A new NFT project called Goblintown.wtf is making waves in the NFT space, turning crypto investors into incoherent, gurgling goblins.
“Goblin Town” is a crypto colloquial term used for the bear market, an apt terminology for the NFT sector and crypto market that the huge decline has hit hard in recent weeks.
However, a different kind of Goblin Town is taking the NFT space by storm. Contrary to the market downturn, this one generated over $7 million in sales volume this past weekend alone. We’re talking about the Goblin Town NFT collection, a goblin-themed profile picture (PFP) series that has caught fire just five days since its launch.
What Is Goblin Town NFT?
Not many people are aware of the existence of the Goblin Town NFTs, and that’s probably because the project launched on May 22 without fanfare. Built on the Ethereum blockchain, the project has 10,000 generative PFP NFTs.
Minting was even free for anyone who would have heard about the NFTs. One would think the project would fail, with minimal effort put into its launch. However, its unconventional genesis might be why the project is catching fire.
“No roadmap. No Discord. No utility,” the project’s website reads. “Contract wasn’t actually written by goblins.”
Browsing its website, people will not find a roadmap outlining the details of the project’s trajectory. With the absence of a Discord channel, there is no conduit for the team behind Goblin Town to communicate with its community. Moreover, its developers explicitly stated that there is no utility attached to the NFTs.
What is clear is that the Goblin Town NFT collection has come from nowhere and now commands a floor price of Ξ 1.67, or about $2,960, on OpenSea at the time of writing. And since its launch less than a week ago, it has commanded a total sales volume of Ξ 10,300, or roughly $18,260,000.
Those outstanding figures are for an NFT collection that was distributed free, did not receive any hype, and doesn’t have a roadmap or a considerable following. However, they do have an official Twitter account that currently has 33,900 followers.
More Than Meets the Eye?
A Twitter user with the handle @tansan.eth has been monitoring the Goblin Town NFT project. According to him, he “discovered a trail of breadcrumbs carefully placed to capture” users’ “curiosity and imagination.”
Perhaps this Twitter user paid the irreverent NFT project the highest compliment when he said, “This team is full of story tellers that meticulously curated a Disney experience for us in Web3.”
In his lengthy Twitter thread, he said the developers of Goblin Town “have successfully built a post-NFT-reveal experience that keeps the fans engaged, entertained, and wanting more” through their use of “playful brand voice and consistently deepening the engagement with “solve-the-mystery” visuals.”
There are speculations that a bigger, more established team may be behind the scenes, manning the Goblin Town ship. Such assumptions are based on the immediate and seemingly well-coordinated success of the NFT collection.
Some are even speculating that Yuga Labs, the brains behind the Bored Ape Yacht Club (BAYC) NFT project, could be involved in the Goblin Town NFT project. Moderators of the BAYC Discord channel have vehemently denied the connection.
The project’s seeming short-term goal is to troll NFT enthusiasts who think BAYC and other blue-chip NFTs are serious collections. It’s as if Goblin Town wants to differentiate itself from these blue-chip projects by overturning preconceptions about them.
If such is the case, then Goblin Town is an NFT project that is the “anti-NFT project,” if there ever was one. It is Web3’s punk rock, and its overwhelming success is proof of its originality. And if its popularity further escalates, we could expect an onslaught of impressionist projects feigning indifference and attempting to make apathy a virtuous trait.
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