Goblintown WTF? Meet the weirdest NFT projects in the world

The 2022 NFT market crash gave rise to one of the world’s strangest NFT collections. It is known as Goblintown. Its purpose? Make weird goblin noises. Seriously no.

“AAAAAAAUUUUUGGGGHHHHH Goblins Goblins Goblins Goblins Goblintown you sneaksnacker dejn rats ooooh disapproving on rats,” is how the creators described the project on OpenSea, the world’s largest NFT marketplace.

Enlightened, isn’t it? And for better or worse, the project has taken the NFT world by storm.

The Goblintown collection went live the week of May 20, 2022. In just a few days, this blatantly irreverent project claimed 10,000 of its freely created pieces. Shortly after the sell-off, the floor price rose to over 2 ETH ($2,500). Builders across the space immediately jumped on the hype as volumes flooded the Goblintown Derivatives OpenC charts just weeks after Goblintown first opened its doors.

Eventually, the floor price rose to 4 ETH ($4,800) and individual NFTs began selling for thousands of dollars. One of the most expensive sales was Goblintown #8995, which sold for $136,440.

If you are confused, please know that you are not alone. Here, we’ve tried our best to explain what’s going on with Goblintown and why the NFT project has gained so much popularity.

What the heck is Goblintown?

Goblintown’s name and the site’s URL, which ends in .wtf, both embody what every NFT collector feels during a massive market collapse: anger, chaos, utter confusion, and pandemonium. In this case, the name is a colloquial expression for a bear market, and the project can easily be seen as a broader commentary on the state of NFTs – and NFT collectors – during the 2022 drop.

The purpose of the project is also rather surprising. Recently, several prominent NFT collectors have pointed out that, to be taken seriously, an NFT project must have meaningful utility. Creators of Goblintown… don’t worry.

From the beginning, the founders were upfront about the nature of the project. On the official website, the team outlined their plans in bold: “No roadmap. No discord. No utility. CC0.” That last bit is especially worth noting, because every GoblinTown NFT is registered under a creative commons license, meaning buyers have free reign to do whatever they want with their Goblin NFTs.

With its rapidly rising floor price, CC0 licensing agreement, and the amount of support it currently enjoys from the community, some observers believe this crass project has huge potential.

Who runs Goblintown?

When Goblintown was launched, its creators were anonymous. However, despite the remarkably silly way Founders described the collection, it didn’t feel like an amateur project. In fact, what came across to the more seasoned members of the NFT community was the high overall quality of the project.

For starters, there’s art. It’s a far cry from stick drawings made in MS Paint, and anyone looking at the images can tell they were created by real artists. The same can be said about websites. The UX is complex and enjoyable, with several fun surprises. Obviously, it was created by someone with a background in user experience design and engineering.

Credit: Goblintown website/nft screenshot now

Then there are the surprisingly on-brand events, which were one of the earliest steps in the overall quality of the project. In a weird Twitter space Hosted on May 26 at midnight EDT, guests were treated to a variety of speakers for nearly three hours.

– for lack of a better term — Goblin’s voice. More than 86,000 people tuned in and media publications around the world picked up the story.

Rumors flew about who was behind the collection. Many users thought it was related to prominent crypto artist Beepal. However, he denied any involvement A tweetThe collection has been called “a surprisingly low-effort pump and dump project”.

Eventually, though, the creators of Goblintown came clean and revealed who they were. In a tweet on June 15, DrThe Goblintown team issued an informal message to their community.

In the post, the creators of Goblintown identified themselves as Truth Labs. It’s a collective of creators whose mission is to “share fun blockchain mischief, creatively explore, develop rich, fun worlds and experiences (both IRL and digitally) and provide a platform for new voices and perspectives in this space.”

The Truth Labs team previously developed 187 and Illuminate Collective. Finally, with Goblintown, it looks like they’ve succeeded in their goal of lightening the discussion and bringing some levity to the broader NFT space.

The power of community

Taking everything we’ve seen at face value over the lifetime of this project shows us one key thing: the continued power of virality. Despite not having an elaborate marketing plan, partnerships with established brands, or affiliations with prominent members of the NFT field, it has made a huge mark in the community.

In short, the concept of Goblintown

– its irreverent “nothing matters” tone — struck a chord with collectors who have been facing stressful financial losses for weeks. Also, it was just absurd and made no sense. This made people curious and also gave them a sense of FOMO. What is this project? What if it’s a cunning plot by someone huge? What if I missed out?

These combined to make Goblintown go viral, and the project quickly transformed into a thriving community.

In fact, at NFT.NYC 2022, the Goblintown horde was able to meet and connect in person for the first time. Numerous attendees at one of the largest conventions in space came dressed as goblins and proudly represented their communities.

If that wasn’t enough, the Goblintown team members even managed to make a food truck fully functional. The roving branch of the McGoblinburger – Complete with goblin staff of course. Even a participant Got the alleged ‘piss’ To go with their McGoblinburgers.

Where can you buy GoblinTown NFTs?

Until recently, you could only buy GoblinTownNFTs on secondary marketplaces like OpenSea, Rarible, and LooksRare. In September, however, Truth Labs announced the launch of a dedicated secondary sales platform for its own NFT collection, including the Truth Labs Marketplace, Goblintown.

In a press release shared with NFT ahead of the launch, Truth Labs explained that the platform aims to enable sellers to sell its NFTs with low fees. The platform will charge a single five-percent royalty-marketplace fee for transactions on the site.

This important move shows how Web3 companies are rethinking the role of marketplace fees and royalties in the NFT ecosystem. By creating the platform, Truth Labs looks to counter what it sees as unacceptably high fees on marketplaces like OpenSea, which charges a 2.5 percent marketplace fee from the final price of each NFT transaction and allows creators to set royalties anywhere between 2.5 and 10 percent. .

Security is another principle underpinning the Truth Labs marketplace. In another apparent shot across the bow at industry giant OpenC, whose stolen item policy has recently come under scrutiny, Truth Labs claimed in a press release that it would be “more rigorous” in its process for reporting stolen NFTs.

Having a home in Goblintown’s own marketplace could be a sign of the future. Web 3 heavy hitters like Magic Eden and others have similarly recently released tools that specifically address creator royalty disputes. The potential for the proliferation of NFT collection-specific platforms could lead to a fragmentation of the secondary market platform ecosystem, for better or worse.

Regardless, it’s undeniable that Truth Labs injected 2022’s market-disrupting NFT scene with much-needed levity and cash flow. What’s next for Goblintown is anyone’s guess, but the project’s reputation may be as disreputable as it predicts.

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