Cooltopia, a new and highly-anticipated NFT game from Cool Cats, launched on Apr. 14. Since then, the ecosystem's native utility token, MILK, has seen a sharp decline from $0.07 to $0.014.
The MILK chart does show one green candle, which syncs up with when the game was officially announced, before a sea of red candles.
The Cool Cats team expected the crash in MILK price.
"[To be honest], the MILK crash was always going to be the case after two months of down time and MILK having accumulated," one of the project's co-founders and developers, Tom (xtremetom), wrote in Discord. "Imagine if we opened and let everyone get 60 days of MILK instantly."
And now they're working on providing more in-game utility for the token to encourage users to hold.
"But yes, we have things in motion to address this," Tom continued. "And as you've [sic] correctly highlighted, they take the form of utility within the ecosystem."
On launch, Cooltopia failed to meet the expectations of NFT Twitter. And doubling the project's royalty fees from 2.5 to 5 percent (a move the team said was in the works for awhile and only now implemented with the release of the game) didn't help to quell the FUD.
COOL CATS DUNKING ON TWITTER AFTER DROPPING A MONTHS DELAYED READ-ONLY GAME AND DOUBLING ROYALTIES IS INCREDIBLE TBH LOL— SPOTTIE WIFI (@SpottieWiFi) April 16, 2022
Many objected to the game's read-only, point-and-click gameplay style. But the team has made it clear that Sapphire Town (the current iteration of Cooltopia) is only 1 percent of the project's larger ambitions.
"The current interactive experience on our website allows you to hatch your Cool Pet," the team posted on Twitter. "We have a lot planned, and once we have our foundation optimized and in a solid position, we will start delivering additional features."
The team is also actively looking to hire PR professionals to ensure that the expectations of the community are in line with their expectations as developers moving forward.
Putting aside the objections to the game's read-only, point-and-click gameplay style, when Cooltopia first launched, it was frustratingly slow. Since then, the team has implemented a few technical tweaks and fixes, including a roll and quest feature that automatically re-rolls quests, fixes to the 0 blockchain calls per 0 hours error, increased capacity for messages returned from the backend, and more.
The fixes seem to be swaying support back in favor of the Cool Cats.
Dropping by the Cool Cats Discord tonight, it's actually endearing to see everyone just chatting about Cooltopia and excited about quests/items.— The Good Knight ⚔️ (@ThGoodKnight) April 18, 2022
No negativity, no floor price talk, no Moonbirds cope like other Discords right now.
Things as it should be. 💙 pic.twitter.com/y7IsopazRS
But MILK is still in a free fall. Fortunately, the team is currently working on solutions.
The first step is to reduce the need for rate limiting on Cooltopia, which is currently preventing users from spending MILK on pet supply chests and other in-game items. The game, though much faster now, is still too slow and limited.
The second step, which can be "done in parallel to the first" according to Tom, is to add more utility and features that consume MILK.
"We have a lot of ways to sink MILK coming," Lynqoid, also a co-founder and developer for Cool Cats, said in Discord. "It's going to be fun."
The team has indicated out-of-game ways to spend MILK, too.
In one town hall (a public meeting on Twitter Spaces or Discord the team does each week), it was mentioned that MILK could potentially be spent on 1/1 artwork from the project's co-founder and artist, Clon.
A bit more speculatively, when asked about potentially using MILK in Yuga Labs and Bored Ape Yacht Club's (BAYC) upcoming The Otherside metaverse, Lynqoid simply responded with the eyes emoji.
Whether or not these fixes and MILK sinks will be enough to rectify the utility token's price and win back the NFT community is yet to be seen. But for now, it looks like Cool Cats and Cool Pets have found a new floor price around 6.5 and 1.2 ETH respectively.