All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any kind of investment.
Gutter Cat Gang drops yet another dilutive NFT project
Gutter Cat Gang, the extremely successful NFT collection, has added a new level to their “Gang Membership”, titled “Gutter Clones”. Users were able to obtain these by purchasing DNA-2 (or DNA-1) via a Dutch auction. This took place on Saturday 10 September.
The leveling and cloning process of Gutter Cat Gang
The tier process of Gutter Cat Gang is quite simple. From lowest to highest value, there are Gutter Clones in the entry tier (requires DNA to obtain), Gutter Rats, Pigeons and Dogs in the mid-tier, and Gutter Cats in the top tier.
The cloning process gets a bit confusing, but easy enough for those who have all aspects of them together. For DNA-1, users put in DNA-1 juice and an OG Gutter Cat to receive a D1 clone, and their OG spine (this was included to make the clone replicate the OG traits). Alternatively, they can put in a DNA-1 juice and a dice roll to get a random D1 clone.
For DNA-2, users enter 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 undamaged D1 clone.
About Clone NFTs and DNA
The clone NFTs of the 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 claimed have not already been revealed, but the D1 versions are available on secondary markets. On OpenSea, the clones have a floor price of 0.16 ETH (almost half of the lowest possible Dutch auction price). Gutter Juice (DNA-2 only) has 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 big NFT brand is releasing more PFPs to their ecosystem. They saw it as forcing the fans to pay them more money. @Nate_Rivers, a popular Twitter user, said: “Wtf? Another mint…? Relax.” They later said in their own post. “The gang has raised almost 10 meters, literally seen nothing coming from it. Feeling super desensitized to market conditions.
Further calculations by Rivers suggest that this drop in particular, where the NFTs sold anywhere from 0.3-0.9 ETH, brought $2-6 million to the Gutter Cat Gang.
Although these comments do not reflect all reactions to the new collection, there were certainly a few more who agreed. On the other hand, some expressed that it can only be a good thing. Because that means the fundraiser raises more money for future endeavours.
