Sirwin
Sirwin

MoonCats appear as NFT Mania Begins

By paragism | paragism | 15 Mar 2021


Mike Winkelmann aka Beeple sold a piece of digital art for record-breaking $69.3 million through an online auction some days back. The art, the third-highest valued in the history of the arts, was sold in the form of a non-fungible token or NFT. Christie’s auction house hosted the auction and received the payment in ETH. What was there in that piece of art? It was basically a collage of 5,000 artworks made over the last 13 years by Beeple, a 39 years old artist from South Carolina with 2M followers on Instagram. Beeple has been creating digital art for a long time and he started his ‘Everyday’ project in 2007 with a mission to produce one artwork every day. Beeple’s collage includes images of baby Donald Trump being slapped on the buttocks by Abraham Lincoln, Kim Jong as a sexy female warrior with ghost-like magic power and many more amazingly creative pieces of stuff. Global media covered Beeple’s NFT sale news on the front pages.

NFT is no more a simple blockchain phenomenon now. NFTs are coming to the mainstream with institutional support. A legacy auction house like Christie’s is embracing NFTS and that means a lot! Increased media coverage and entry of celebrities into the NFT domain is resulting in high potential. Twitter CEO Jack Dorsey is selling his first tweet on the Ethereum blockchain and many famous musicians are offering their original music as NFTs on the blockchain. The consumer brands are exploring options to include NFTs for marketing purposes. Yes, NFT started as a crypto-art movement only but it has become a multi-faceted domain with lucrative commercial opportunities now.

NFTs are very different from normal cryptocurrencies like Bitcoin or Ethereum. ‘Fungibility’ is a key feature of NFTs. One NFT is never interchangeable with another as NFTs are unique. CryptoPunks, launched in June 2017, paved the way for digital art on the blockchain. These punks were the primitive NFTs created on the Ethereum blockchain. Since then, we have seen a lot of experimental NFTs. CryptoKitties, an Ethereum based game, rocked the gaming market by allowing the players to collect digital cats and breed them to generate new generation cats with different attributes. The first-generation digital cats of Cryptokitties were considered the second oldest NFTs. But wait! Suddenly we have found MoonCats which seem to be older than Cryptokitties!

The game project ‘Mooncatrescue’ was an abandoned project. It was created before CryptoKitties. Here are the contract details on Etherscan.  The developers have returned after a long tenure of obscurity yesterday. In this game, you need to rescue MoonCats, residing on the moon, and bring them to the Ethereum blockchain. There are a total of 4 billion unique MoonCats and they live with harmony on the lunar surface. A specially designed spaceship is needed to transport them but the spaceship can fit only 25,600 procedurally generated pixel cats. To rescue a cat, you need to use your CPU score to scan the lunar surface. Once you find a cat, you can bring it to the Ethereum blockchain by claiming (needs a transaction).

A MoonCat rescued - Screenshot by the author

“After almost three and a half years we have finally completed construction of the underground moonbase where we carefully designed accommodations for the billions of MoonCats that we can't take on the journey. Equipped with the finest cat towers, scratching posts, and an unlimited supply of space tuna, there's no doubt that the unrescued MoonCats will live comfortably here forever.” – Developer Update

All the MoonCats were rescued within 10-12 hours as people flocked to obtain the precious cats due to FOMO and paid terrible gas fees. Please don’t try to rescue the cats now as all are claimed and you’ll lose your gas. It is very clear that the developers wanted to take advantage of the recent NFT boom and that’s why they have rejuvenated an abandoned project but MoonCats are significant due to the history behind it. These cats really shook the NFT market in the last 24 hours and registered the 4th highest trade volume on OpenSea. The sudden success of MoonCats shows that there are many undiscovered gems on the blockchain and many more can resurface in the near future. NFT mania has just begun.

Note: This post was first published here for Cryptowriter in association with voice.com.

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paragism
paragism

Cypherpunk. Writing content which I love. Creeping on the blockchain. Twitter - @paragism_


paragism
paragism

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