Gutter Cat Gang token sale marred by ‘technical issues,’ reportedly low interest

Non-fungible token (NFT) project Gutter Cat Gang (GCG) saw a rocky token launch of its GANG token on Apechain on March 31, attributed to a technical issue by a third party, though others pointed to reportedly low interest in the token. While GCG didnt confirm these figures, it did state in a March 31 Discord post that no GANG tokens were distributed due to it encountering a technical issue by a third party.Bad news, the chief architect of GCG, Yugen, wrote on GCGs Discord channel. The contract is stopping us from the 100% liquidity claim day 1, which Yugen said is preventing participants from cashing in and out.Weve tried to fix it for at least an hour and no success, said Yugen, who added:You will, be getting your $GANG. But not today. I will come back with a new exact date and time.Source: GCG/ DiscordThe token sale was described as a fumble by X user and NFT enthusiast Easy, who pointed out that the team locked up 100% of the token supply in the vesting contract running contrary to the GCGs tokenomics plan.Under that plan, 12.5% of GCG NFTs and 15% of Seed Round allocations were meant to unlock instantly, with the rest of the tokens scheduled to vest daily over the next 18 months.GCGs goal was to sell 12% of the total supply at $0.0089 per token targeting a raise of around $1.08 million, which wouldve given it an implied market cap of $9 million.The GCG team marketed the useless GANG tokens as just vibes with no promises and no roadmaps.Reports on X suggest GANG failed to garner significant interestSeveral X users claimed that GCG only raised 3.66 Ether (ETH) worth roughly $6,800 from the GANG token community sale falling far short of the $1 million target that it supposedly set. However, GCG hasnt confirmed or addressed these figures.Related: Memecoins 2.0: The market crashed, but the billion-dollar circus rolls onGCG launched on June 8, 2021, starting off as a collection of 3000 unique NFT avatars with a backstory around the post-apocalyptic shatters of society.GCGs NFT floor price used to be 8.5 ETH worth $15,240 in September 2022 but has since fallen to 0.19 ETH at current prices, NFT Price Floor data shows.Source: GCG NFTs listed on NFT marketplace OpenSea. Source: OpenSeaThe NFT firm was acquired by X user and NFT enthusiast Mauloadream who also goes by Noah, in October 2023 for an undisclosed amount.Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder