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- Ponderware created a non-fungible token (NFT) named MoonCats in 2017
- MoonCats is one of the first NFTs to be introduced, thus it has an antique tag
- The project was abandoned for unknown reasons earlier; yet all the collectibles were minted within hours after Twitter revived the project
Non-fungible tokens (NFTs) are an interesting and secure way to digitize and authenticate unique virtual collectible items. It may have been one of the lesser-known use cases of blockchains as cryptocurrencies hogged the limelight. The potential for growth in this sector has seen marked improvement.
NFT’s recent hype
Non-fungible tokens can represent virtually any tangible or intangible object on a blockchain. As opposed to a physical collectible, an NFT’s authenticity can be verified easily. This is because no counterfeits can be created, and its uniqueness is completely ensured, making it a collector’s paradise. The recent $69.3 million sales of virtual art by the artist Beeple is just one example of the value NFTs command in digital marketplaces. Several people are amassing NFTs, hoping that tokens would gather a better value over time. It goes without saying that an antique NFT such as the pixelated images of MoonCats is of immense value.
Twitter to the rescue
An interesting tweet by the handle @ETHoard discovered #MoonCatsRescue. A website dedicated to the revival of MoonCats, which was admittedly the second NFT to be created after CryptoPunks. This also further encouraged the development of the CryptoKitties. With just 25,600 tokens of pixelated cat images available on the chain, it is verifiably scarce, and thus its popularity amplified.
Some astute Twitterati posted information on manually interacting with Etherscan to rescue the NFT as a workaround over the defunct website. Costing just the transaction fee for its mining on the Ethereum chain, it became the second most valued account within just a matter of four hours. By that time, crypto enthusiasts had shelled out about $600,000 to save the MoonCats. To realize the value of an NFT by opening it up for sale in markets such as the OpenSea, any owner would have to wrap the NFT for a negligible fee of $200 compared to its resale value of about $40,000.
The MoonCats rescue’s success leads many to ponder over the yet undiscovered treasures in the Ethereum chain, thus leading to a possibility of further enhancement in this realm.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
