Trading volume increased tenfold in the past 24 hours
The MoonCats NFT collection has seen an explosion of interest in the past 24 hours, as its trading volume increased 1,128% to more than $4,4 million. The 2017 project had the biggest jump in activity from all the NFT collections tracked by DappRadar.
The tremendous increase in trading volume came from 1,050 sold NFTs, which means that the average MoonCat sold for $4,190, or approximately 1,3 ETH. With a $282,000 price tag, MoonCat #2876 has been the most expensive MoonCat sold in the past 24 hours.
Trading MoonCats happens primarily on OpenSea. However, through the official website users can also trade these pixel cats. The original MoonCats predate the ERC-720 standard. Therefore the developers have created a wrapping service, allowing MoonCats to exist as an ERC-721 NFT. This makes them compatible with modern NFT marketplaces like OpenSea and Rarible.
NFT collectors rediscovered MoonCats earlier this year. It turned out that not all MoonCats had been saved yet, and they were quick to mint as many of these pixelated cats as they could.
The oldest MoonCats are the ones minted between August 11th 2017 and December 31st of the same year. During that time period people claimed approximately 3,500, and some of those are now selling for 5 ETH or more. Cats minted in 2018 currently go for 2 or 3 ETH, but most cats are from 2021. These now go for approximately 1 ETH, and the floor price is rising.
What is MoonCats all about
MoonCats is a generative art collection. It is also one of the earliest NFT collections on the Ethereum blockchain. All NFTs in the collection feature images of cats, generated by the blockchain. Originally buyers didn’t know what type of cat they would get, because the blockchain would only generate their MoonCat after recording the transaction.
Right now MoonCats has gone into its next phase: accessories. NFT owners can now add items to their MoonCats, making them sit in a giant robot, giving them a lightsaber, hats, or placing them in the hands of the monkey from The Lion King.
MoonCats are among the first NFTs on the Ethereum blockchain, and the ability to add wearables gives them a modern touch. However, the digital cats are also moving into the metaverse. For example, The Sandbox has made a homage to the rescued space cats. They introduced these voxelated cats when MoonCats acquired virtual land in The Sandbox at the beginning of this month.
Where the official MoonCats will cost you at least 1 ETH, the tributes in The Sandbox go for 0,08 ETH or more than $250. Obviously NFT owners can use the assets for The Sandbox in user generated levels, coming to The Sandbox later this year.