Could Animoca Brands’ investment bring the Cool Cats back?

This is a segment from The Drop newsletter. To read full editions, subscribe.

Crypto gaming and investment firm Animoca Brands now has a financial stake in Cool Cats, that 2D pastel cat PFP collection from the 2021 NFT boom that most of you probably forgot about a couple of years ago.

Cool Cats, considered by some to have been at one point a “blue chip” NFT collection, will now be part of the Mocaverse. The Mocaverse is Animoca’s ambitious vision to give everyone their own crypto-powered identity and tie that into games and other experiences.

Animoca’s investment (of an undisclosed amount) means that Animoca and Coin Operated Group now own a majority interest in Cool Cats Group. Cool Cats community member Ken Cron is the chair and CEO of Coin Operated Group.

“We share a vision for a future where Web3 fuels creativity and community,” Cron said in a statement.

The NFT collection’s total volume traded has spiked roughly 400% in the past week, per NFTPriceFloor data. It also saw an expected floor price spike in the day after the announcement.

But that’s still just a blip in the grand scheme of things:

Image: Cool Cats floor price over time in USD. The collection has a $22 million market cap as of Monday morning.

If I’m being honest, the news isn’t all that surprising, considering Animoca and the Cool Cats worked together before back in 2022.

In a statement, Animoca executive chair and cofounder Yat Siu framed the move as a way to connect the Cool Cats’ community to the Moca Network.

“Cats have always been the darlings of the Internet, and Cool Cats is one of the most recognized digital brands out there, perfectly exemplifying the global appeal of digital felines,” Siu said in a press release.

Siu and Moca Network project lead Tyler Durden are also joining the Cool Cats board.

If you ask me — a self-proclaimed crazy cat lady — I’d argue the Cool Cats don’t lean into their feline inspiration nearly enough.

Yes, there was Cooltopia, a basic web game with a MILK token years ago. But otherwise the Cats could really stand to benefit from a Pudgy Penguins-esque social media brand building blitz to re-establish themselves as cute, relevant and actually about cats (their Instagram hasn’t posted a reel since February).