Following the parabolic rise of NFT projects like Bored Ape Yacht Club, much focus has been around finding the “next” NFT project. There has basically been a Zoo’s worth of Animal drops and a Demonic ARPG worth of demons, skeletons, and monsters. With so many collectible avatar projects launching it’s hard to know which are going to succeed and which are going to fail. Flying under our radar was the incredibly successful Cool Cats NFT Project.
Why Cool Cat NFTs bucked the recent trends
Like many recent NFT Avatars, this project looked doomed. The market was flooded with 10k+ NFT drops coming sometimes multiple times a day. In fact, the project appeared to be stalling when the creators did something genious. Instead of letting the project sputter out at .06 ETH. The team lowered the price of each cat to .02 (and refunding collectors who already minted) allow the project to regain momentum in the market.
After the sellout, it became obvious that the Cool Cats NFTs provided the perfect storm of utility, uniqueness, and the requirements needed to be a great PFP and ultimately become desired by the market. Similar to the BAYC, the project began taking off and celebrities like Mike Tyson have joined the NFT space making the Cool Cats his PFP on twitter as of this writing. Now the Cool Cats NFTs floor sits safely above .5 ETH and may be destined for greater success in the near future. Keep an eye out, you never know when the next big project will come.
What are the Cool Cats?
Cool Cats are a collection of programmatically, randomly generated NFTs on the Ethereum blockchain. The 1st generation consists of 10,000 randomly assembled cats from over 300k total options. Cool Cats that have a variety of outfits, faces and colors – all cats are cool, but completed outfit cats are the coolest. Each Cool Cat is comprised of a unique body, hat, face and outfit – the possibilities are endless!
Why Cool Cats NFTs are Cool
Aside from participating in one the freaking coolest, curated but randomized NFT projects to date and getting a kick butt profile picture – you can help us evolve and build the future of Cool Cats. We’re giving back 20% of all ETH raised to the community (through contests, raffles, and more) – because we genuinely want Cool Cats to be a community driven and centric project. By getting a Cool Cat you have a voice in the community and can help guide the direction of the project. We’ll need help from you guys to determining specifics for future developments like breeding, next generation Cool Cats, the app, and much more!
Today is the day, the Super Yeti NFT project launches at 3:00pm ET. The attention this NFT collectable project has received is unprecedented. Over the last 4 days, the hype around Super Yeti’s has reached critical mass. The first sign of this pandemonium was the fact that the project sold out days before the launch. To put things in perspective (and it feels like the market has changed a lot in a very short time) the Bored Ape Yacht Club NFT project was fully launched and supply was readily available for a few days before hype drove the eventual sell out. On top of this project selling out (Each Yeti was initially priced at a not cheap .1 ETH) The prelaunch floor for the yetis catapulted above .18 ETH to over .20 ETH for a period of time. The market eventually cooled mildly but the prelaunch floor has stabilized between .17 and .18 ETH. Even at this price, the entirety of the project from a monetary standpoint will be seen as a success.
Super Yeti NFT Pre Launch Numbers
As of this writing the numbers for the Super Yeti Project are staggering.
OpenSea NFT Volume: 309.31 ETH (After Market Sales) Equating to over 30% Return on top of initial launch sales
Average Price .18 ETH (80% Growth)
2,535 Owners. This is important because it took the Bored Ape Yacht Club much longer to reach > 1000 individual owners. and 1/4 of the project is owned by at least 1 different owner
Top 10 OpenSea Project Pre Launch
Super Yeti Project sold out in 4 Days
Super Yeti NFT Details
The goal of the Super Yeti project launched during the collectable NFT craze of 2021. While this may not be a bubble, these collectables appear to have all the signs of a bubble and unless new money comes in to support these types of projects, we suspect the majority of “common” collectables across all of these projects will eventually crater. The highly rare items should retain value, but collectors should be informed and cautious and knowledgeable about these projects and the risks associated with them.
