Despite OpenSea’s status as the world’s most popular NFT marketplace, a new player has emerged. During the last 24 hours, Tubby Cats has exchanged 4,954 ETH, or $12.9 million in volume. Ahead of Bored Ape Yacht Club and Doodles on OpenSea, as of Feb. 22, all NFT projects on the platform.
Tokens from the 20,000 Tubby Cats whitelist mint went online at 12PM EST on February 21 and will be available to the general public for the next 48 hours. Based on data provided by Dune Analytics, a Tubby Cat token presently sells for nearly $2,000 at a price of 0.79 ETH.
Invasion of the Twittersphere
On Twitter, the NFTs have already attracted a lot of attention. Even though Cobie, host of the UpOnly podcast and a well-known crypto commentator, was on the whitelist, she was unable to mint an NFT and threatened to bring harm upon anyone who tried to stop her.
Crypto influencer and investor Hentai Avenger tweeted, “On the verge of economic catastrophe and all I see are tubby cats on my timeline,” he wrote.
It shocked Ratwell, the project’s leader, that Tubby Cats had such a great response. He told The Defiant that he was “honestly just blown away” by the news. This wasn’t what I expected at all.” “To put it mildly, I’m ecstatic.”
The Tubby Cat 6344 model number
The project’s early momentum may have been fueled by a number key features. Those who own the Nouns, Forgotten Runes and Wassies NFT collections will be given early access to the game. Art and those who created it were important factors in Ratwell’s decision-making process, he added.
Some of the greatest personalities in crypto have received honorary NFTs from Tubby Cats, with the image generally based on the individual’s Twitter profile photo. eGirl Capital’s CL207’s profile photo inspired one honorary, which featured a cat.
As the collection grew, Ratwell claimed CL207’s hazmat-clad cat image was actually the driving force behind it.
Team Tubby Cats
The project’s leader believes that the collection’s success can be attributed to the fact that certain features were paired with specific colour palettes. This time around, instead of a random assortment of attributes being paired with a random hue, certain traits will be paired with specific colours. An example is a detective’s cap.
Reveal in Steps
Outside of the art, Tubby Cats uses a “progressive reveal method” developed by 0xngmi, the DeFi Llama creator who designed the smart contracts for the mint. As a result, instead of being revealed all at once, the NFTs are released in 1,000-unit batches.
In 0xngmi’s opinion, there are a few advantages to this system. You can see your NFT immediately after you mint it instead of waiting for the collection to sell out, which isn’t guaranteed.
Another advantage is that certain rare NFTs are discovered, and their owners don’t instantly raise their prices to reflect this. Bots or so-called ‘rarity snipers’ may now identify which freshly discovered NFTs are rare and purchase them at a lower price. The time it takes to go from mint to disclose can be cut in half, allowing consumers to better manage the prices of their NFTs.
Because the new reveal system relied on a complex piece of code, it was a risky move for 0xngmi. However, users seemed to enjoy it. The founder of DeFi Llama made the Tubby Cats progressive reveal code open-source in the aim of advancing the industry.
Ultimately, it is difficult to pin down exactly what makes a project succeed in the NFT arena. Every undertaking would be a success if it were simple. Their strategy appears to be paying off.