Crypto Market Heads To Goblintown As Ironic NFT Collection Explodes

Key points to remember

  • Goblintown NFTs are skyrocketing. After a free mint last week, the floor price of a goblintown briefly exceeded 2 Ethereum today.
  • The collection takes its name from “Goblintown,” a term commonly used to refer to bearish conditions in the crypto market.
  • goblintown uses CC0, similar to other collections like CrypToadz and Nouns.

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The floor price of a goblintown NFT exceeded 2 Ethereum for the first time today.

Ethereum Goblin Rally

It’s not just monkeys, lizards, and bears that have gained popularity in the NFT community. Now that the crypto space is in a downward phase, NFT enthusiasts are rushing to buy tokenized goblins.

A collection of 10,000 goblin NFTs titled goblintown launched last week and quickly took the market by storm. The collection takes its name from “Goblintown”– a term crypto natives use to refer to bearish conditions in the digital asset space when prices are down and interest is down. Like Bitcoin, Ethereum and other assets have been short of their highs for seven months, the crypto space is currently in “Goblintown,” which may explain why the NFT collection has taken off despite its deliberately grotesque visual aesthetic.

Goblintown NFTs were given away with a free mint last week and demand has skyrocketed in recent days. Trading volume on OpenSea exceeded 8,800 Ethereum, making Goblintown the second most traded NFT collection in the past week behind Otherdeed for Otherside. The floor price of a goblintown briefly exceeded 2 Ethereum today, which is a relatively high price despite Ethereum’s poor performance lately (the floor price has since cooled to 1.8 Ethereum). Ethereum is trading at $1,840 after another drop today, which puts goblintown’s entry price at around $3,300. Interestingly, the rarest NFTs in the collection command even higher prices despite the current crypto climate. goblintown #8995, a unique goblin wearing an ultra-rare crown, sold for 69.42 Ethereum worth $136,207 on LooksRare on Wednesday.

goblintown #8995 (Source: LooksRare)

goblintown Kiss CC0

Besides the tongue-in-cheek namesake, one of the reasons for the collection’s popularity might be its approach to copyright licensing. goblintown uses a “no copyright reserved” policy, otherwise known as CC0, which means that goblins are available in the public domain and anyone can use and reuse them as they see fit . Other CC0 NFT collections like Nouns and CrypToadz have grown in popularity in recent months, fueling debates around what “ownership” of an NFT should entail. Perhaps the most high-profile example of the copyright problem in the NFT space came when CryptoPunks creator Larva Labs issued copyright takedown notices for CryptoPunks spin-off projects, taking an approach that some have described as being at odds with the Web3 movement. Larva Labs sold the CryptoPunks intellectual property to Bored Ape Yacht Club creator Yuga Labs in March. Yuga Labs then gave Punk holders the rights to their NFTs following the acquisition. With goblintown, anyone could theoretically reuse artwork from the collection into their own content.

Unlike most other NFT collections, goblintown boasts “No roadmap. No discord. No utility. In a space where successful projects often depend on team promises and how plans are executed, Goblintown’s stripped down approach may also be a factor behind the price rise. Of course, there is also another explanation. It is possible that market participants are speculating on the new trend in the market. hope to make a profit while other assets are trending lower. Other NFTs have benefited from such market behavior and ended up crashing. Since goblintown was inspired by the “Goblintown” of crypto, it may take bearish conditions to prevail for the hype to last.

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

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