Innocent Cats: The Tyga Backed NFT Project Taking Rap To The Metaverse
Key Points
- The Chinese NFT community is well-positioned as one of the early pioneers to hold large-scale events in the metaverse
- Innocent Cats is a widely hyped project promoted by western influencers like Tyga, Flur, and Andrew Wiggens
- The Chinese community has been aggressively tapping into the entertainment industry
(Reading time: 4 minutes)
Innocent Cats is an Ethereum-based NFT project launched straight after PhantaBear’s success, the project is rumored to be backed by Wilber Pan a well-renowned Taiwanese-born artist who is currently based in mainland China as the mastermind behind the scenes.
The project addresses a big issue with Ethereum; its massive gas fees. Innocent Cats NFT contracts use the ERC721A algorithm created by the renowned Azuki team as opposed to the more common ERC721 or ERC1155. ERC721A is essentially an advanced algorithm that enables the minting (creation) of several Non-Fungible Tokens in just one transaction, reducing the total amount of gas fees.
The Innocent Cats roadmap is already well-established drawing parallels to PhantaBear’s original strategy, which is to hold a metaverse concert featuring famous celebrities. Innocent Cats however is unique and has a specific genre in mind: Hip Hop/Rap.
The project aims to ‘develop and explore the metaverse’, with the capacity of 100,000 attendees (PAX) for its first blockchain music concert.
1. Timeline
16 Jan 2022 – Discord was opened to the public
27 Jan 2022 – Public Sale went live
28 Jan 2022 – All tokens were minted (Sold out)
6 Feb 2022 – Roadmap 2.0 Launched
26 Feb 2022 – Roadmap 2.0 Amended
On launch day, the Innocent Cats NFT prices dipped as it took longer than expected for a project that received such hype to fully mint (sell) out. Post-launch, the project had success from influencers within the Chinese entertainment industry hyping the project. This eventually got the American rapper, Tyga to purchase an Innocent Cats NFT as his instagram profile picture, and this caused the average Innocent Cats NFT price to rise to approximately 0.3 ETH (885 USD). Through the mercurial success of the project’s marketing efforts, it has drawn attention from other western influencers and celebrities including ‘Flur’ an internet-based NFT influencer and Andrew Wiggens, a Canadian professional basketball player for the Golden State Warriors who have promoted or bought into the hype.
The Innocent Cats team has since declared multiple collaborations with NFT platforms such as MaoDAO, CLUB 721, SecondLife, and X2Y2 which will further fuel its rise. This was maybe a strategic plan in preparation for the metaverse concert which is now beginning to take shape. The concert is set to be held in 2022 Q2, where holders of an Innocent Cats NFT get to claim free tickets to the virtual concert, while the public has to purchase tickets.
In the future, the project aims to increase its utility through being able to stake NFTs which means that collectors are incentivized to hold NFTs for a specified period of time. This brings about two advantages, first, it increases supply and demand by encouraging collectors to hold their NFTs which creates scarcity and in theory should boost up prices. Secondly, through staking collectors are incentivized with perks such as earning coins while keeping ownership of the NFT.
In this case, staking Innocent Cats NFTs enable the collector to obtain ‘Cat Food’, which can later be used to redeem surprise bags, NFT designs; access to collaboration opportunities and real-life merchandise.
After the first metaverse concert, the project plans to launch the female counterparts of the cats which will be in 3D as opposed to the current 2D art.
2. Conclusion
From PhantaBear to Innocent Cats, the Chinese community has been aggressively tapping into the entertainment industry, hoping to utilize web3 to host worldwide events. Even though these projects are far from their all-time high prices with recent macro and geopolitical corrections surrounding Ukraine, Russia and China.
The Chinese NFT community is well-positioned as one of the early pioneers to hold large-scale events in the metaverse. It is clear that the Innocent Cat NFT project has gained a strong footing and is working steadily towards fulfilling its promised roadmap.
This is most notable in Innocent Cats’ steady fast approach, where the team has been making fewer changes to its roadmap than some of its competitors – which shows that the team is committed to meeting their long-term vision, in the face of a volatile and fast-paced Web3 ecosystem.
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Source chinesealpha
