On the heels of the successful $GMC24 bundle launch containing 24 Genesis MoonCats, we present a special edition of the Fractioneers series! In this episode, you’ll discover:
- RedCave Ventures, the enigmatic new NFT syndicate
- why NIFTEX is their platform of choice
- the MoonCats project and ponderware, the studio behind Mooncats!
With only 96 genesis cats in existence, most members of the MoonCats community have little chance of owning one of these special cats. We created $GMC24 to democratize and expand gen cat ownership. 24 genesis cats were chosen to give the collection a balanced and representative composition. Now everyone has the option to own genesis cats and directly benefit from their success!
We at RedCave Ventures want $GMC24 to be more than just a fractionalized collection of genesis cats. It is important to us that MoonCats Rescue is strengthened by the success of $GMC24. That's why we chose to use NIFTEX to share this collection.
NIFTEX’s governance structure (editor’s note: all NIFTEX fractionalizations are mini-DAOs) allows $GMC24’s success to directly benefit the MoonCats community. NIFTEX’s custom AMM allows $GMC24 holders to set trading fees and select the beneficiaries. Ponderware and liquidity providers in this case. If ponderware need their receiving address changed, governance can make it so. $GMC24 holders can also vote to accept buyout offers on individual genesis cats in addition to the entire collection. If an offer is accepted the collected funds are distributed proportionally to token holders. As long as ponderware retain their tokens (6% of the collection), MoonCats Rescue directly benefits from any buyouts that occur.
NIFTEX’s service made it easy for us to create a fractionalized collection with community-oriented governance features. It is our hope that $GMC24 will further the story and success of MoonCats Rescue.
The $GMC24 bundle on NIFTEX Platform collected 96 ETH in less than 4h from more than 160 collectors. As much as 25% of the rarest MoonCats - those with the Genesis trait - have been fractionalized to democratize access and ownership for all. NIFTEX spoke to the ponderware developers, who paused their project over 3 years ago and suddenly woke up to a world where MoonCats were all the rage again.
Can you tell us a little bit about yourself?
Ponderware is the outlet for three developers who are excited about how blockchain can reshape our world by empowering individuals and creating new ways of organizing ourselves. Our backgrounds crisscross through a lot of different areas including, computer science, art, and law.
It was 2017. No one knew or thought about NFTs. What was the inspiration to create MoonCats, and what was it like to do this project so early on? Why cats?
We were just generally excited about creating a decentralized app. We saw what Larva Labs did with CryptoPunks and liked it. So we thought - hey what if we add a couple of interesting tweaks to it. We were particularly interested in fair distribution mechanics and embedding the procedural generation in the contract. We were just two people then and the size of the project was a good fit for us.
Cats were a natural choice. We wanted the project to be lighthearted and fun. Everyone on the internet loves cats, right?
True! How do you feel about the re-emergence and support of the MoonCats community?
We're incredibly moved by the support that has popped up overnight for the project. We made it because we wanted to do something new and bring a little joy to people's lives. To see so many people support and build around the project means a lot to us.
What were your expectations for the project back then? Did you plan or think about where MC could/would be in 4 years?
We didn't have very clear expectations - the project was an exploration and we didn't know where it would go. At times we were amazed it got as much attention as it did and at other times we thought it should have gotten more.
We were aware that it could get discovered again one day because of the nature of the blockchain, but how and when the rediscovery happened was a huge surprise.
Was the frontend taken offline because of the bear market, or were there other reasons? Back then, did you ever expect that all MoonCats would be recovered one day?
Well, the front-end was never taken offline, but its functionality rotted. Running a node to support the project was costly back then and interest seemed to have dwindled away. It's the blockchain though and we knew that the smart contract itself would live on. We hustled to update and reconnect everything as soon as we learned of the rediscovery.
The website always had a manual rescue feature and, even though the web3 connectivity was gone, people were able to use the scanner to find valid MoonCats seeds and save them by interacting with the contract directly. For many people, this was their first experience with direct smart-contract interaction. Teaching people a bit about blockchain tech was always a hope of the project and we're actually fond of that aspect of the story.
In recent months the NFT space has seen significant growth. What is your vision for the future of NFTs? Do you think NFTs can make crypto go mainstream?
It’s clear that NFTs have an important role to play in the blockchain ecosystem. The world is filled with unique things and now there are easy ways to add them to the internet of value. It's hard to say where NFTs in general are going, but our vision for MoonCats is to help build out a rich on-chain ecosystem to support them.
If you would have started developing MoonCats in 2021, what would you do differently?
We’re not sure we would develop MoonCats in 2021. We're always more interested in what's next :). But if we did, we would have handled the release of the Genesis MoonCats more programmatically. Lesson learned.
How do you feel about fractional ownership of MoonCats and NFTs in general?
One of the amazing parts of the blockchain ecosystem is the ability to link all of these different services and ideas together. It's really neat that you can take the original MoonCats, wrap them to be ERC721 compliant Acclimated MoonCats, bundle 24 of them together, and issue shares for that bundle. It also shows the comparative maturity of the ecosystem. Back in 2017, it made sense to integrate a marketplace right into the smart contract. In 2021, it only took days before MoonCats were 5 levels deep in modern DeFi tech.
Thank you to RedCave Ventures and ponderware for their time and answers! We hope you enjoyed these insights brought to you by NIFTEX. GMC24 can be traded at https://www.niftex.org/asset/details/0x06141f60ee56c8ecc869f46568e2cb1e66baaf41