Truth Labs, the Web3 company behind the popular non-fungible token (NFT) collection Goblintown, is gearing up to introduce its Season 2 mint – and this time, it's even weirder.
Big Inc, a 15,000-unit sequel to the Goblintown collection, has not publicly released a date or time for the mint. The collection is looking for “the worst traders in NFT land,” a spokesperson from Truth Labs told CoinDesk, and will prioritize collectors based on their “rekt activity,” or poor trades in the space.
“If you are one of the top 1,000 worst traders in NFT land you get 24 hours to mint your Big Inc acceptance letter for free,” Truth Labs said. Holders of other Truth Labs NFT collections, including Goblintown, Grumpl and Illuminati, will also have special privileges to mint their Big Inc tokens for free.
Process Grey, co-founder and artist at Truth Labs told CoinDesk that Goblintown Season 2 aims to celebrate the culture and community that has created Web3, whether times be bullish or bearish.
"Currently everyone is down and to a lot of folks it feels like only the influencers survived the past year," Process Grey, co-founder and artist at Truth Labs told CoinDesk. "Goblintown originally celebrated on the collective doom of the first wave of collapse -- and Big Inc wants to now reward those who have stuck around!"
Goblintown Season 2 is based on the narrative of Big Inc, a large corporation in the fictional Goblintown that has brainwashed animals to become its employees. The collection’s artwork features profile pictures (PFP) that depict the animal heads with “super serious” expressions.
Interested collectors can apply to mint and Truth Labs will analyze wallet data to determine the quality of a trader’s NFT transactions. This will place traders on the “Down Bad Board,” or leaderboard of the worst traders in the space.
Additionally, the collection plans to capitalize on the popularity of meme coin PEPE, whose price has increased by 2,100% in the last month, increasing its market cap to $502 million. Goblintown Season 2 will allow traders to receive a discount on the token mint if they pay in PEPE, giving utility to the token.
Mint participants can pay 0.096 ether (ETH), or about $175. Traders that choose to pay for the collection in PEPE will receive a 50% discount, with NFTs dynamically priced at 0.048 ETH, or about $88.
When Goblintown opened its mint in May 2022, the collection generated $7 million in sales and defied standard NFT market trends at the time.
According to data from OpenSea, Goblintown has a floor price of 0.33 ETH, about $600. Its trading volume stands at 63,422 ETH, over $116 million.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.