137 Interactions, 2 Today
The Gutter Gang is the most recent NFT avatar project to go viral. Its most recent sale has set the world on fire.
If you blink, you might miss it. Today, the second-most traded NFTs are Gutter Passes, which are essentially “buy now, collect later” vouchers for a next series of NFTs.
The project has already accomplished 4,002 ETH in trading volume since it was deployed 20 hours ago, according to data analytics site Nansen.
Owning a Gutter Pass entitles you to mint the third and fourth Gutter Species. The first was Gutter Cats, and the second was Gutter Rats.
Both hail from a post-post-apocalyptic society where cats have taken over. Here’s how the OpenSea listing describes the project:
“The year is 2050. Humans are an interplanetary species and have all but abandoned the post-apocalyptic shatters of society on earth. Cats have taken over. One crime-ridden, nondescript inner city is inhabited by a group of cats collectively known as the Gutter Cats.”
Beyond the lore, the Gutter Cats function as (yet another) avatar project, similar to CryptoPunks and The Bored Ape Yacht Club. Precisely 3,000 cats were released to the public in June, and they sold out in under ten minutes. The floor price for a Gutter Cat is now 5 ETH ($19,737).
Next came the Gutter Rats. Here’s how they’re described:
“Far underground, in the bowels of the Autonomous Zone, the Gutter Rats roam, sustaining themselves on the decaying crumbs of the extravagant lifestyles above. Discontent with their subservient position in the Gutter, the conniving rats lie in wait, scheming to one day claim the throne from the Gutter Cat Gang.”
The Gutter Rats’ starting price is 1.55 ETH ($6,118).
The Gutter Species sale, on the other hand, is an investment in something that has yet to be created.
“I assume this mintpass is a plot by the developers to keep us guessing what the two species are so they can choose the best choice that everyone will enjoy lol,” stated Gutter Burrito, a Gutter Cat Gang Discord member.
Some are already wondering if this type of product incorporates the more sinister parts of the 2017 ICO mania, in which investors were persuaded to buy goods that had not yet been manufactured. Others are unconcerned because the 2017 ICO boom made a lot of people quite wealthy.
What’s fascinating about the current flurry of NFT avatar projects is how, like ICOs, they’ve swiftly converged on similar economic models. It’s a rare exclusive mint for NFT avatar projects, followed by sister and derivative projects for those who missed out.
It’s also evident that the value of the investment is becoming increasingly dependant on the founders’ ability to create a genuine community around their NFTs: one that’s profitable enough to turn heads but attracts members who aren’t just wanting to flip the next great viral initiative.
Will Gutter Gang succeed, or will the rats remain in the gutter?