Amidst the constant buzz of reaching new highs, the Bitcoin ecosystem has once again given the community a small shock.

On December 19th, AMM NFT trading platform BakerySwap conducted its first Launchpad, with Bitcoin Cats, a Bitcoin chain game project, being the project for IDO. The first round will release 2 billion $1Cat tokens, with a limit of 2 ETH per participant. Whitelist members are eligible for double allocation. The Launchpad lasted for two hours, with 37,383 ETH and 73 million BAKE tokens participating, and the total value of participating tokens reaching 106 million US dollars, oversubscribed by 150 times.

On the afternoon of December 20th, $1Cat was listed on Uniswap and BakerySwap exchanges, and its price increased by more than 15 times after opening, reaching 0.007U at the time of writing. What surprised the community more than the huge fundraising and price increase was that its IDO platform, BakerySwap, became the center of market attention through its first Launchpad, and its token BAKE saw a 64% increase today.

Bitcoin Cats: Bitcoin Ecology + GameFi + NFT

According to the official website, BitcoinCats is positioned as a GameFi platform within the Bitcoin ecosystem. By mapping Bitcoin assets (such as BRC20, Ordinals NFT, etc.) to the Ethereum (and other Layer2) network, it brings new gameplay such as Play2Earn, staking, farming, SocialFi, etc. to Bitcoin assets.

The token 1Cat, which saw a more than 10-fold increase in price within half an hour of opening, is the native token of the Bitcoin Cats game ecosystem. The total supply is 10 billion, with 2 billion released in this issuance. According to the official website, 1Cat can be used to purchase and upgrade in-game assets, including avatars, pets, equipment, and farmland. It can also serve as a ticket to access special features of the game.

In addition, 1Cat is not only a practical token in the gaming ecosystem, but also a meme coin with a super cute cat as its symbol.

1Cat is a BRC20 token and also an ERC20 token. The team explained that "it was originally engraved on Bitcoin, and part of it was bridged/wrapped to Ethereum." In this Lanchpad, the team distributed a mixture of BRC20 and ERC20 1cat tokens to participants with larger allocations in BRC20 addresses, while others only received ERC20 tokens. The team's explanation is that "since 1cat is about to be listed on multiple centralized exchanges, there is no need to worry about the price difference between BRC20 and ERC20 tokens."

According to this setting, if Bitcoin Cats can really realize its vision, there are many obstacles to overcome in terms of asset flow in the game. Depending on the recently developed Bitcoin cross-chain protocol and DEX protocol, BRC20 and ERC20 can already be exchanged, but there is still some distance to go before they can be applied to the game ecosystem. In addition, as both an ecological governance token and a meme coin, how to stabilize the value of 1cat token is also a problem that the team needs to consider when designing the game.

除了代币以外，Bitcoin Cats has also launched assets including Bitcoin Cats NFT, which are pixelated cartoon cat NFTs engraved on Ordinals, with a total of 10,000. On the official website of Bitcoin Cats, various ideas about its IP ecosystem have been mentioned, involving different media forms and product fields, including video shorts, games, AR&VR (augmented reality and virtual reality), metaverse, and toy models.

Currently, BitcoinCats NFT has not been released yet. You can obtain the NFT airdrop whitelist qualification by staking 1cats token. In addition, the official website provides a channel for downloading BitcoinCats NFT images. Users who use BitcoinCats NFT images as their social media avatars also have the opportunity to obtain NFT whitelist qualification.

Bitcoincats has not yet released specific information about the game. According to the official website, the game may involve gameplay such as battles, socializing, and farming. The official website was launched on December 11th. After the IDO was successful, Bitcoin Cats released a "short roadmap" on social media. The first step is to open the activity of pledging 1 Cat token to obtain the NFT whitelist, and then launch the first game of Bitcoin Cats, which will involve 3D metaverse elements, but no specific time was mentioned.

Other than BakerySwap, BitcoinCats has also partnered with Turtsat, an IDO platform that focuses on the Bitcoin ecosystem. During the IDO preheating period, projects such as Web3 social platform Port3Network and inscription market Ave.ai have also announced their partnership with BitcoinCats.

Placeholder advantage is popular, can it continue?

It has to be said that the narrative of "the first game platform in the Bitcoin ecosystem" is indeed attractive, but in terms of the project itself, Bitcoin Cats has not fully demonstrated its game development capabilities to the community. Currently, the close relationship between the token 1 Cats and the "game platform" does not seem significant. Some in the community have also pointed out that the art style of BitcoinCats is very similar to a blockchain game called Worldwide Webb, which is a pixel-style metaverse MMORPG game well-known in the NFT community and has received tens of millions of funding.

What can be determined is that, compared to the game itself, the market values the narrative space of the Bitcoin ecosystem. As the first gaming platform in the Bitcoin ecosystem, Bitcoin Cats' positional advantage has attracted the market's favor and investors' FOMO sentiment. However, games are not like inscriptions, and projects still need to demonstrate real capabilities to truly retain the influx of funds.

It is worth noting that the win-win cooperation between Bitcoin Cats and BakerySwap is not the first case in the Bitcoin ecosystem boom. TurtSat, a platform that announced not to accept any investment and is dedicated to IDO for Bitcoin ecosystem projects, has launched 5 projects in the past month and stated that more than 20 projects are still on the way to IDO. Its token TURT has also achieved a growth of over 10 times in the past month. On December 21, TurtSat also announced a strategic partnership with DWF Labs.

Related reading: "TurtSat: Incubating the "BRC-20 Experiment" with 10x increase $MUBI, how far can the IDO platform focusing on the Ordinals ecosystem go?"

Attention is easily attracted, but consensus is not easy to gather. After the hype, how these projects will perform remains to be seen. BlockBeats will continue to monitor them.

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