Want to jump straight to the answer? You need Ethereum to buy non-fungible tokens (NFTs) that you can get today on Gemini.
The Cool Cats NFT Project has ambitious plans for the future along with a history of delivering on its promises. The project has performed well this year going from a mint price of 0.02 ETH to a current floor price of over 10 ETH.
What is Cool Cats NFT?
Cool Cats is a collection of 9,999 randomly generated NFTs built on the Ethereum network. These picture-for-proof (PFP) cats have a unique body, hat, face and outfit. They are constructed from over 300,000 total combinations of outfits, faces and colors. Cool Cats are categorized into eight different tiers. The rarity of a Cool Cats NFT is partially determined by its tier, but other factors play a role as well.
The team behind Cool Cats claims that the intention behind the project “is to create an opportunity for a community-driven collective while simultaneously spreading crypto awareness, adoption and lastly bringing utility to NFTs in general.” Cool Cats NFTs have performed very well in the past couple of months and the collection currently has a floor price of 10.9 ETH at the time of writing. The price is impressive considering the project had a mint price of just 0.02 ETH a couple of months ago. About 5,200 unique addresses own Cool Cats NFTs.
Cool Cats also recently announced the expansion of its community through Cool Pets. Cool Pets is a collection of programmatically, randomly generated NFTs that you interact with to develop into unique creatures. Of the 19,999 Cool Pets available, 9,999 were airdropped to Cool Cats holders while the 10,000 were made available for public mint. Cool Cats and Cool Pets are all part of Cooltopia. Cooltopia is the Cool Cats ecosystem, including all the parts within Cool Cats that interact with each other.
Brief History of Cool Cats
The Cool Cats NFT project was launched in July 2021. The project was founded by four pseudonymous members: Clon, the primary illustrator; Tom, who handles the smart contracts and technical interfaces; Lynq, who built and maintains the website; and ELU, the creative director. Since its launch in July, the project has seen incredible growth and is now considered an up-and-coming bluechip NFT project.
Perks of Holding Cool Cats
Holding a Cool Cats NFT provides you with many perks and benefits. Cool Cat holders are given access to Cool Cat community events, random airdrops and a non-exclusive license to do anything with their personal Cool Cat NFTs. The Cool Cats project returns 20% of all ETH raised in primary and secondary sales back to the Cool Cats community through various contests and airdrops. Holding a Cool Cats NFT is also a great way to earn the MILK token, the currency that drives the Cooltopia economy. If you hold a Cool Cats NFT, you will automatically earn MILK. MILK tokens can be used to purchase a variety of goods and services such as purchasing loot crates and evolving your Cool Pets.
How to Buy Cool Cats
The minting of Cool Cats NFTs has finished, so the only way you can purchase a Cool Cat is through secondary markets like OpenSea or directly from a Cool Cat holder. The easiest, most hassle-free way to purchase a Cool Cat NFT is through a secondary market such as OpenSea.
- Open an online account.
The first step in purchasing a Cool Cats NFT is to buy Ethereum. ETH is needed to purchase a Cool Cats NFT project because the project is built on top of the Ethereum network. You can purchase Ethereum using fiat money from centralized exchanges such as Coinbase Global Inc. (NASDAQ: COIN) and Gemini. You will have to provide your personal information to purchase Ethereum using these centralized exchanges due to strict Know Your Customer laws. You can also purchase Ethereum from a decentralized exchange (DEX) such as Uniswap. On these decentralized exchanges, you may swap any ERC-20 token for Ethereum if you would like.
- Buy or download a crypto wallet.
You need a wallet to purchase an NFT from a secondary market such as OpenSea. You can use a hardware or software wallet –– hardware wallets offer the best security, but software wallets are easier to use and generally free.
- Send ETH to Metamask.
Once you’ve purchased ETH on an exchange, you can send it to your Ethereum wallet’s cryptocurrency address. This process is fairly simple, but we’ve provided further explanation on how to send Ethereum later on in this article.
- Make your purchase.
The final step would be to purchase the Cool Cats NFT. The safest and most simple place to purchase a cool cats NFT will be on OpenSea. Here is a link to the project’s official OpenSea page. When making a purchase, be sure to purchase only from the verified OpenSea collection and that the links from the project’s official social media accounts all lead to that same page. The NFT market is filled with scammers who attempt to get novice investors to buy scams of well-established projects. On OpenSea, you can bid on an item or buy it right away for its asking price.
Currently, the NFT market has held steady while the overall crypto market has been on a decline. A change in federal interest rates could have a significant impact on the NFT and cryptocurrency market. Furthermore, additional regulations from the federal government concerning NFTs and cryptocurrencies could have an impact on the market.
Best Cryptocurrency Wallets for NFTs
Best Hardware Wallet: Ledger
Ledger is a French company that was started in 2014 by eight experts with backgrounds in embedded security and cryptocurrencies. Ledger wallets are hardware cryptocurrency wallets, which mean that they store access to your cryptocurrencies and NFTs on an external device. If you plan on investing a sum of money into various NFTs, it is a good idea to purchase a Ledger wallet for extra security.
Best Software Wallet: MetaMask
MetaMask is a free hot wallet that provides you with a simple and secure way to connect to blockchain-based applications. MetaMask provides you with everything you need to manage your digital assets. The wallet is available as a browser extension and a mobile app.
More Detail: Sending ETH to MetaMask
The next step will be to provide your MetaMask account with Ethereum by sending ETH from another wallet or a centralized exchange. To get your wallet address, click on the three dots next to your account name.
Then click account details.
Here you will find the address to send your Ethereum to.
A recent tweet from the Cool Cars developed invites users to “Deposit your #ETH NFTs and reach a wider audience. Enjoy no extra listing fees or gas fees, plus a full service fee rebate till June 20, 2022.”
Current Crypto Prices
Currently, the cryptocurrency market is down significantly from its all-time highs. Many cryptocurrency investments may experience a significant amount of growth if the cryptocurrency market as a whole experiences substantial growth.
Is it Worth Getting a Cool Cats NFT?
The Cool Cats NFT project is an excellent NFT project that has an incredible community and provides its holders with valuable utility. However, the project may be out of budget for many smaller retail investors because of its floor price of over 10 ETH. Those who wish to invest in this project without breaking the bank should consider purchasing a Cool Pets NFT. Purchasing Cool Pets NFTs will allow you to invest in the same community and management team as the Cool Cats NFT without the hefty price tag.