The non-fungible token (NFT) initiative Gutter Cat Gang (GCG) experienced a tumultuous launch of its GANG token on Apechain on March 31. The turmoil was attributed to a “technical issue” from a third party, although some observers have suggested that the token may have struggled to attract interest.
Although GCG has not confirmed specific numbers, it did mention in a Discord update on March 31 that no GANG tokens had been distributed due to the aforementioned “technical issue.”
“Unfortunately, we have bad news,” said Yugen, GCG’s chief architect, in the Discord channel. “The contract is preventing us from executing the 100% liquidity claim on day one,” which he stated was hindering users from making transactions.
“We’ve attempted to resolve it for at least an hour without success,” Yugen noted, adding:
“You will receive your $GANG. But not today. I will return with an exact date and time.”
Image sourced from GCG/ Discord
The token sale was characterized as a “fumble” by an X user and NFT advocate “Easy,” who pointed out that the team had locked all of the token supply within the vesting contract, which was inconsistent with GCG’s outlined tokenomics.
According to the original plan, 12.5% of GCG NFTs and 15% of Seed Round allocations were intended to unlock immediately, with the remaining tokens set to vest daily over the subsequent 18 months.
GCG aimed to sell 12% of the total supply at a price of $0.0089 per token, targeting a fundraising amount of around $1.08 million, which would have resulted in an implied market valuation of $9 million.
The GCG team promoted the “useless” GANG tokens as “just vibes” offering “no promises” and “no roadmaps.”
Reports on X indicate GANG lacked significant interest
Several users on X claimed that GCG only managed to raise 3.66 Ether (ETH), approximately $6,800, from the GANG token community sale, significantly below the proposed $1 million target. However, GCG has not confirmed or addressed these claims.
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Launched on June 8, 2021, GCG started as a collection of 3,000 unique NFT avatars, set against a narrative of a shattered post-apocalyptic society.
The NFT floor price hit a peak of 8.5 ETH, valued at $15,240 in September 2022, but has since plummeted to 0.19 ETH at current levels, according to NFT Price Floor data.
Image sourced from GCG NFTs on OpenSea marketplace.
The NFT organization was acquired by an X user and NFT enthusiast known as “Mauloadream,” also referred to as Noah, in October 2023 for an undisclosed price.
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