Amid Market Downturn, ‘Goblintown’ NFTs Have Their Moment

The goblin-themed PFP collection did over $7 million in sales volume this weekend, fueled by rumors a larger team could be behind the scenes.

AccessTimeIconMay 23, 2022 at 5:05 p.m. UTC
Updated May 31, 2022 at 7:31 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

As the non-fungible token (NFT) market continues its slide down, down to Goblin Town, an NFT collection of a similar theme has caught fire.

The collection, Goblintown.wtf, clocked 3,800 ETH (around $7 million) in sales volume over the weekend, the most of any project during that time.

The “Goblin Town” theme is a crypto colloquialism for the bear market, with both the NFT sector and crypto market at large being hit hard in recent weeks.

Part of the collection’s popularity stems from its unconventional genesis. With little marketing hype or anticipation, the entire collection was free to mint and doesn’t yet have a Discord.

“No roadmap. No Discord. No utility,” the project’s website reads. “Contract wasn't actually written by goblins.”

Perhaps casting doubt on the website’s claim, when reached via Twitter DM, the team behind the project replied only in goblin: “ₜₕᵤᵣ ₐᵣ ₘₐₙₑₑ gₒₒbₗᵢₙₛ ₐₗₗ ₐᵣₒᵤₙd ᵤₛ wₑ ₐᵣ ₐₗₗ dₒwₙ dₒwₙ.”

The collection’s floor peaked yesterday at 0.75 ETH (around $1,500), though prices have since cooled off to 0.51 ETH ($1,060) for the cheapest editions.

The project also received a boost from a Sunday Bud Light tweet using its goblin-native language.

More than meets the eye?

With the collection’s success being so immediate and seemingly well coordinated, many speculate a more established team may be behind the scenes.

Some NFT sleuths have even floated the idea of Yuga Labs being involved, though moderators of the Bored Ape Yacht Club NFT Discord have denied the connection. Yuga Labs did not respond to CoinDesk’s request for comment.

The project’s success could be reflective of the NFT market still having some juice left in it, despite overall sales volumes trending down.

Another popular release this weekend was Oddities, a Moonbirds airdrop that saw similar volume numbers to Goblintown.wtf and now boasts a 3 ETH (around $6,000) price floor.


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Trending

1
CoinDesk - Unknown
Former JPMorgan Banker Samir Shah Becomes COO at Pantera Capital

Shah joins Pantera after 12 years at JPMorgan spanning roles in sales, strategy and digital.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Bitcoin Rebounds Past $20K; China’s Blockchain Revolution Is Missing On-Chain Data

Ether and most other major altcoins regain ground they'd lost in last week's downturn; China companies seem unconvinced by blockchain technology.

CoinDesk - Unknown
3
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown