The NFT project Cool Cats has signed on a new chief executive officer following the resignation of their previous CEO, Chris Hassett, in April. Hassett had served only three months in the position.
Entertainment industry veteran Stephen Teglas was announced during a town hall on Wednesday as Cool Cats’ new CEO. Teglas spent 25 years working for the Walt Disney Company where he was vice president of brand licensing from 2011 to 2014. He also served as vice president of consumer products at Warner Brothers from 2018 to 2020.
Teglas said, “My focus was always how do we ensure that three years from now, five years from now, 25 years from now, the brand is more relevant, it’s more beloved, and it’s reached a broader and bigger audience over time.”
Cool Cats: Putting Them Back on the Map
After Cool Cats’ companion project (Cool Pets) and game (Cooltopia) both experienced several production delays, their NFT floor price and native token ($MILK) have been steadily declining. The departure of the previous CEO and failure to meet key roadmap milestones led many to question whether the project could still be considered a “blue-chip” NFT.
Cool Cats launched in June 2021, selling 9,999 Ethereum-based non-fungible tokens to excited fans. They reached a peak price of 15 ETH, dropping back down to 2.94 ETH, a plunge that has left many collectors disillusioned with the brand.
At Warner Brothers, Teglas oversaw the consumer products division, which dealt with licensing fashion, home and infant products. It also collaborated on branded partnerships, leading some analysts to suggest that Cool Cats will focus their strategy on licensing their images and IP as a potential revenue stream. Intellectual property rights have come under the microscope for NFT collections and Teglas’ experience may prove invaluable in helping him secure high-profile partnerships and licensing deals for the collection.
Interestingly, the announcement has not significantly impacted the collection’s volume or valuation. Current sentiment as expressed on Twitter suggests that the community, while supportive of the move and excited about Teglas’ experience, is waiting for results from the hire before investing further in the project.
In a challenging crypto and NFT market, where utility from many projects has come under fire, it will be crucial for Cool Cats to develop a clear product strategy. The Cool Cats team has promised “big things” in the near future, and with Teglas at the helm, it seems they may be ready to deliver. However, we’re yet to see if their new CEO can turn the project around and restore confidence in the brand.