The team behind the largely popular Cool Cats and Cool Pets collections has announced the ecosystem’s new native MILK token. MILK is an ERC20 token on Ethereum and Polygon. It will bring further utility to Cool Cats and Cool Pets holders across the ecosystem of products dubbed Cooltopia.
Importantly, the MILK token is a step towards introducing a gamification element to the Cool Cats and Cool Pets projects. For the moment, this gamification comes only in the form of Cool Pets quests. However, the team is planning on expanding this side of Cooltopia further.
With the launch of the MILK token, Cool Pets holders will get a chance to evolve their NFTs. Additionally, Cool Cats holders will have a chance to earn a passive income for hodling their NFTs. Read on to find out how much MILK each NFT earns, and what are the use cases for this newly launched utility token.
How to earn MILK tokens?
According to the official Cool Cats whitepaper, there are several ways in which Cooltopia fans will be able to earn MILK tokens. For example, Cool Cats NFTs earn MILK just by being cool. This means that holders will receive a daily airdrop of MILK tokens now that the team deployed the native token contract.
Users can also earn MILK by sending their Cool Pets NFTs on quests. The amount of MILK earned depends on the Cool Pet’s evolutionary stage. What’s more elements also play a role, for example, whether an NFT earns an element bonus on that specific quest. Cool Cat holders can also send final form Cool Pets on passive quests via The Adventurers’ Guild.
As mentioned above, these are the initial distribution and earning mechanics for MILK. The Cool Cats team has more ideas in the pipeline. These include further gamification and play-to-earn elements bringing MILK rewards to players.
Importantly, collectors can claim their MILK earnings whenever they like. In order to do that, they need to connect the wallet holding a Cool Cats NFT to the official website and click the “Claim MILK” button. Importantly, the claim process happens on Polygon. Additionally, the Cool Cats team has opted to cover all gas fees associated with claiming MILK.
Why do you need MILK, and is it going to last?
One of the main questions popping up around crypto Twitter after the announcement for MILK was released is whether the token will be able to keep a steady price. This insecurity among fans and crypto enthusiasts is prompted by the lack of a total supply and market cap for the token. Additionally, some users bring up the fact that the use cases for MILK are currently very limited. This might put additional sell pressure on the token, possibly lowering its price over time.
Currently, the main incentive for collectors to get MILK tokens is to evolve their Cool Pets NFTs. However, according to calculations laid out in this tweet, in the most ambitious scenario, all Cool Pets NFTs can become fully evolved in about one month. If this happens, the utility of the MILK token will be drastically reduced, limiting both interest and demand for the currency.
Of course, this is a very pessimistic prediction based solely on the mathematical features of the MILK token. It does not take into account how much interest there will be in fully evolved Cool Pets on the secondary market, or how much interest there will be in the MILK token as a stand-alone currency on crypto exchanges.
DappRadar will continue monitoring the Cool Cats and Cool Pets projects as collectors will soon get a chance to experience the full utility of MILK. If you want to keep a close eye on Cooltopia, check out the links below. Additionally, you can follow DappRadar on Twitter, to hear the latest NFT news first.
