Many of you are probably familiar with the phrase “cat videos are taking over the internet.” They appear to be everywhere, especially on Facebook, where some cats have become celebrities. With such widespread popularity, it’s only natural for cats to make their way into non-fungible tokens (NFTs) and video games. In July 2021, the Cool Cat NFT collection was released, immediately becoming one of the most popular digital collectibles on the blockchain.
Image Credit: Cool Cats
Cool Cats are a collection of 9,999 randomly generated NFTs on the Ethereum blockchain. Most Cool Cats NFTs have features that are randomly assigned by an algorithm. The rarest Cool Cats NFTs are manually assembled. There are 300,000 body, face, hat and outfit feature combinations.
Each Cool Cats NFT has a different level of coolness, rated from 3 to 10. The NFTs are then divided into four classes of coolness, and most have a coolness points rating somewhere between three and six. The four coolness classes include:
On February 9, the Cool Cats team released a new NFT collection called Cool Pets. Another release was the debut of Cooltopia by Cool Cats, a new type of game where you can send your Cool Pets on quests.
What Are Cool Pets?
Image Credit: Cool Pets
Cool Cats’ creators have just released a new NFT collection called Cool Pets. Cool Pets is a collection of NFTs generated at random that you can interact with to help them grow. If you are fortunate enough to obtain one, you will receive it as an egg. The developers plan a total of 19,999 Cool Pets, 9,999 for Cool Cats owners and 10,000 for the Cool Pets mint event.
It will take some time to raise your Cool Pet. The Cool Pet must pass through four stages: egg, hatching, hatched and final form. You advance through these stages by purchasing pet items, which you then use to interact with your Cool Pet. To purchase chests containing your Cool Pets items from the Cool Shop, you will need MILK tokens.
To grow your Cool Pet, you give it items from the chest to play with or eat. The final form of your Cool Pet is primarily determined by which items you use to interact with it.
The table above indicates how many interactions are required to complete each stage. Because you face a daily interaction limit of 5, your Cool Pet will take ten days to reach its final form. Your Cool Pet will no longer accept items once it reaches its final form. Your Cool Pet will eventually evolve into one of four different final form elements. Water, fire, grass and air are the four elements.
Sending your Cool Pet on quests in Cooltopia will earn you MILK tokens. Not all quests are created equal; their rarity ranges from common to legendary. The more difficult the quest, the more MILK tokens you will receive. Each Cool Pet can complete up to ten quests per day. If you own a Cool Cats NFT, you earn MILK tokens by holding them.
What is MILK Token (MILK)?
The MILK token is the Cool Pets play-to-earn game’s in-game currency. The token increases interactivity in the game and gives players more utility with more activities for players to do while playing the game.
MILK tokens are ERC20 tokens that reside on the Ethereum and Polygon blockchains. MILK tokens provide utility to users while in Cooltopia. The developers have created just over 60 million MILK tokens created and in circulation.
Check here for an in-depth explanation of NFTs.
How Does MILK Token Work?
So, how do you get MILK tokens, and what can you do with them? You can buy them from the QuickSwap exchange, or you can earn them in-game. If you are a Cool Cats NFT owner, you will also passively receive MILK tokens.
To earn MILK tokens, Cool Pets are sent out on quests to help Sapphire Town and Cooltopia. As quests are completed, Cool Pets earn MILK tokens that can be used to buy Cool Shop chests. The Cool Shop chests contain the items you will need to interact with your Cool Pet.
MILK tokens reside on both the Ethereum and Polygon blockchains. Ethereum-based MILK tokens are used for out-of-game purchases. Because of the high cost of gas at times on the Ethereum blockchain, MILK tokens on Polygon are used for in-game purchases.
How to Buy MILK Token (MILK)
If you are lucky enough to own a Cool Cats NFT, you will earn MILK tokens. But what if you purchased a Cool Pets NFT during the public mint? In that case, you can use two ways to acquire MILK tokens. You could stake your Cool Pet egg in the Adventurers Guild and passively earn MILK tokens. Or, you can buy MILK tokens outright from the QuickSwap exchange. The following steps detail how to purchase MILK tokens.
What Exchanges Support Milk Token?
Most exchanges don’t support Milk token. The best way to purchase Milk token is through a decentralized exchange, such as QuickSwap. You’ll need to trade Polygon tokens for MILK –– here are a few good exchanges for buying Polygon.
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In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
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Best ForProsConsWhat Determines Demand for MILK Token?
MILK tokens are a new cryptocurrency launched about a month ago, so demand (trading volume) is low. What will impact the demand for MILK tokens? One of the biggest drivers of demand will be the game’s popularity.
Image Credit: Active Player.io
Play-to-earn video games are still relatively new but seem to be gaining traction. Players earning crypto playing online games should continue to be an attraction, drawing in new players. Ultimately, the Cool Pets game will have to be interesting enough to build popularity among players.
As you can see by the chart above, even the wildly popular Axie Infinity game took months to gain traction. It is very possible that the Cool Pets game could follow a similar path.
Another driver of demand could come from speculation by investors. Currently, MILK tokens are only available at one crypto exchange, QuickSwap. If MILK tokens are added to major exchanges, that could be a huge demand driver.
Current Cryptocurrency Prices
With President Biden’s announcement of his Executive Order to study the crypto industry and potentially establish a federal digital currency, the price of Bitcoin around the low $40,000 price level. Going back to mid-January, the weekly 100-day exponential moving average has been a source of solid support for Bitcoin. Whether or not that continues is unknown at this time.
Bitcoin BTC$38,511.00-1.69%TradeEthereum ETH$2,569.28-0.69%TradeTether USDT$1.00-0.07%TradeBNB$367.71-2.06%TradeUSD Coin USDC$1.00-0.04%TradeXRP$0.77-3.81%TradeTerra LUNA$89.983.00%TradeSolana SOL$80.19-2.60%TradeCardano ADA$0.811.04%TradePolkadot DOT$17.50-3.29%Trade↓Is MILK Token A Good Investment?
Many factors will influence whether MILK token is a good investment. How well game players embrace the Cool Pets game is chief among them. The state of the crypto markets will also play an important role. A prolonged bear market would most likely keep downward pressure on the price of MILK tokens.
Potential investors would be wise to watch specific metrics for clues on whether the Cool Pets game is gaining popularity. These metrics could include player count, MILK token daily volume, additional exchange support, Cool Pet prices and Cool Cat NFT prices. Currently, MILK tokens remain illiquid and highly speculative.