OPINION / ANALYSIS
The creators of Catecoin, a new meme coin, have developed a new payment method known as Catpay. Let’s go over what this is.
Catecoin is launching a “play-to-earn” video game titled Rise of the Cats. Catpay is the currency that will be used in the game. The concept is similar to Axie Infinity, where gamers earn a coin called Smooth Love Potion (SLP).
According to its website, Catpay is a decentralized reward token, and can be used as a payment method for decentralized apps aka dApps. The token was launched yesterday, as was announced by the official Catecoin Twitter account:
This seems like a fun concept. And that is where I put this coin, in the “fun” category. If you have a bit of extra money and want to experiment with new coins, this may be the one for you.
I would never recommend dumping a ton of money into a new coin, because that’s just asking for trouble. To be clear, I’m not a financial advisor. But I highly recommend speaking to one, or at least doing your own research before investing into something like Catecoin / Catpay, or really, any cryptocurrency.
I’ve written about Catecoin previously. To learn more, read my previous article, or watch the brief explainer video below.