Source: Cointelegraph Original: "{title}"
The GANG token of the non-fungible token (NFT) project Gutter Cat Gang (GCG) faced setbacks during its launch on Apechain on Monday, with the official blaming "technical issues" from a third party, while others pointed out a clear lack of market interest in the token.
Although GCG did not confirm specific data, they stated in a Discord post on Monday that they failed to distribute any GANG tokens due to "technical issues" from a third party.
"Bad news," wrote GCG's chief architect "Yugen" in the Discord channel, "contract issues prevented us from achieving 100% liquidity redemption on the first day." Yugen indicated that this hindered participants from buying and selling.
"We tried to fix it for at least an hour, but were unsuccessful," Yugen added.
"You will all eventually receive $GANG tokens, but not today. I will announce a new exact time as soon as possible."
Source: GCG/Discord
X platform user and NFT enthusiast "Easy" described this token sale as a "major blunder," pointing out that the team locked all tokens in a vesting contract, which contradicts GCG's token economic model.
According to the original plan, 12.5% of GCG NFT holders and 15% of seed round investors were to receive immediate unlocks, with the remaining tokens intended to be released linearly over 18 months.
GCG aimed to sell 12% of the total supply at a price of $0.0089 per token, expecting to raise about $1.08 million. If successful, the project would have an implied market cap of $9 million.
The GCG team marketed this "practically useless" GANG token as a product that is "purely a play concept," emphasizing "no promised returns" and "no development roadmap."
Several X users claimed that GCG raised only 3.66 ETH (approximately $6,800) in the community sale of the GANG token, far below its set target of $1 million. However, GCG has not confirmed or responded to these figures.
GCG was launched on June 8, 2021, initially issuing 3,000 unique NFT avatars, set against a backdrop of a post-apocalyptic world with societal collapse.
NFT Price Floor data shows that GCG's NFT floor price reached 8.5 ETH (approximately $15,240) in September 2022, but has since fallen to 0.19 ETH.
GCG NFTs listed on the NFT market OpenSea. Source: OpenSea
In October 2023, the NFT project was acquired by X user and NFT enthusiast "Mauloadream" (also known as Noah), with the specific amount undisclosed.
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