The NFT market crashed in 2022, and many new NFT collections were released when the revival of the market started. Goblintown is one such NFT collection. It was released in May 2022, and within one week of its release, more than ten thousand NFT pieces were minted with it. Till now, the most expensive Goblintown was sold for more than one hundred and thirty thousand US dollars.
With this ultimate Goblintown NFT guide, you will know everything about it and why it is so popular among the masses.
What is Goblintown
Goblintown isn’t a cryptocurrency but a collection of non-fungible tokens. As it was released a few months ago, investors have a lot of questions about it, and they are searching for answers. The collection features meme-based avatars that you can use for your social media profile pictures.
Many other NFT collections were released before Goblintown, but they aren’t that popular. The Goblintown NFT collection is currently ranked as the seventh-best collection in the market.
Explanation
At first, we had no idea who created Goblintown. A group of anonymous developers developed the collection, which has been available for minting since May 19. In the crypto industry, in general, this is not uncommon for that to happen. Bitcoin’s founder, Satoshi Nakamoto, is pseudonymous, and many crypto projects are mired in controversy based on the identity of the founder. Some investors, however, would prefer a bit more transparency when putting their money at risk.
It appears that the Goblintown collection of NFTs was assembled somewhat haphazardly. Goblintown was just introduced to the market without any announcement in advance, unlike many other NFT collections. While it is pretty standard practice to have a roadmap when launching a crypto firm, Goblintown has no clear plans for where it wants to go next or what it wants to achieve.
Goblintown’s tokens do not have a copyright, unlike some other NFT collections. In its place, the collection uses Creative Commons licenses with no copyright reservation. The people behind the virtual artworks still get paid, but everyone can view and enjoy the virtual artworks themselves. It was also a little different in terms of the price of the NFTs. The gas price was essentially the cost of minting the tokens. As a result, someone wanting to purchase a fresh Goblintown NFT only had to pay for the time it took to process the transaction. In order to build Goblintown NFTs, the OpenSea NFT market was used. Ethereum is a global blockchain underlying the Goblintown network. One thousand tokens were reserved for the creators out of 9,999 in the collection.
Goblintown stood out as a beacon of hope in an otherwise dark market, as well as an NFT and metaverse market in particular. There are still tokens available for purchase, sale, and trading after the collection sold out at the end of May. At the end of June 2022, the collection of digitally generated goblin artworks had a market cap of a little over 59,000 ETH (a little over $112m). A Goblintown NFT at the lowest floor price would cost you 5.68 ETH (around $10,800), while an average NFT would cost you 6.6318 ETH ($12,600). Among the NFTs in Goblintown, there were 4,603 different owners.
History of the Goblintown NFT
The Goblintown NFT was named after a cryptic term used in the crypto sphere. This term refers to the phenomenon where digital assets’ prices plummet drastically during bearish conditions. On May 22, 2022, the Goblintown NFT project was launched during the cryptocurrency market’s sell-off, when assets were trading at low levels. Although the Goblintown NFT collection launched quietly, its floor price spiked within 12 days from $0 to $11,500.
Neither a campaign nor collaboration accompanied the launch of the Goblintown NFT, just a free promotional offer to interested parties. According to Goblintown Wtf’s website, there are no road maps, utilities, or Discord channels for the project. As Goblintown grew in popularity, it surprised everyone. There was a buzz in the NFT community about the announcement, and it led to a significant increase in secondary sales for the following week.
The team behind Goblintown
In the past, no precise details were available about the team of Goblintown NFT. In an effort to learn more about the team behind Goblintown, the Twitter community revealed some information. According to a Twitter user, Beeple is a possible creator of the NFT collection. Some other experts say that Yuga Labs might be behind the creation of this collection.
However, it has been revealed that it is Truth Labs that is responsible for creating the famous NFTs in Goblin Town. Illuminati Collective and The 187 were both created by the same team a well. A good deal of faith was placed in the Goblins by the community, which pushed them from the shadows. In the video, the team also mentions that they have retained 1,000 goblins. It is a special treat for the IlluminatiNFT communities, and the 1,000 goblins are reserved for those who helped build it, including the IlluminatiNFT and The 187 teams.
Reasons behind the Popularity of Goblintown NFT
In the NFT community, Goblintown NFT has become very popular in a short time, and there are many reasons for this massive surge. Till June 10, the average price of Goblin NFT was six ETH. Even after such a high price, many collectors are purchasing their fair share of the Goblintown collection.
Various other NFT projects were in the limelight until Goblintown was launched, and it snatched the spotlight from them. Here are some reasons why Goblintown is so popular.
Unconventional Approach
The unusual yet creative strategy chosen by the Goblintown NFT creators to launch the collection appears to have helped it acquire a lot of popularity. According to its largely minimalistic website, the project has no road map, no Discord, and no utility. There is no official roadmap for Goblintown, and the developers have stated that there are no plans to release its own cryptocurrency anytime soon.
However, this remains unclear. The project was launched with no ceremony or collaboration. This carefree attitude went on to become the main selling point for Goblintown.
Free Minting
Minting can be expensive, but when the Goblintown was first released, it was completely free to mint. This made it very popular among investors as they can earn thousands by minting new NFTs. Free minting proved to be a head start for Goblintown, and it reached the top pretty quickly.
Mentions from Big Names in the Industry
Goblintown was not only on the minds of NFT lovers but also of industry experts such as social entrepreneur Gary Vee Vaynerchuk. This helps the NFT project enter into the public mind. Netflix’s head of product design, Kristy Tillman, described the Goblintown Twitter space as either an absolute new low or brilliance. The line is really thin here.