Super Yeti Video Game
The ultimate goal of this project is to begin funding an NFT lead metaverse video game. Likely with additional IP, collectables, and media attention. The game will be designed as a play-to-earn concept where the Yetis each own land, can breed, compete in mini games and more. They describe their metaverse as the Yetiverse and have announced an incredibly aggressive release date for early 2022.
Super Yeti NFT Contract
Like the majority of these types of projects, the Super Yetis are created on the standard ERC-721 contract and leverage IPFS to store files. There has been some recent controversy around contract types being leveraged to mint collectable projects, but the Super Yetis are being minted on the industry standard for these types of collectables.
Super Yeti NFT Concerns
With all of these projects there are concerns collectors should be aware of. First, the aforementioned possible bubble could burst at any time. During this project, or a future date. The current price floor may be impacted by events outside of this project alone. Collectors should be aware of these issues. Second, The project appears to have been launched incredibly quickly. There were limited options in the initial discussions on various Discord channels and clubhouse. The Devs took feedback from industry insiders and have committed to incorporating enough customization of elements to introduce rarity attributes unique enough to support a 10,000 collectable drop. Finally, There are some areas that the Yeti NFTs could use a bit more polish. The most common example is the Yeti examples on a background where the foot appears to be floating. This could be a gaffe introduced for promotional purposes, but it does cause a bit of concern.
Super Yeti Tin-Hat Theories
As the collectable craze continues to reach fever pitch and more and more wealthy benefactors enter these projects, there have been unsubstantiated rumors that this project may be the brainchild or at least backed in part by a major celebrity that will be revealed at a future date in order to allow the project to be successful on its own merits. With so many pseudonymous actors entering the NFT space we assume its only a matter of time before something like this actually happens, but we doubt that it is with this particular project.
As with all projects. First ask yourself if you love the project, collectable, or art. We recommend nobody buy anything they don’t love and the safest thing you can do is only invest in projects you’re a fan of and dont intent to flip. Ask yourself “would you want this collectable even if the project tanked (because 99.9999% inevitably will)”. Like other recent bubbles in the NFT space, these projects will likely pop in the near future before the market resets, lessons are learned, and more utility is introduced into the space. all that being said…
We like the Yetis!
Although we are skeptics at heart, numerous contributors within the NFTCulture family have invested in the Yeti project. Some of those investments have been speculative, but most that invested in more than one intend to hold at least one within their collection. This is a fun project and we look forward to watching their continued success.
The Gutter Cat Gang is a new NF T project launching on the Ethereum blockchain with the initial launch minting done through the gutter cat NFT website and it will be purchasable on open sea. Like the Bored Ape Yacht Club, ownership of these gutter cat NFTs includes both creative and commercial right of your cat, as well as the ability to gain access to the backend rooms that create additional community.
The gutter cats are a collection of 3000 unique non fungible token avatars with a backstory around the post apocalyptic shatters of society. This project was briefly delayed due to the team, wanting to rework some of their release and minting process based on community feedback, and subset success of other projects including BAYC, and the bonsai trees. The project will be launching in the very near future. In fact, we expect an update within the next 24 hours.
Gutter Cat NFT Details
Each gutter cat will be released for point .07 ETH plus whatever gas fees are required for the transaction. What is great about this project is that the gutter cats will not follow a bonding curve or fear of missing out (FOMO) pricing mechanism. This is a big win as many NFT projects we’ve recently seen have implemented a bonding curve, which increases the price of NF T, based on the number of NFT’s sold. We view this is a great sign for confidence in the project by the creators to get teh Cats out into the market.
The initial drop of the gutter cats will be available by connecting your meta mask or other Ethereum wallet to the website, and the minting process will commence. After all of the cats have been minted, you will be able to go on open sea, and other platforms to purchase cats already on the blockchain.
