Overweight felines dominate NFT volume
OpenSea, the NFT market leader, has a new competitor at the top of its daily volume chart.
Today’s project is tubby cats, which traded 4,954 ETH, or $12.9 million, in volume over the past day. It’s good for the first place on OpenSea, ahead Bored Ape Yacht Club, doodleswell, all other NFT projects on the platform as of February 22.
The whitelist mint for Tubby Cats went live on February 21 at 12:00 PM EST and will last for 48 hours, with all remaining NFTs from the 20,000 token collection made available to the public. The cheapest Tubby Cat is currently selling for 0.79 ETH, worth over $2,000, according to Dune Analytics dashboard dedicated to the project.
Enthusiasm for NFTs has already proliferated on Twitter. “If you deprive me of having a fucking tubby cat, I will bring you unfathomable pain for your mere human spirit,” tweeted Cobie, one of the most influential voices in crypto and host of the UpOnly podcast, who obviously couldn’t create NFTs despite being whitelisted.
“On the brink of economic collapse and all I see are tubby cats on my timeline,” tweeted Hentai Avenger, a pseudonymous crypto influencer and investor.
Ratwell, the lead on the project, was surprised by the strong positive reaction for Tubby Cats. “Honestly, just mind-blowing,” he told The Defiant. “I didn’t expect it to be like this at all. Really happy to say the least.”
The project has a handful of features that may have accelerated its initial momentum. One is a whitelist that gives early access to holders of certain NFT Collectionsincluding Names, forgotten runesand Wassies. Ratwell said he chose the collections based on an affinity for their art and the people involved.
Tubby Cats also posted Fee NFTs to some of the biggest names in crypto, with the image often based on the person’s Twitter profile picture. For example, an honorary featured a chat based on the profile picture of eGirl Capital’s CL207.
Ratwell said CL207’s hazmat-wearing cat image actually inspired the collection, which evolved as it brought more artists.
One element that the project manager says supported the collection is that certain traits were matched to certain color palettes. Instead of all strokes randomly mixed together as is usually the case with NFT profile pictures, only certain strokes will be associated with certain colors. A detective hat is an example.
Apart from art, Tubby Cats also uses what 0xngmi, DeFi Llama’s founder who also wrote the smart contracts for the Mint, calls a “progressive reveal system.” This means that NFTs are revealed in batches of 1,000, rather than all at once.
0xngmi sees some advantages to this system. One is that it keeps people excited – they can see their NFT soon after they hit it rather than having to wait for the collection to sell out, which isn’t guaranteed.
Another advantage is that sometimes when NFTs are revealed, they turn out to be rare, which their owners do not immediately value as such. This means that bots or so-called “rarity snipers” can determine which newly revealed NFTs are rare and buy them at a discount. By revealing more frequently, this loop from mint to reveal is shortened, allowing people to more effectively manage their NFT prices.
“It was a huge risk since we made our whole sale dependent on complicated code, but people loved it,” 0xngmi said of the new reveal system. DeFi Llama Founder Made Progressive Reveal coded for open-source Tubby Cats in hopes of advancing space.
Overall, the mix of elements that make an NFT project break out of the mold is hard to pin down. If it were simple, every project would skyrocket. Tubby Cats seems to be on the right track.
“This project has been a long process,” Ratwell said. “Why is it successful? Is it because people like me and my team? No idea. I think people like cats tbh.
Read the original post at the defiant