vary

On average, the price of a Cool Cats NFT is around $25,000, or 8.5 ETH which is close to the current daily price that you should expect to pay if you purchase an ordinary Cool Cats token today. 

However, the prices vary greatly, and the very rare tokens cost a lot more than that. Any one of the 66 super rare Cool Cats can easily cost hundreds of thousands, if not millions of dollars.

What’s the Most an NFT Investor Has Ever Paid for Cool Cats NFTs?

Over the past few months, investors have heavily invested in Cool Cats NFTs. The most an Investor has ever paid for a single token was $1.4 million. This was for the purchase of the Zombie Cool Cat by the current owner who is simply known by his online name, dontbotherme. Presently, he has the Zombie Cool Cat listed at $3.69 million.

What Drives the Price of These NFTs?

Three basic factors drive the price of NFTs, which are:

1. Rarity

The more difficult to get an NFT is, the more expensive it will likely become. This is because of the natural desire by people to own things that are desired by all others.

2. Utility

By utility, we mean the price is also linked to what you can do with the NFT. Lucky Block NFTs, for example, are quite expensive because they allow users to win money on their online live draw platforms, as such buyers will see the value in buying such a token.

3. Community

The more active a community is the better its NFT pricing will perform. This is why developers of the Cool Cats NFT are putting so much effort into developing the Cool Cats Cooltopia. They offer a wide variety of games and activities to keep their investors interested.

How to Buy a Cool Cats NFT

Considering how valuable Cool Cats NFTs have become, buying one is relatively easy. The following are the steps you need to take if you are interested in becoming a Cool Cats NFT owner.

Conclusion

From the day it was first dropped, the Cool Cats NFT collection has continued to grow and expand to its current impressive levels. Judging by the amount of work and investment that is being put into the improvement of the Cool Cats Cooltopia, we can only expect the price to go up; meaning the best time to join the Cool Cats community is right now.