Each of these cats are procedurally generated with 123 unique properties, like other derivative projects, including the crypto punks and others, each of these categories has varying levels of rarity and the categories include:
Like many of the other projects, the sense of community is very strong already around the gutter cats. It will be interesting to see what happens in the future with these projects, but we suspect that they will follow a similar drop mechanism to the Bored Ape Yacht Club, that will provide utility, excitement, and eventually, hopefully, additional drops that are air drops of NF T’s to the initial set of collectors are take our take. This is a fun project but it’s not going to be as big of a drop as the board a yacht club, or have the success. This is completely subjective but I do believe that the original drop will sell out incredibly quickly. But we don’t think that it will go to the heights that the BAYC has already achieved (at least in the same amount of time) but we could be wrong and we encourage collectors to ape and or cat in on this project if they like the art, they enjoy the community, and they like avatar themed non fungible tokens.
We’re going to have fun with this affordable and fun project. We hope you will too.
Hot off the presses of Gary Vee’s NFT project VeeFriends, another project is starting to create excitement around Utility based NFTs. The Meta Key is attempting to position itself as a resource for collectors to gain access to limited edition items across virtual worlds, NFT platforms, and more. From special items in Decentraland to VIP access to 3LAU’s virtual club, there are a myriad of use cases and hype building around these ideas. We’re excited about this project but want to better understand what incentives popular artists and platform have embracing Meta Key versus a company like Larva Labs who can essentially create the same type of Utility with their own “key.”
One Key To Rule Them All?
As projects like the Bored Ape Yacht Club and others start embracing Utility around projects, it is going to be interesting to see if these types of access keys create bucketed exclusivity or if there will be some combination of factors where by if you own an Ape and a Meta Key you get additional access to features, drops, and more.
Some of the key highlights the Meta Key website discusses about the Utility of this pass include:
One Metakey can give you multiple perks across Decentraland, Sandbox, Somnium Space, Cryptovoxels!
There will be 100’s of games and experiences across the metaverse. We’ll try integrate a use case for each one!
The Metakey can be membership ID’s that can give you access to web3 enabled websites!
Imagine all the businesses that build products whether it’s digital screens for art or toys for Metakey users. Discounts and coupons will be worked in for Metakey holders.
NFT Utility in the Real World
Whatever the outcome of this project, we love seeing these ideas continuing to grow in the NFT space. Gary Vee previously used an analogy of a Pizza shop letting customers collect NFTs for pizza discounts and then have the ability to sell or transfer them to another customer if they move. While the Meta Key still focuses primarily on the Digital space, the real world applications of these types of projects is equally exciting. We are working on scheduling an interview with the Meta Key team to learn more about their project.
Bored Ape Yacht Club NFT Project get’s their blue check on OpenSea
The Bored Ape Yacht Club was formally launched on 4/29. At the time of launch, the creators (who had put their life savings into the project) had major concerns about the project as the pre-sale momentum suggested that the project may not have much momentum out the gate. In fact, according to some reports, only around 600 Apes or 6% of the Ape NFTs had been purchased.
Four days can do a lot in the Crypto Art community. The momentum behind the project has reached critical mass. When we were originally introduced to the Ape project, momentum (based on ETH volume traded) was less than 500. Over the weekend, the project propelled past 1,000 and on Monday volume may exceed 3000. Combine that with ETH breaking out and demolishing $3,000, the Bored Ape Yacht Club may exceed $10m before the sun sets on Monday. Additionally, the small owner pool of the Apes is shrinking as more collectors gain access and Ape in on these awesome NFTs. As of this writing there are roughly 2.2k Owners meaning on average each person owns 4 Apes. There are a few Ape Whales that have been buying the market. Our research suggests that Retail Ape Collectors is closer to 2. It will be interesting to watch how ETH breaking out over $3,000 impacts Ape momentum as the floor for an Ape NFT has reached .5 Ξ as of this writing.
The Origin of the Bored Ape Yacht Club
When the creators were coming up with ideas for an NFT project, the original ideas were much different. With backgrounds in crypto and trading, the concept quickly evolved into the idea of what would Apes do if they all were able to retire early after the Crypto Supercycle? From there the creative teams dove all in and created the Bored Ape Yacht Club.
BAYC NFT Utility
The creators recently joined Clubhouse to share in the success and excitement around the Ape project and what continued coming up during the chat was the Utility aspect of token ownership. Right now, if you do own an Ape in your crypto wallet, you can gain access to a private “bathroom” that allows you to put graffiti on the wall.
