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long-dormant MoonCats project rides NFT mania to the moon

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As the profusion of recent algorithmically-generated nonfungible token tasks drives down the premium on digital rarity, digital historical past and being amongst the “firsts” has turn into a extra dependable supply of worth. Consequently, long-forgotten tasks are being unearthed by on-chain sleuths, and yesterday they could have struck gold on their greatest discover but. 

At 7 AM UTC March 12, Twitter consumer and NFT collector “ETHoard” posted a brief thread on what could also be the second-ever nonfungible collectibles project launched on Ethereum, MoonCats.

Whereas perhaps not as eye pleasing as the latest #CryptoCats discovery, after that rush occurred I began digging round and got here throughout #MoonCatRescue. Impressed by Cryptopunks as effectively, and really predates CryptoCats. /1

— ETHoard (@ETHoard) March 12, 2021

In accordance to Etherscan, the MoonCatsRescue contract is 1310 days outdated, first written to Ethereum on Aug 09 2017. That might imply MoonCats predates CryptoKitties, the NFT project broadly credited with popularizing NFTs, by three months, and likewise is only a contact youthful than CryptoPunks, the OG NFT project on Ethereum. 

Customers shortly set to determining how to work together with the contracts manually by way of Etherscan, as the web site’s fronted had lengthy gone defunct. The primary MoonCat minted in 992 days got here to digital life at 2:52 PM UTC.

How to wrap your MoonCats to promote on @opensea
Do that at your personal danger and at all times verify contract addresses.

Thread

— RyanJK (@RJ_Kunz) March 12, 2021

At the time customers reported that the value of interacting with the contract to “rescue” the cats was between $50 to $200 (some speculate that fuel costs rose due to MoonCat mining demand), and the value to wrap them so that they may very well be listed on NFT market Opensea ran upwards of $200. All 25,600 cats have been minted inside a number of hours. 

The ground value for cats on Opensea has risen as excessive as .8 ETH at the time of publication — netting cat resucers roughly $1000 revenue per cat. There’s been 715 ETH value of exercise, pushing the project to the prime of varied quantity leaderboards, and new community-built frontends have already emerged.

The outstanding story has been likened by some as a type of digital archeology, through which treasure hunters discovered long-lost historical past:

they’re the first digital archaeological dig. the context is something however lame imo. https://t.co/ciDmeOjpbb

— mewny (@mewn21) March 13, 2021

“In my opinion, what we witnessed yesterday was the digital equivalent of discovering historical artifacts,” mentioned MoonCat collector Elmo. “While that may sound hyperbolic right now, I think history will look back on these seemingly rudimentary pieces of art as the first steps in pioneering the growth in digital arts.”

Elmo has been posting quaint statistics and information of MoonCatRescue’s digital footprint, together with one Reddit thread the place customers mentioned the value of minting a Cat was 50 cents. He additionally notes that the project is a uncommon instance of a very “honest launch” they contract was obtainable and open to the public for years earlier than the neighborhood caught wind and it exploded in reputation. 

>bummed he missed getting in on cryptopunks
>posted 3 years in the past
>RIP pic.twitter.com/hCf2Kmw3Hx

— Elmo’s Quick Volatility Fund (@jrob1564) March 12, 2021

MoonCats aren’t the solely digit goldmine historians and prospectors have found in latest days. There have been efforts to resuscitate different tasks that the neighborhood has discovered underappreciated. Collector and developer Nate Hart noticed a sudden bid in his Chainfaces project, considered one of the earliest NFT tasks to have all related metadata on-chain earlier this month, after months of relative stagnation. 

The query now turns to what different long-lost contracts are gathering cobwebs on Ethereum?

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