Crypto Hoarders Rediscover Old NFT Project

An NFT cat project that had already been forgotten since 2017 has been resurrected and finally mined. The project is called MoonCats, created by Ponderware three years ago but already forgotten. Meanwhile, on Friday, an NFT enthusiast popularly known as Crytpo Twitter spotted the project and was able to sell each of the cat collections. Although the majority of crypto observers and traders were more concerned about the $60,000 record high at which Bitcoin was heading, another important but subtle crypto story was already trending somewhere else: an ancient set of the digital collection of artworks that were traded on the Ether blockchain was resurrected and taken immediately by vigilant crypto hoarders in just a few hours.

ETHoard rediscovered MoonCats after it had long been abandoned

Before now, Mooncats was practically abandoned. But on Friday, an NFT lover with the Twitter handle, ETHoard, disclosed that after through studies, they were able to discover the MoonCat via the #MoonCatRescue. In his tweet, the Ethereum hoarder stated that, although Moon Cat might not be as eye-catching as the earlier CryptoCats was, as soon as NFT lovers started scrambling for the NFT, he continued to dig to discover MoonCats

A tweet by Etherscan revealed that the forgotten MoonCat project was created in August 2017, and it was only second to Crypto Punks as the oldest Ethereum-based NFT to be created. In his tweeter handle, pwnlord69, the crypto investor disclosed that he had bought MoonCat for $20,000, displaying the receipt, and ending it with a joke. In the NFT marketplace, historical importance and scarcity are factors that determine how desirable an NFT artwork will be. MoonCats has a maximum of 25,600 discovered pixell cat NFTs; hence, meeting the requirements of a possible NFT big project.

What Exactly is NFT about?

An NFT, a term that stands for non-fungible tokens, is similar to other rare artworks like fine arts and trading cards. But the distinction between them is that NFTs are digital in nature, courtesy of the Ethereum blockchain avant-garde technology. NFT is known to be provably distinct and scarce. Such qualities help people swap unique digital items the same way they exchange nice watches and baseball cards.

The NFT sector is soaring in popularity. Last week, Beef, a famous NFT digital artist, was able to auction his collection of artworks known as EVERYDAY 5000 for $69million. Now, some NFT works sell for thousands and millions of dollars in marketplaces. The industry is attracting new entrants daily as people now store NFTs hoping that it will increase in value in the nearest future. Now, the abandoned MoonCat has been “rescued.”

Once the website dedicated to Moon Cat Rescue had long been abandoned, NFT enthusiasts had no other choice but to interface with the digital work with the help of Etherscan to resuscitate the cats. Briefly, the thorough description of the steps to take started going viral. Rescuing a MoonCat will cost you a transaction fee calculated in Ether. Interestingly, MoonCats became the 2nd costliest account on the Ethereum network on the said day, garnering about $600K gas fees.