Down, Down to Goblin Town! Have you heard of this famous song from The Hobbit (1977) film? Well, when the bear market was going down, down the Goblintown NFT emerged as the best-selling collection. Why? Because it makes weird strange noises.
The first time this project came out was on May 20, 2022, but no one paid attention to it. It had no roadmap, no whitepaper, and no utility; only creepy goblin avatars making goblin sounds. However, the declining bear market brought this no-name project to compete against blue-chip NFT collections like Moonbirds and BAYC.
How did they do it? Simply by holding a sudden Twitter Spaces called “aaaaaaauuuuuGGGhhhh” to make goblin noises from mouths. It literally went “AAAAAAAUUUUUGGGHHHHH gobblins goblinns GOBLINNNNNNNNns…” And they did this for three hours with over 2,000 listeners.
At first, everyone thought it was just a joke, but then it became a meme mirroring the market crash. People immediately went to OpenSea to buy goblin avatars and eventually they all sold out. You could say the collection got “Twitter fame” with no PR of any sort.
Still confused about what the hell is Goblintown.wtf NFT? Don’t worry we’ve made this guide to keep you all informed about this project:
WTF is Goblintown NFT?
Goblintown is a collection of 10,000 creepy-looking grotesque featured goblins avatars designed by unknown artist/s with “No roadmap. No Discord. No utility. CC0.” It didn’t do any marketing except a promo post that the minting goblin NFTs was free.
This bizarre series made it to the headlines because for the past years NFT projects have made huge efforts to promote their creations by providing appealing utilities but goblintown creators didn’t care. They just made those goblins and opened mint for free on OpenSea.
Usually, not having a roadmap or whitepaper is a huge red flag because those projects either turn out rug pulls or scam people out of thousands of dollars. There are hundreds of such projects in the marketplace as well, but for this project, it didn’t matter because the mint was free, so people wouldn’t expect anything in return.
It might sound ridiculous but the artwork in this collection is actually really good quality and detailed, almost as if a professional illustrator or digital artist designed them.
Creative Commons License
CC0 or Creative Commons License is a copyright law that allows the free distribution of copyrighted content or artwork. In other words, buyers have the freedom to use their NFTs for other purposes.
Some of the famous projects that offer CC0 include Moonbirds, Rektguy, Nouns, Tiny Dinos, and Goblintown.wtf.
Like every other collection, this project also features rarity distribution that determines its value in the market. There are 205 characteristics, each NFT having a unique combination of them:
- Eye On Dat Side
- Eye On Dis Side
NFTStudio24 Rarity Ranking
NFTStudio24 rarity ranking is an advanced tool that is used by collectors and investors to rank NFTs from a collection based on their rarity traits. Using this tool can help differentiate between the rarest and most valuable NFTs in the series.
NFTStudio24 picks goblintown_#5948 as the no. 1 NFT
goblintown_#5948 is the highest ranking NFT on the NFTStudio24 ranking because of its unique characteristics and demand in the market. It is a 1/1 artwork called “knee on foocher.” Currently, this collectible is worth 26 ETH (~$33k) on OpenSea.
goblintown_#6485 aka hoo let dat orc in hear? ranks #2 on NFTStudio24.
goblintown_#5315 ranks no. 3 for its rare combination of traits
goblintown_#3241 was picked for rank 4 on NFTStudio24 because of its unique traits.
goblintown_#6771 is at rank 5 picked by the NFTStudio24 rarity tool.
You can see the rest of the rankings of the collection here.
Who created Goblintown?
That’s the question everyone keeps asking on Twitter. Following the popularity of the collection, almost every news outlet was looking for the team.
It might look like a silly project with no marketing plan, but still, they aren’t like those newbie projects, every interaction or their way of handling stuff indicates that they have a professional team behind the collection.
Later, on June 15, the creators issued a statement where they revealed themselves as Truth Labs, a community of creators in Web3 space who is also the creator of the Illuminati and The 187 NFT projects.
Before the truth was revealed, there were a lot of assumptions surrounding its team and artists, some remain a mystery while others were strongly denied. You should know them just for fun.
Is it by Beeple?
The first attempt to unveil the team behind these goblin avatars was when someone said this project was by Beeple. This was because the Twitter account of the goblintown NFT tweeted “we, not @steveaoki, we @beeple.”
But later, Beeple denied his involvement with the collection. He even called it a “shockingly low effort pump and dump project.”
Is it a Yuga Labs project?
Many people believe that this project might be part of Yuga Labs’ NFT projects. The company has been acquiring different collections, so the community thought that this might be a hidden project.
