Over the weekend the NFT market was recovering from the shocking Beeple sale, as Moon Cats and CryptoCats became a new crazy among collectors, flippers and investors. These two NFT projects both launched in 2017, a bit after CryptoPunks, but were forgotten ever since. Moon Cats has been responsible for $8.5 million in trading volume, while CryptoCats did $2.39 million according to data from DappRadar.
The Moon Cats performed so well, they are actually among the best performing NFT collections at this moment. Data from DappRadar suggests they are well behind CryptoPunks, but ahead of established products like Rarible and Sorare.
CryptoCats were freely claimable digital cats, while Moon Cats required users to ‘rescue a kitten from the moon’. Again, basically you could claim these cats for some ETH. These projects have been around since late 2017, but not all kittens had been claimed yet. What followed was a wave of activity where everybody claimed as many cats as they could.
Interestingly, both projects were from a time that ERC-721 didn’t exist yet. Therefore these tokens aren’t conformed to the NFT standard. Collectors are dealing with ERC-20 tokens here. But thankfully the community responded quickly and therefore we now have Wrapped Moon Cats.
Old school internet NFT cats
The rediscoverey of these digital cats means that there’s proof of more NFT projects before the introduction of the ERC-721 standard. For a long time we only looked at CryptoPunks as the godfather of all digital collectibles on the blockchain. But these cats bring more story to almost forgotten times. Of course we shouldn’t forget about Bitcoin Counterparty, which introduced Rare Pepe and became the foundation for what we now know as non-fungible tokens.
Cats and the internet, it looks like an eternal match in heaven. Therefore it’s also quite interesting to recently see Grumpy Cat and Nyan Cat made their appearance in the NFT space. Of course we also have Cryptokitties, which will soon make their transition from Ethereum to the Flow blockchain.
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