Gutter Gang, a new release from the underground cat-and-mouse gang, sees over 5 million USD in daily trading volume.

The well-known NFT project Gutter Gang, which has previously released Gutter Cat Gang and Gutter Rats, announced the launch of its latest NFT product, Gutter Mint Pass, last weekend, achieving millions of dollars in trading volume within just a few days. This case also demonstrates how a single NFT project can expand through different worldviews to engage existing collector communities. A similar application can be seen with the Bored Ape project, which has extended to include the Kennel Club and Mutant Apes through its ecosystem.

What is Gutter Gang Passes?

The latest product released by Gutter Gang, Gutter Mint Pass, has a total supply of 6,000. It can be seen as a pass that allows holders to mint the third and fourth species of Gutter Gang in the future. The two new species have not been revealed yet, but according to the official website, these two new species will form the second layer of the Gutter Gang universe along with Gutter Rats.

The public sale price of the Gutter Mint Pass is 1.5 ETH, approximately $6,000. On the issuance day last Saturday (4th), according to data from OpenSea, the trading volume reached 576.8 ETH, approximately $2.3 million in just one day, also boosting the trading volume of the two previous projects, Gutter Cat Gang and Gutter Rats. The total trading volume of these three projects on OpenSea on the issuance day was around 1,300 ETH, approximately $5.2 million.

The Gutter Gang website states: "The funds obtained through Gutter Mint Pass will be used for various community development activities with the goal of making Gutter the best place in the entire NFT world."

With the continuous heat in the NFT market, the latest NFT projects are significantly different from the past, no longer just meaningless images. The value of NFT investment increasingly depends on the founding team's ability to build a real community around the NFT they create, a community that brings rich cash flow and continuous discussions. Only by achieving these can they stand out among the thousands of NFT projects.

Continuous Increase in ETH Burn Amount

With the Ethereum London hard fork in August this year and the burning mechanism under EIP-1559, over 200,000 ETH has been burned to date. According to data from Ultrasound.money, the majority of these burned ETH comes from OpenSea. Due to the recent launch of various popular NFT projects and continuous airdrops in the NFT market, a large number of trading activities have generated high gas fees, resulting in over 30,000 ETH being burned. On last Friday (3rd), there was even a situation where the amount of ETH burned in a day exceeded the amount of ETH distributed in a day. The future possibility of long-term currency tightening for ETH is closely related to the development of the NFT market.