The Goblins got us, tweeted Markus Magnusson, inventor of the ETH NFT collection Invisible Friends. The tweet implied that the hype around the Goblintown NFTs was pushing Invisible Friends and other NFT collections to the side.
Rumors about Yuga Labs
There is a rumor that Goblintown NFTs are associated with Yuga Labs, which may be one of the reasons for their popularity. The Bored Ape Yacht Club was created by Yuga Labs, a web3 development company. Several cryptos and NFT insights providers speculate that the creators of BAYC and Mutant Apes are also responsible for Goblintown.
Probably for the first time, Nansen tried to link Goblintown NFT and BAYC through its official Twitter account. In order to support this claim, these comparisons highlighted several parallels between Globintown and BAYC. Leaked pitch decks from Yuga Labs suggested that Goblintown NFT was a revenue channel for their company. This continued to fuel the rumor that Goblintown NFT was linked to Yuga Labs.
The anonymity of the creator
The NFT project was developed anonymously by a team of developers, which isn’t unusual in crypto. A well-coordinated project being implemented by an anonymous team has further stirred things up. Trying to solve the mystery behind the Goblintown NFT team, it starts to make waves in the crypto world. There are a number of reasons why Goblintown NFTs are so popular. Generally, it is because of their quality and polish. There is speculation that the team behind it must be very proficient at what they do, based on how it attracts attention.
In a tweet, Gordon Goner, one of Yuga Labs’ founders, said, “We had a guy show up to dinner with great hair, and he started making goblin sounds. Why does it matter, and what is this all about? ” Mike Winkelmann (aka Beeple) seemed to be the first name that came to mind when people read this tweet. NFTs are among his most well-known products as a prominent illustrator and graphic designer.
Having Beeple in the picture helped boost sales and popularity for Goblintown’s NFTs since the artist is known for selling some of the world’s most profitable NFTs. Additionally, Mike Judge, the creator of King of the Hill, was rumored to be backing the project or being involved in its development. It is not unusual for NFT developers to enjoy popularity as a result of their successful projects. Although it is unclear who is behind the Goblintown NFT project, it appears that they want to remain anonymous. Even though its creators want to keep their identities anonymous, they may be hesitant to reveal their identities now to avoid ruining the mystery surrounding Goblintown.
Meme Culture
The NFT community is recognized for its vibrant meme culture, which serves as the basis for the Goblintown NFT collection. There are numerous Goblintown NFTs available on the internet, as well as a one-of-one NFT of Pixelmon’s Kevin. However, the meme sentiments in this venture are wild and strange.
The project’s title is meme manifested. It perfectly represents cultural misery, wrath, greed, and delight, writes one NFT fan on Twitter. Cryptobaggie, another NFT fan, feels the Goblintown NFT collection is hilarious and has true meme vibes.
Should you Invest in Goblintown NFT?
Goblintown NFTs could be a smart investment, especially for first-time buyers. Because minting was initially free for everyone when it first started, early investors didn’t stand to lose anything. In general, NFT collections have been in a bear market during the last few months. Goblintown, on the other hand, appears to be surviving the harsh market. The project was launched at a time when established NFT PFP initiatives such as Azuki and BAYC were experiencing significant losses.
In contrast, Goblintown saw over 32,000 ETH ($57.6M) of TVL exchanged in less than three weeks, despite the fact that it was free to mint. This allowed it to maintain the top position on OpenSea’s ranking. Between May 22 and 31, about $37 million were traded in Goblintown NFTs, and it is a considerable amount for a project that debuted in the midst of a downturn market. Observers’ excitement, on the other hand, does not appear to be dying down anytime soon. The price may continue to rise as the hype grows stronger with each passing day.
The hype surrounding the project may attract later investors to invest in Goblintown NFTs, or at least, popular NFT DJ Steve Aoki and Whale believe so.
Even if it appears odd, the uniqueness and originality of Goblintown NFTs have the potential to increase their value in the future. Following the popularity of Goblintown, several other goblin-related adaptations have established their own NFT collections in an attempt to replicate Goblintown’s success. These adaptations include Goblin Grlz, Baby Goblinz, and many more who want to cash in on the goblin craze.
Conclusion
A lot of mystery surrounds Goblintown’s collection, including who created it. It is not uncommon in the crypto and NFT sectors, but investors who are interested in knowing who is behind their investment may choose to invest somewhere else. Second, Goblintown does not have a roadmap. In spite of the collection’s stated intention not to create a crypto token, it is still unclear what it does intend to do.
Lastly, and perhaps most significantly, the NFT and metaverse markets have taken big hits this year, with most collections and tokens depreciating faster than the overall crypto market. The NFT bubble may not yet have burst, but it certainly does not seem like it is headed upward anytime soon, nor does it appear to be headed upward.
The best thing is to use caution while dealing with cryptocurrencies. You must do your own research and keep in mind the fact that prices can fall just as easily as they can rise, and never invest any more money than you can risk losing.
Hi, my name is Brandan Henry, and I’m an NFT, Blockchain, and Research enthusiast, as well as a content writer for NFT-onomics. I’m deeply passionate about exploring the potential of NFTs and blockchain technology. My mission is to educate people on the capabilities of non-fungible tokens and their applications. I stay up-to-date with the latest NFT news and trends, and as a full-time writer, I excel at generating creative, out-of-the-box ideas surrounding NFTs.