BACKSTORY Back in 2017, two developers calling themselves “Ponderware” set out to create blockchain-collectible cats. Their project was called MoonCatRescue. Only 25,600 MoonCats could be brought onto the chain, so “searching for” (or generating) a MoonCat didn’t necessarily mean that cat would be brought into a contract.
CONTRACT BUG The developers’ only attempt to monetize came in the form of “Genesis Cats”—256 unique black or white MoonCats which would be sold directly to users in very limited batches. Unfortunately, the developers ran into a bug which made the funds from these sales inaccessible.
source: https://thedefiant.substack.com/p/-meet-mooncats-the-og-nft-cats-beating
SPARKING THE GOLD RUSH Recently, a Twitter user going by “tilopa” wrote:
“can anyone confirm that https://mooncatrescue.com predates cryptocats? looks like a very early og nft that you can still mint but the ui is broken so you have to interact with the contract directly.”
This was all it took to set off the latest NFT gold rush. Within three hours, the limit of 25,600 on-chain MoonCats had been reached. During this time, users paid nearly $600k USD in gas fees for MoonCat rescues.
Tale of Lost MoonCats NFTs Spurs Buying Frenzy source: https://thedefiant.io/tale-of-lost-mooncats-nfts-spurs-buying-frenzy/
Their project was called MoonCatRescue, and the novel premise was that users could search for lost MoonCats off-chain and then adopt them by bringing them onto the Ethereum blockchain. This was done by generating a seed corresponding to a unique cat ID and procedurally generated cat image (randomized from an assortment of different traits including stance and fur color) off-chain and then submitting it as an on-chain contract attached to the Ethereum address that generated it.
However, only 25,600 MoonCats could be brought onto the chain, so “searching for” (or generating) a MoonCat didn’t necessarily mean that cat would be brought into a contract. Users could generate endless cats and ultimately only bring their favorites into their on-chain collection.
MoonCat owners could also give their MoonCats permanent names, making this the first NFT project to allow for such a feature.
Moreover, the project was intended to be free aside from the gas fees for bringing selected MoonCats on-chain. At the time, these fees cost around $0.50.
Lost MoonCats The developers’ only attempt to monetize came in the form of “Genesis Cats”—256 unique black or white MoonCats which would be sold directly to users in very limited batches. Unfortunately, the developers ran into a bug which made the funds from these sales inaccessible.
The MoonCats developers changed the method for buying Genesis Cats from sending ETH to burning ETH, but eventually, perhaps without any further incentive to continue, the MoonCats project was forgotten and Ponderware’s social media accounts went inactive.
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Ponderware even returned to Twitter for the first time since 2017 to Tweet in celebration: “All regular MoonCats have been rescued!”
Ponderware:
We have been tirelessly working on possible solutions to the Genesis MoonCat Conundrum since we learned of the MoonCat renaissance. In the process we have called on talent and feedback from across the space. Here is a high level view of the situation and current consensus.
For starters, the Genesis MoonCats are not like the other MoonCats. All of the regular MoonCats have already been rescued and no more can be added to the contract. There are currently 96 Genesis MoonCats. The contract allows us to release 160 more.
Genesis Mooncats (GMCs) get released in 16 waves of 16 cats. We already released 6 waves in 2017. There are 10 more possible waves. The contract puts Genesis Mooncats (GMCs) up for adoption starting at 0.3ETH for the first wave, and adding 0.3ETH for each new wave. This ETH gets burned. We don’t get it.
If we naively release them now, it is likely that each generation will be instantly purchased by bots competing with each other and driving up the gas price to extreme levels, effectively shutting out any opportunity for the less technically savvy or wealthy to obtain one.
To airdrop them, we’d need to own them. In the next generation, 7, each Genesis Mooncat (GMC) is 2.1ETH. Add up the remaining generations and it’s 436.8ETH.
Unfortunately, raffling the remaining Genesis Mooncats (GMCs) is no more easy or possible than it would be to airdrop them. Remember, we don’t own the Genesis Mooncats (GMCs), the only power we have is to release them or not.
A) Why burn the private key? More $$$ for existing owners.
Yes we have to burn the private key. We all don't want to the complex burden we just want to move forward from the hindrance of possible high end auctions of mooncats but focus on the floor [price] moving higher.
B) Owners keep the private key? Why not?
A slow release would be best to preserve the legend of Mooncats! Release them all!
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Your regular cat will NOT go up in value just because they burned the remaining genesis cats that are not released.
The natural process of this project should be followed to maintain its integrity.
We were supposed to have 256 Genesis cats which is 1% of the supply of mooncats.
For the record, unreleased cats are never "burned", but rather live out their ownerless furry lives frolicking on the moon.
The contract can only release new genesis mooncats for sale, and those sales burn the ether.
Only option would be to allow individuals to buy more genesis cats.
MoonCats Facts
- Founder unknown/disappeared. Just like Satoshi for #Bitcoin
- Second oldest collectible on Ethereum after CryptoPunks
- Only 25,600 in existence
- Required CPU power and manual work -> No whales
- Immense history value -> collectibles rescued after 4 years
- CryptoKitties contract submitted on Nov 28, 2017, MoonCats contract submitted on Aug 09, 2017. This makes them first cats in NFT existence.
- You can name them. And that was possible FOUR years before Hashmasks!