Last October, the Cool Cats NFT collection was one of the hottest around. Back then, the average price of just one cartoon cat avatar was $92,000. 

Six months later, Cool Cats’ newly-appointed CEO departed under vague circumstances after just three months. And despite the NFT collection signing with one of Hollywood’s top talent agencies for representation, Cool Cats appeared to have suddenly run out of steam. 

This month, the price of one Cool Cats NFT has plummeted to a low of just 2.85 ETH each, or $3,556, numbers not seen since August 2021.

Image: NFTpricefloor.

What happens when an NFT collection skyrockets in popularity, creates a large community, releases a working play-to-earn game, and signs with a major Hollywood talent agency? 

You’d think the collection’s floor price would surge. But for Cool Cats, the opposite happened.

What makes an NFT valuable is often debated by enthusiasts in the crypto community. While some “right-click-savers” believe NFTs have no value at all, others believe that NFTs can provide immense aesthetic, financial, and entertainment value to holders.

But as the market matures, some of the hottest NFT collections are seeing their floor price—the minimum purchase price—fluctuate wildly.

There are often hype cycles based on community interest and memes on social media, such as the Goblintown NFTs, which cost a minimum of 7.85 ETH ($14,600) two weeks ago despite an OpenSea description that is nothing more than gibberish and a community obsessed with urine and gargling into their mics (yes, really). Since then, the floor…

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