Can an interpretation of Cool Cats' "Three New Strategies" help it get out of the downturn?
Original source: nftevening
Original compilation: PANews
Original compilation: PANews
Like most NFT projects, the performance of CoolCats in the past year has not been satisfactory. Its floor price has fallen from a high of close to 13 ETH to a range of 2 ETH, and its transaction volume has also remained stagnant. In April 2022, the departure of CEO Chris Hassett cast a shadow over the project, and then had to recruit a new community president to appease NFT holders.
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One of the "Three New": New Brand Identity
Ahead of the "TownHall" conference, CoolCats left some cryptic clues on social media, first suspending its official Twitter account for five days, then abruptly unveiling its "new brand identity" on January 31: a red "Blue cat front view" for the background.
The second of the "three new": new strategic direction
CoolCats is one of the blue-chip NFT projects that have survived the crypto winter. Its vision is to "become a leading entertainment brand through community-centered storytelling and innovation" and hopes to have 1 million holdings in the next five years. Some have joined the Cool Cats ecosystem. But the question is, how will CoolCats achieve this goal?
For now, CoolCats' brand strategy has two aspects. Start by growing your audience through storytelling content and mainstream brand partnerships. Then, attract users by providing game products and experiences that are fully immersive in Cooltopia (Cooltopia is a web-based game developed for the Cool Cats sub-NFT series Pets NFT, which allows Cool Pets NFT holders to interact with pets by completing tasks and collecting loot , and help pets upgrade. According to the current setting, Cool Pets holders will be able to earn the general Token MILK in the game by completing game tasks).
In addition, CoolCats also announced a number of partnerships, such as: Cool Cats has cooperated with Ledger to launch a brand education program LedgerQuest in early February; Cool Cats announced a partnership with Hologram, allowing NFT holders to pass holographic technology and 3D avatars Experience CoolCatNFT; in addition, CoolCats has also reached a cooperation with the well-known department store brand Macy's (Macy's) and launched NFT special balloons.
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The third of the "three new": new product experience
In addition to the new brand identity and new strategic direction, CoolCats has also introduced a number of new products and experiences, mainly including:
1. CoolScore: "Cool Score" is a scoring and reward system designed to reward loyal and active members of the Cool Cats community. The Cool Score scoring and rewards system adds gamification mechanisms that will control access to future collectible drops, IRL events, VIP benefit opportunities, and other products. Cool Cats said that the scoring reference criteria include: the duration of holding Cool Cats NFT, whether the cool pet has fully evolved, the types of items hoarded in Cooltopia, community participation, etc. Currently, Cool Cats holders can connect their wallets to the website to access And check your Cool Score score.
2. Journeys: "Journeys" allow users to participate in immersive storytelling experiences. These journeys will lead users to explore the Cooltopia game world, and also introduce a soft staking mechanism and rewards path for Cats and Pets, providing better NFT features, digital/IRL rewards, etc. to NFT holders who invest in the "journey" the most .
3. Fractures NFT: Cool Cats will airdrop Fractures NFT to holders of Cats and derivative projects Pets (as shown in the figure below). Fractures (aka Portals to Cooltopia) are brand new dynamic NFTs and will be Cool Cats' MINT PASS when releasing their next character.
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The Future of CoolCats
Blue-chip NFT is the "new force" of the entire NFT market. If you want to maintain the blue-chip status, you need to take more measures to develop the project. From the new brand direction, it can be clearly seen that CoolCats is indeed committed to building an industry-leading entertainment NFT brand. Although we don’t know whether its ecology can successfully attract 1 million users, the product experience and content being prepared are indeed exciting.
