RedCave Ventures Buys Out uGMC Genesis Mooncat Vault for 480 ETH
A little under a year ago, we set out with a goal of sharing ownership of 24 Genesis Cats with the Mooncat community. Our goal was to enable anyone to purchase a portion of these historically significant felines without needing to spend a large amount of ETH. We originally placed these cats in NIFTEX, then as it became clear NIFTEX was shutting down, we transitioned the collection to Unicly. Unicly offered farming rewards for providing liquidity, and brought the uGMC collection to new potential collectors.
Sadly, uGMC on Unicly suffered from the same problem as all fractionalization efforts in the end: It traded significantly under the fair market value for Genesis Mooncats, and did not reach a wide enough audience to be a broader vehicle for tracking Genesis Mooncat floor pricing. If people truly believed they owned a portion of the underlying uGMC collection, uGMC should have traded in a far more correlated manner to the Mooncat market at large. Maybe we are just early, but to us at Red Cave Ventures, it seems clear that fractionalization has failed to achieve compelling use despite over a year of multiple attempts.
Mooncats themselves have also not yet lived up to their potential. We are optimistic that in the coming months and years, they will be seen as the true historical collectibles that we believe they are. Genesis Mooncats were the first cats (and pets!) on Ethereum, one of the first examples of generative art on Ethereum, and one of the first examples of a PFP collection on Ethereum. To see the uGMC collection sit unrecognized and largely unused has saddened us. As a result, we together with a few selected invitees have decided to buy back the uGMC collection of 24 cats.
Due to the broader market downturn and the large collection size, we felt that a price of 20 ETH per cat, while slightly below previous individual Genesis Mooncat sales, would be a fair valuation for the bulk repurchase of the 24 cats in uGMC. It is also approximately a 40% premium per token to the recent trading price of uGMC (bottom of $0.08, while the buyout will value tokens at $0.144). Everyone who holds uGMC will receive ETH proportional to their uGMC holding now that the buyout is completed, and the total buyout size was 480 ETH. This ETH can be claimed at any time by visiting https://www.app.unic.ly/#/utoken-contract/0xd4f2249dd6c26446f1413f6d97f14fcaa7792545 connecting your wallet and pressing ‘Convert uGMC to ETH’ and submitting the resultant transaction. There is no deadline for claiming.
RCV would like to thank everyone who has supported the uGMC experiment over the past year, and we look forward to remaining an active part of the Mooncat ecosystem in the future.