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 an upcoming series of NFTs.
According to data analytics site Nansen, the project has already achieved 4,002 ETH in trading volume since its deployment 20 hours ago.
You can mint the third and fourth Gutter Species if you have a Gutter Pass. Gutter Cats was the first, and Gutter Rats was the second.
Both are from a post-post-apocalyptic society ruled by cats. The project is described as follows in the OpenSea listing:
“It is the year 2050. Humans are an interplanetary species that has largely abandoned the post-apocalyptic ruins of Earth’s society. Cats have taken control. A group of cats known as the Gutter Cats live in a crime-ridden, unremarkable inner city.”
Aside from the lore, the Gutter Cats are (yet another) avatar project, similar to CryptoPunks and The Bored Ape Yacht Club. In June, 3,000 cats were released to the public, and they sold out in less than ten minutes. The Gutter Cat now has a starting price of 5 ETH ($19,737).
The Gutter Rats were up next. They are described as follows:
“The Gutter Rats roam far underground, in the bowels of the Autonomous Zone, subsisting on the decaying crumbs of the extravagant lifestyles above. Dissatisfied with their subservient position in the Gutter, the cunning rats lie in wait, plotting to usurp the throne from the Gutter Cat Gang one day.”
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 think this mintpass is a plan by the team to keep us guessing what the two species are so they can make the best choice that everyone will love lol,” wrote Gutter Burrito, a Gutter Cat Gang Discord member.
Some are already wondering if this type of product contains the more sinister elements of the 2017 ICO craze, in which investors were encouraged to buy things that had not yet been created. Others are unconcerned because the 2017 ICO boom made a lot of people extremely wealthy.
Reminds me of the ICO days back in 2017. Only the best will succeed! Good luck to all NFT Project rights now. Some will make it, some wont. Innovate and keep building with your community!— Ash (@ApeswapAsh) September 4, 2021
What’s fascinating about the recent flurry of NFT avatar projects is how, like ICOs, they’ve quickly 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 clear that the value of the investment is becoming increasingly dependent 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 looking to flip the next big viral project.
Will Gutter Gang succeed, or will the rats remain in the gutter?