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Gutter Cat Gang Release Yet Another Dilutive NFT Project

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Gutter Cat Gang, the highly successful NFT collection, has added a new layer to their ‘Gang Membership’ titled ‘Gutter Clones’. Users were able to obtain these by purchasing DNA-2 (or DNA-1) through the Dutch auction. The incident happened on Saturday, September 10.

A preview of the DNA-2 Juice was available through the Gutter Cat Gang’s Dutch auction.

Gutter Cat Gang levels and cloning process

Gutter Cat Gang’s level process is fairly simple. From lowest to highest value it goes Gutter Clones at entry level (requires DNA to earn), Gutter Rats, Pigeons and Dogs at mid-level, and Gutter Cats at top tier.

The cloning process gets a bit confusing but is easy enough for those who have collected all their aspects. For DNA-1, users input DNA-1 juice and an OG gutter cat to receive a D1 clone and their OG back (the clone was included to recreate the OG’s features). Alternatively, they can 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 intact, and one of them is burnt. From this, they get a D2 clone and their intact D1 clone.

About Clone NFT and DNA

The Gutter Cat Gang’s clone NFT requires the acquisition of DNA-2 juice. The Dutch auction had 4,000 DNA-2 Gutter Juice NFTs available (this included 1,000 of each Gutter clone species).

The NFTs that were claimed have not yet been released, but the D1 versions are available in the secondary market On OpenSea, clones sit at a floor price of 0.16 ETH (about half of the lowest possible Dutch auction price). Gutter Juice (DNA-2 only) sits at a floor price of 0.22 ETH (still lower than the Dutch auction minimum).

Fan reaction

Fans of the Gutter Cat Gang, via Twitter, expressed dismay that the already major NFT brand was releasing more PFPs into their ecosystem. They see it as forcing fans to pay them more. @Nate_Rivers, a popular Twitter user said: “Wtf? Another mint…? Chill.” Later in their own post Dr. “Gang Gang raised about 10 meters, literally nothing came of it. Feels very sensitive to market conditions.

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

While these comments don’t reflect all of the reactions to the new collection, others certainly agreed. On the other hand, some people have expressed that this can only be a good thing. Because it means the collection is raising more money for future endeavors.

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

This article is educational material.

As always, do your own research before making any type of investment.



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