3 Ways GCG Could Have Improved the New Species Drop
If you missed the Gutter Cat Gang (GCG) new species drop, I have a breakdown for you in another article. Following the drop, I hopped in the weekly Caturday Twitter Space that Dr. Leo runs, and we chopped it up about where we saw areas of opportunity. I want to say up-front that we all felt good about the drop, and these are nitpicking as we look at ways to improve with the benefit of hindsight.
One important point of reference if you missed the other article – there was a surprise on drop day as we learned there were two new species, not one. People were able to mint passes which would be redeemed in the future for New Species #3, New Species #4, or if you had the money, you could get one of each.
Public Mint First
This one came from King Blackboard, and as soon as he said it, my immediate thought was, “of course!” The pricing structure for the drop went as follows:
- People holding both a cat and rat could mint one new species for free.
- People holding a cat or a rat (not both) had special access to a private sale for 0.75 ETH.
- People holding no cat or rat could mint for 1.5 ETH.
All three mints occurred concurrently. The good King suggested that they should have had the public sale first. This makes sense. With people minting for free, and for 0.75, the undercutting for anyone in the public sale was immediate. Within minutes, mint passes were selling around 1.1 ETH. If the public sale happened first, I would expect that those passes would have been going at 1.75-2 ETH. Instead, the people who minted in the public sale are sitting at an immediate loss. Staggering the sale also could have built up the value of the passes because a higher floor would have been established before the current owners acquired their passes.
Separate the Two New Species
Credit to this one goes to Dr. Leo. He suggested that if we were going to have two new species, Gutter Cat Gang should have dropped one on 9/4 and one on 9/11. This would give a two-week hype cycle, create multiple secondary markets, and even give people an extra week to get cats, rats, and cat/rat combos for Species #4.
I absolutely love this. Holding attention in the NFT community is difficult. This is a guaranteed way to own multiple hype cycles and create “must-attend” events for two straight weeks. It would create more of a flurry in the secondary market and bring a lot of secondary sales to the Gutter Cat Gang.
Better Pricing, Reward for Cat/Rat Holders
I also would have liked to see better pricing and better utility for those Cat/Rat combos. If I were designing it (and this is easy for me to say from where I sit) I would have given all Cat/Rat holders one of each of the new species, given holders of just a cat or a rat a private sale at 0.25 ETH, then priced the new species somewhere between 0.75-1.25 ETH. I’m also self-aware enough to know that it’s slightly spoiled to say, “I got a free species for holding my cat/rat, and I’m asking for two.” I also am aware this is the equivalent of a round of fundraising, and this was their best opportunity to raise capital to drive the future of this great project. But I think it’s noteworthy that the second species was a surprise, so single cat/rat holders who want to own every piece of the Gutter Car universe are gonna have to pony up.
My second point about pricing for non-owners was more about getting new people into the Gutter Cat Gang. I knew a few people that were excited who couldn’t swing 1.5 ETH. And, with the pricing announcement 20 minutes before drop, there wasn’t a chance to procure that much ETH.
As I said up top, I feel like we’re nitpicking, but this also serves as an opportunity for other projects to take note for their future companion drops. I believe all three suggestions above bring a different dynamic to the table and would be useful for projects to take notice as they move forward.
Disclaimer: This article is not financial advice. The NFT and Cryptocurrency markets are very volatile. Please don’t invest what you can’t afford to lose. Always do your own research before investing.