Gutter Cat Gang Introduced Another Dilutive NFT Project.
Gutter Cat Gang, a highly successful NFT collection, has confirmed that it has added a new tier to their ‘Gang Membership’, titled ‘Gutter Clones’. Users can get these by buying DNA-2 (or DNA-1) via a Dutch auction. The announcement happened on September 10.
A preview of the DNA-2 Juice was available through Gutter Cat Gang’s Dutch auction.
The Tier and Cloning Procedure Of Gutter Cat Gang
Analysts and commentators state that this Tier process of Gutter Cat Gang is quite simple. From the lowest to the highest value it goes Gutter Clones in the entry tier (DNA needed to gain), Gutter Pigeons, Rats, and Dogs in the mid-tier, and Gutter Cats in the top tier.
The entire cloning process becomes a bit confusing but easy for those with all aspects of them collected. For DNA-1, users are needed to input DNA-1 juice and an OG Gutter Cat to get a D1 clone, and their OG back, which was featured to have the clone redevelop the OG’s traits. Consequently, they can input a DNA-1 Juice and a Die Roll to get a random D1 clone.
In the case of the DNA-2, users input their DNA-2 Juice and two D1 Clones. For clarification purposes, one of them is not harmed while the other is burned. From that, they get a D2 Clone and their unharmed D1 Clone.
The Clone NFTs And DNA Overview
The clone NFTs by Gutter Cat Gang need DNA-2 Juice to be purchased. There were 4,000 DNA-2 Gutter Juice NFTs available in the Dutch Auction, which included 1,000 of every Gutter Clone species. These nonfungible tokens that were claimed have not already been introduced, but the D1 versions are available on the secondary markets.
On OpenSea, these Clones sit at a floor price of 0.16 ETH, which is nearly half of the lowest possible Dutch auction price. The Gutter Juice (DNA-2 only) is perched at a floor price of 0.22 ETH, which is significantly lower than the lowest price of the Dutch auction.
The Fans Responded
While posting on Twitter, the fans of Gutter Cat Gang expressed their disappointment since the already huge NFT brand is releasing more PFPs to their network. They looked at it as compelling fans to spend more money on them.
One popular Twitter user, @Nate_Rivers, said:
“Wtf? Another mint…? Chill.”
Later on, they stated in their post:
“The gang gang has raised nearly 10m, literally hasn’t seen anything come from it. Feels super insensitive to market conditions.”
Additional calculations from Rivers indicate that the plunge in particular, where the NFTs sold between 0.3 ETH and 0.9 ETH, raised $2-6 million for Gutter Cat Gang.
Though all these comments do not mirror all of the reactions to the new collection, there were mainly several others who agreed. On the flip side, some people expressed that it can only be a good thing. This means that the NFT collection is raising more money for future operations.