However, Yuga Labs have also denied any involvement with Goblintown NFT.
A project by Mike Judge
Those who are familiar with Beavis and Butthead should know about Mike Judge, who is the artist behind the project. Well, according to a theory, the goblintown.wtf might be a project by Mike.
Many people have closely analyzed the detailed artwork which matches the art style of Mike. Furthermore, the artist has been actively promoting the NFT industry as well. Nonetheless, no denial or confirmation came out from Mike, so the speculation also died down.
Anyway, now we all know Truth Labs is behind goblintown NFT, so all of these rumors have no meaning but are a joke to the community. Speaking of community, goblintown is highly involved with its holders, this is one of the biggest reasons for the success of this project.
The Goblintown NFT community is quite unique in its own way. Since the project has always been promoted nonchalantly, people are drawn towards it because 1) it has the internet hype and 2) it is valuable because it’s in demand.
Celebrity and meme culture
The common assumption that this project merely caught the eye of the observers is quite wrong. The reason this collection was so hyped was the social media entrepreneurs showing interest. From the Rarible team, Invisible Friends, and Gary Vee to even the director at Netflix Kristy Tillman, every well-known personality was tweeting about it.
Additionally, this collection of creatures mostly became an ongoing meme among investors. With the slogan “goblins have taken over,” the depression of the bear market also died down.
Event at NFT.NYC 2022
The craze over this collection was apparent when the team hosted an event at the NFT.NYC 2022. Thousands of people attended the show dressed up in goblin and other creature cosplays. In fact, it became the center of attention for many days because people wanted to see what all the hype was about.
The goblintown team also introduced a franchise called McGoblin burger at the NFT.NYC so far no details have been revealed except that it’s another arm of the NFT project where you can get help or give feedback to the team.
gⱼᵒbeliintᵉoₒwwⁿ ᶦᶻ ᑯa biesstₑ-sˢᶦₗeleᵢng NFFTT ₖᵒoeˡₗikkᵗeᵢᶦₒᵒn, did you get what we said? No? Well, we just wrote the goblin language for Goblintown is the best-selling NFT collection!
Goblin language is quite hard, so to communicate with these creatures, the project has introduced a Goblintown translator where you can convey your message in their language.
Simply type in the words below “enter hooman speak” and the website will automatically give you the goblin language translation that you can copy and paste anywhere you want.
The Goblin hype
Ever since its launch, the project has generated record-breaking sales. Goblintown NFT was first released on 25 May 2022 as a free mint but was sold out in 12 days and the floor price rose to 2 ETH ($2,500).
Later, the series began charting on OpenSea rankings surpassing BAYC and CryptoPunks. The floor price peaked at 4 ETH ($4,800), and then at 8.95 ETH. People started flooding in and the worth of the collection rose to each worth thousands of dollars, which is quite rare for a small no-name project.
The most expensive goblin to be sold from the collection is goblintown #8041 for 60 ETH ($77,102).
As of now, the total volume of this collection is 49K ETH, which is around 63.3 million dollars on the OpenSea marketplace.
How to buy Goblintown NFT
OpenSea is the largest trading platform where you can buy this collection. Since the NFTs are sold out, you can buy goblintown NFT from the secondary marketplace if someone is selling it. Don’t expect the prices to be low because these creatures are quite in-demand and everyone wants to own them.
Another way to buy these collectibles is from the newly launched Truth Labs Marketplace, which was solely made as a secondary platform for trading the company’s projects, including goblins. This marketplace is cheaper than OpenSea in terms of transactions
For the past years, OpenSea and other platforms have been charging a high platform fee to both creators and buyers. So, Truth Labs decided to launch its own marketplace which will charge less royalty fee.
Future of goblintown
Since there’s no roadmap, no one can really predict what the team is currently brewing. Although the website does hint that they are working on something, no one really knows what they’re up to.
Will they release tokenomics? Will they drop a whitepaper? Will they launch another NFT collection? Whatever it is, the NFT community is highly anticipating how this project develops in the future.
Goblintown NFT is expected to rise even more in demand. Despite being 4 months since the launch, the hype, and excitement over this collection haven’t died down. It still ranks high in the OpenSea marketplace and people are actively trading them because of its high floor price.
You might be wondering, well, why is this collection still relevant after months? It’s because the team has been engaging with the community and the influencers are also buying them from the market. As soon as social media discusses and interacts with the collection, it will remain a popular asset to own.
There’s no doubt that goblintown has now become a blue-chip NFT based on its all-time high sales volume.