DYP to Launch “Cats and Watches Society” NFT Collection This Week

Yield farming aggregator platform Defi Yield Protocol (DYP) has announced its new NFT collection’s upcoming launch on April 13th. The collection will include prizes, features, and utilities that its creators hope will make it as big as Bored Ape Yacht Club.

Cats and Watches Society

The NFTs – collectively branded as the “Cats and Watches Society” (CAWS) – feature randomly generated cats with 235 different attributes. They exist on the Ethereum blockchain as ERC-721 tokens, hosted by the InterPlanetary File System.

The CAWS collection is meant to distinguish itself from other projects with its increased utilities and perks compared to other collections. NFTs soared in popularity last year, but despite their immense valuation as collectible items, many lacked any value besides aesthetics. 

Specifically, every cat in the collections features its own personality, expression, and outfit. They also come with unique watch preferences, which make some stand out better than others. Before “adopting” one of these cats, users can learn about the features and stories behind each cat.

When the collection goes live on Wednesday, every adopter will receive one such cat wearing a luxury watch. The watches will provide holders access to the Society Benefits Zone. As a member, the cats will grant new holders 10% of minting fees, access to the CAWS staking pool. 

Minting CAWS costs 0.08 ETH each – about $240 at current prices. After the mint is finished, existing holders will be able to mint a bonus, standalone NFT watch for free. The watch will provide other future benefits for holders.

Finally, the CAWS release will come with a chance to win one of five brand new Rolex watches, worth $150,000 each. 

In-Game Benefits

Besides the collection itself, DYP also plans to launch its own metaverse game with play to ear (P2E) mechanics. P2E games such as Axie Infinity also grew popular last year, which reward players with cryptocurrencies tradeable on the market. 

CAWS NFTs will offer functionality in this new game, where cats will interact with their owners through various sounds and animations. 

Players will also derive benefit from their existing DYP and iDYP holdings. While DYP tokens can be used to purchase in-game items, iDYP can boost energy levels for characters and their pets.

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DYP was originally a DeFi focused platform. In December, it launched its staking, farming, and buyback pools on Binance Smart Chain. 

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