The Gutter Cat Gang (GCG) NFT project faced major turbulence during the highly anticipated launch of its GANG token on ApeChain on March 31, citing a “technical issue” as the reason for the delay in distribution.
In a Discord post shared the same day, GCG’s chief architect “Yugen” told the community that no GANG tokens were distributed due to a problem with a third-party contract.
“Bad news,” Yugen wrote.
The token rollout was immediately branded a “fumble” by NFT influencers, including X user “Easy,” who pointed out that 100% of the token supply had been mistakenly locked in the vesting contract, directly contradicting GCG’s original tokenomics.
Under GCG’s plan, 12.5% of the token allocation for NFT holders and 15% for Seed Round participants were supposed to unlock immediately, with the remainder to vest daily over 18 months.
The project aimed to sell 12% of the total token supply at $0.0089 per token, targeting a $1.08 million raise and an implied $9 million market cap.
However, the project’s casual branding—promoting the GANG token as “useless,” “just vibes,” with “no promises” and “no roadmaps”, may have made it harder to gain serious traction among investors.
Reported Raise Falls Drastically Short of Expectations
While GCG has not officially confirmed fundraising figures, several X users reported that only 3.66 ETH, approximately $6,800 was raised during the sale. That’s a far cry from the $1 million target.
As of writing, the GCG team has not publicly addressed these reports.
Launched on June 8, 2021, Gutter Cat Gang initially emerged as one of the more prominent avatar NFT projects, launching with 3,000 unique characters built around a gritty, post-apocalyptic universe.
At its peak in September 2022, GCG NFTs commanded a floor price of 8.5 ETH (about $15,240 at the time), according to NFT Price Floor data. Today, that floor has dropped to just 0.21 ETH, reflecting the project’s sharp decline in market sentiment.
The brand was acquired in October 2023 by NFT collector and X user “Mauloadream” (also known as Noah) for an undisclosed sum, raising hopes of a potential revival that now seem dampened by the GANG token misfire.
Missed Launch, Mixed Messaging, and Market Skepticism
The GANG token delay has compounded uncertainty around Gutter Cat Gang’s future. With community trust already fragile and NFT floor prices languishing, the project’s pivot into tokenomics appears to have stumbled at the starting line.
Unless GCG can swiftly resolve the technical issues and clearly communicate its strategy going forward, its comeback story may end up looking more like a cautionary tale.
