Non-fungible token (NFT) undertaking Gutter Cat Gang (GCG) noticed a rocky token launch of its GANG token on Apechain on March 31, attributed to a “technical situation” by a 3rd get together, although others pointed to reportedly low curiosity within the token.
Whereas GCG didn’t affirm these figures, it did state in a March 31 Discord publish that no GANG tokens had been distributed as a result of it encountering a “technical situation” by a 3rd get together.
“Dangerous information,” the chief architect of GCG, “Yugen,” wrote on GCG’s Discord channel. “The contract is stopping us from the 100% liquidity declare day 1,” which Yugen mentioned is stopping members from cashing out and in.
“We’ve tried to repair it for at the least an hour and no success,” mentioned Yugen, who added:
“You’ll, be getting your $GANG. However not right now. I’ll come again with a brand new actual date and time.”
Supply: GCG/ Discord
The token sale was described as a “fumble” by X consumer and NFT fanatic “Straightforward,” who identified that the group locked up 100% of the token provide within the vesting contract — operating opposite to the GCG’s tokenomics plan.
Beneath that plan, 12.5% of GCG NFTs and 15% of Seed Spherical allocations had been meant to unlock immediately, with the remainder of the tokens scheduled to vest every day over the subsequent 18 months.
GCG’s aim was to promote 12% of the overall provide at $0.0089 per token — concentrating on a elevate of round $1.08 million, which might’ve given it an implied market cap of $9 million.
The GCG group marketed the “ineffective” GANG tokens as “simply vibes” with “no guarantees” and “no roadmaps.”
Experiences on X recommend GANG didn’t garner important curiosity
A number of X customers claimed that GCG solely raised 3.66 Ether (ETH) price roughly $6,800 from the GANG token community sale — falling far wanting the $1 million goal that it supposedly set. Nevertheless, GCG hasn’t confirmed or addressed these figures.
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GCG launched on June 8, 2021, beginning off as a set of 3000 distinctive NFT avatars with a backstory across the post-apocalyptic shatters of society.
GCG’s NFT floor price was once 8.5 ETH — price $15,240 — in September 2022 however has since fallen to 0.19 ETH at present costs, NFT Value Flooring data reveals.
Supply: GCG NFTs listed on NFT market OpenSea. Supply: OpenSea
The NFT agency was acquired by X consumer and NFT fanatic “Mauloadream” who additionally goes by Noah, in October 2023 for an undisclosed quantity.
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