There has been an increase in the cryptocurrency tokens in existence lately, due to the revival of bitcoin and other such cryptocurrencies. It seems, that the cryptocurrency trend shouldn’t be considered a trend anymore but should be considered as an asset that is here to stay. At the time of writing this article, there exist about 11,500 cryptocurrencies on the blockchain according to CoinMarketCap.
This shouldn’t come as a surprise as the utility of cryptocurrencies are seemingly infinite and it is too easy to generate cryptocurrency tokens. There exist many copies of well-established tokens just used for different applications and hence these tokens are often regarded as copy tokens. The COPYCAT token could be seen as one of them but it is more of a simple token that utilizes a template.
What is COPYCAT Token?
The purpose of the COPYCAT token at its core is to satirize already existing copycat tokens. This can be used to satirize copied projects, smart contracts, decentralized applications, or any other blockchain work which is copied. This token as of now doesn’t hold any intrinsic value to it, but as more and more people start using the token for ‘stamping’ copycats, the value of the token will increase, as this token will follow the law all cryptocurrencies follow, the law of demand supply and the price.
The COPYCAT token was made by the founder Isaac Mou who is a student at the University of Toronto currently studying Mathematics and Software engineering. It is noteworthy to mention that one of the many reasons for creating this token is to pay off his student loans which are hard to pay even after working on a full-time and a part-time job simultaneously. The token was created by him with a guide available on Github to create an ERC-20 token.
There are 10,000 copycat tokens in circulation (limited supply) out of which, 40% (4000) will be locked, 40% (4000) will be in supply, 10% (1000) will be held in the founder’s wallet and 10% (1000) will be used by the team for marketing, development, as well as funding for the project. The decision about the 40% locked token, which is to use for marketing, development, or to simply burn will be a community decision taken after the locking period ends. The locking of these tokens is possible due to the smart contract, which states that the locking period of this token is from 08/17/21 – 01/02/22.
These NFTs will be concentrated around both supporting the COPYCAT project as well as helping students in financing their education. So, instead of investing in a Jpeg image that won’t help anyone necessarily, the investor can invest in NFTs of the project, to help it sustain long term; or promising students, to help them pay off their tuition. When promising students receive aid in the form of cryptocurrencies after their NFTs get sold, the students can later help to make the world a better place.
Currently, the COPYCAT has 2 types of collections, one consisting of the founder’s NFTs on sale and the other one which is directly related to copycat.
one with a jpeg of his outstanding balance of $60,419 which is priced at 0.1 Ether. The perk of this NFT is that it enables all to help the student even in small amounts. 0.1 Ether in today’s day and age is about $300, which can be far more affordable to the masses than a one-time payment of 20 ETH which is about $60K. This is the founder’s tuition fee for 2021 fall – 2022 winter. The other NFT is his software engineering tuition fee which is currently priced at 10 Ether and the last of all the NFTs are priced at 30,000 USDC which represents his software engineering tuition fees for 2021 Fall.
This collection includes again 3 NFTs, one containing the original logo of the copycat currently priced at 99 USDC. The other one contains a Monalisa type of portrait made up of copycat which is priced at 198 USDC. While the 3rd NFT in the collection consists of a super rare 3D copycat which is currently priced at 198USDC. There will be more NFTs to come as the community grows!
In the upcoming bright future of this project, there can be NFT drops for the top traders or holders of COPYCAT cryptocurrencies, which can be minted directly or distributed by the founder. The founder is also dabbling with the idea of creating a basic copycat scanner, which scans the codes of the coin to find and detect copies of the tokens existing on the blockchain. The coin is set to be available on Uniswap before September 6th and will be announced on all of its social media platforms.