Even before the project launched, the creators knew what would be the first thing drawn on the wall (we wont mention it here) but if you’ve ever seen bathroom graffiti, you’ll know what it was.
Additionally, membership will come with other perks as the team explores new ideas. During one of the many BAYC Clubhouses ideas were tossed around about different ways that Ape owners can gain additional utility. Everything from a Global Ape map, to Mario and Donkey Kong spinoffs was discussed. It will be exciting to watch what happens in the future with this project.
APE NFT Derivatives
Finally, it’s worth talking about the BAYC derivative conundrum. Ape owners have commercial rights to the Apes in their collection. We’ve already seen a number of Ape spinoff projects including Picasso Apes and more. We are not lawyers and this is not legal advice, but a common talk track around Derivatives of the Ape project was succinctly stated as (paraphrasing) “Only make derivative art of Apes you own and plan on HODLing in perpeituity. If you plan on flipping an Ape, it’s probably best to avoid derivative art, merch, etc.” Ownership is murky and can become a legal hassle as the creators stated previously that Copyright ownership of that NFT is passed when an Ape NFT is bought or sold.
Final Thoughts on Bored Ape Yacht Club
In an unexpected turn of events, this small project was able to steal quite a bit of attention from the elephant in the room. The Beeple Spring Drop was still a monumental success and the collectors came out in full force. While much of the attention still focused on those drops, the excitement was with the Apes and we suspect that excitement won’t be going away any time soon.
Where you can learn about Bored Ape Yacht Club NFTs
Update (5/2/21): BAYC (Bored Ape Yacht Club) has received their well-earned blue check on OpenSea adding the needed credibility to the incredible project that is taking the crypto art world by storm. Additionally, the average price of theses Apes has doubled overnight reaching almost .4 ETH at the floor. By the end of the day the Ape NFT project will undoubtedly surpass 1,000 ETH in volume traded moving the volume over $3m in movement over a short time. This project appears to have legs as there are only 2,000ish total owners and demand will surely increase as the Apes continue to permeate across social media. Many of the top artists and collectors have already changed their social media profiles to the apes and clubhouse interest has reached critical mass with some form of Ape community chat running nearly 24/7.
The Bored Ape Yacht Club NFTs have already traded nearly 300 Eth of volume between the 10,000 Apes owned by 1,300 collectors.
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation. Visit www.BoredApeYachtClub.com for more details.
What is interesting about this project vs. some of the other popular projects is that all 10k Apes were released for .08 ETH. The BAYC club intentionally described Bonding Curves as a Ponzi Scheme that manipulates and takes advantage of FOMO (Fear of missing out).
Ape ownership comes with additional perks.
Each ape is programmatically generated from over 170 random traits and attributes and certain apes are more rare then others.
The apes are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS. (See Record and Proof.) Purchasing an ape costs 0.08 ETH.
This is an exciting project that is trying to include gamification and community elements and it will be interesting to see what comes next.
Full disclosure. A member of the NFT Culture staff owns an Ape.
NFT BAYC Roadmap
The team behind the Apes is likely as surprised as everyone else. Their roadmap based on sales volume had some lofty goals including merch (we cant wait), LoFi Radio, Youtube, and more. We’ll keep an eye our to see when they can accomplish these lofty goals
Justin Maller is an Australian living in California.. He creates Digital art full time from his personal studio for over fifteen years before commencing work as Chief Creative Officer for DeviantArt, the largest online art community in the world, in 2018.
Justin launched his first NFT campaign with Nifty Gateway in February 2021.
Client work include:
NIKE / VERIZON / AMERICAN EXPRESS / GATORADE / DIRECTV / HP / DOLBY / LG / GRAMMYS / NBA / COCA-COLA / HARPER COLLINS / UNDER ARMOUR / JORDAN APPAREL / DC SHOE CO. / UNIVERSAL SONY PICTURES / SMIRNOFF / MARTINI / OWSLA / ESPN