At Stately Beat Manor, we have a soft spot for cats and Macy’s Thanksgiving Day Parade balloons. However, when you introduce NFTs into the mix, things worsen. Believe it or not, this year’s parade is set to feature its first NFT-based balloon, which goes by the name of Cool Cats.
Cool Cats and Chugs: A Creative Universe
Cool Cat is a charming blue feline from the world of Cool Cats, a rich and vibrant universe filled with captivating characters, comics, innovative games, unique merchandise, and delightful animations. Joining Cool Cat on this high-flying adventure is his whimsical sidekick, Chugs, who just happens to be a milk carton.
Macy’s Entry into the NFT World: From Comics to Web3
Macy’s initial foray into the world of blockchain and NFTs took place last year with a parade held in the “metaverse” and a highly competitive contest to determine which NFT would earn the honor of becoming a parade balloon. After a fierce competition featuring contenders like Boss Beauties, gmoney, SupDucks, and VeeFriends, Cool Cats emerged victorious.
Cool Cats is the brainchild of a talented artist who goes by the name Clon. His journey from creating comics to building a presence on Instagram ultimately led him to dive into the exciting world of Web3 in 2021, when NFTs were all the rage. After numerous drops and dealing with substantial gas fees, they’ve finally secured a spot for their balloon – a massive one.
Balancing Mainstream Appeal and NFT Success
In addition to the balloon, Macy’s plans to offer physical Cool Cats merchandise that fans can hold in their hands. While some might avoid using the term “NFT,” preferring the label “digital collectibles” to avoid negative connotations, Macy’s embraces the NFT terminology wholeheartedly.
However, it’s important to remember that at its core, Cool Cats is essentially a licensing brand centered around an adorable cat character. While it achieved remarkable success within the blockchain community, its primary goal is to create mainstream appeal and connect with people globally through immersive storytelling experiences.
Speaking of success in the Web3 world, Cool Cats has made quite an impact. OpenSea lists its total volume as a staggering 143,746 ETH, which translates to approximately $233,861,086. This substantial valuation indicates a significant interest in Cool Cats and their NFT offerings.
NFT Success and Subsequent Challenges
The Cool Cats NFT collection initially gained popularity, with single cartoon cat avatars selling for an average of $92,000. However, in just six months, the project faced challenges, including the sudden departure of the CEO and a drop in NFT values to $3,556 each by June. Decrypt’s investigation uncovered various issues, including a “goblintown” disaster, complaints about the CEO’s lack of activity on Discord, and problems with MILK multipliers affecting the value of rare NFTs. This story illustrates the complexities of the NFT world.
One pivotal moment in Cool Cats’ journey came when they launched an online game called Cooltopia. While the game boasted a working in-game economy, it received criticism from the Web3 community, with many expressing their disappointment.
You might wonder how one secures a balloon spot in this famous parade. Thankfully, the internet answers this mystery, as detailed on a Hollywood Branded website. Brands indeed pay a substantial amount to participate in the parade, viewing it as a significant marketing investment.
The Financial Side of Balloon Sponsorship in Macy’s Parade
Sponsoring a balloon or float doesn’t come cheap. Participating companies must cover the construction costs and pay a parade fee, which starts at $190,000. However, some companies participate for multiple years, reducing construction expenses since the balloon doesn’t need rebuilding annually.
With construction costs typically ranging from $30,000 to $100,000, the total expenses for a brand’s participation can amount to anywhere from $120,000 to $300,000. This figure doesn’t even account for the costs associated with costumes. Helium, labor, and expenses can skyrocket if a celebrity is involved.
Beyond the NFT World: The Future Journey for Cool Cats
Returning to the Cool Cat and Chugs story, one can’t help but sympathize with a cartoonist’s dream of creating comics and animations. However, when success in the form of an energy-consuming and often controversial marketplace is achieved, that sympathy can wane. Cool Cats is taking a leap of faith with a giant balloon in a cherished holiday tradition. Still, it’s likely that many parade watchers will find themselves asking, “Who’s that?” as the NFT balloon sails by, gradually losing air and perhaps its appeal.
Cool Cat’s adventures may have taken him and Chugs to the fantastical realm of the Fracture, but an even more daunting adventure might await them in the ordinary world known as Planet Earth.”
