Gutter Cat Gang Release Yet Another Dilutive NFT Project

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Gutter Cat Gang, the extremely successful NFT collection, have added a new tier to their ‘Gang Membership’, titled ‘Gutter Clones’. Users were able to get these by purchasing DNA-2 (or DNA-1) via a Dutch Auction. This took place on Saturday, September 10th.

Gutter Cat Gang DNA 2
A preview of the DNA-2 Juice that was available via Gutter Cat Gang’s Dutch Auction.

The Tier and Cloning Process of Gutter Cat Gang

The Tier process of Gutter Cat Gang is fairly simple. From lowest to highest value it goes Gutter Clones in the entry tier (require DNA to gain), Gutter Rats, Pigeons and Dogs in the mid-tier, and Gutter Cats in the top tier.

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The cloning process becomes slightly confusing but easy enough for those who have all aspects of them collected. For DNA-1, users input DNA-1 juice and an OG Gutter Cat to receive a D1 clone, and their OG back (this was included to have the clone recreate the OG’s traits). Alternatively, they could input a DNA-1 Juice and a Dice Roll to get a random D1 clone.

For DNA-2, users input their DNA-2 Juice, and two D1 Clones. To clarify, one of them is unharmed, and one of them is burned. From that, they receive a D2 Clone and their unharmed D1 clone.

About the Clone NFTs and DNA

The clone NFTs by Gutter Cat Gang require DNA-2 Juice to be acquired. There were 4,000 DNA-2 Gutter Juice NFTs available in the Dutch Auction (this included 1,000 of each Gutter Clone species).

The NFTs which were claimed haven’t already been revealed, but the D1 versions are available on secondary markets. On OpenSea, the Clones sit at a floor price of 0.16 ETH (almost half of the lowest possible dutch auction price). The Gutter Juice (DNA-2 only) sits at a floor price of 0.22 ETH (still lower than the lowest price of the dutch auction).

The Fans’ Response

Fans of Gutter Cat Gang, via Twitter, were disappointed that the already large NFT brand is releasing further PFPs to their ecosystem. They looked at it as forcing fans to fork out more money to them. @Nate_Rivers, a popular Twitter user, said: “Wtf? Another mint…? Chill.” Later on, in their own post, they said. “The gang gang has raised nearly 10m, literally hasn’t seen anything come from it. Feels super insensitive to market conditions.

Further calculations from Rivers suggest that this drop in particular, where the NFTs sold anywhere from 0.3-0.9 ETH, raised $2-6 million for Gutter Cat Gang.

Although these comments don’t mirror all of the reactions to the new collection, there were certainly a few more who agreed. On the other hand, some people expressed that it can only be a good thing. Because it means that the collection is raising more money for future endeavours.

 


All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.





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