Goblin NFT: the new oddball that stole the show

YEREVAN (CoinChapter.com) – Just when the NFT scene couldn’t get more absurd and grotesque, on came the Goblins NFT collection by Goblin-town. The collection depicts an assortment of weird, gory creatures that “feast on feces and urine.”

Why would anyone buy Goblin NFTs?

The freakshow collection launched on May 22 and had a trading volume of $43 million as of June 2. Notably, the Goblin NFTs sported a floor price of 2 ETH a pop, or nearly $3,500 at the current exchange rate. However, some had a price tag of over 3,000 ETH tokens, which would equate to over $5 million.

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So why would anyone cough up $5 million for owning a picture of fecal hot fudge sundae? One Twitter user summed it up: excitement for something “mysterious and weird.”

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However, “mysterious and weird” doesn’t usually cut it when there’s no profit involved. Admittedly, the sheer hype around collections such as Goblins NFT could pump their price for a while, but any trader who expects returns should also be aware of the risks.

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Moreover, the team or artist behind the project remains anonymous. Some speculations within the community linked the Goblintown project to American digital artist Mike Winkelmann, otherwise known as Beeple. However, he dismissed the idea.

Insane I have to say this, but I have not joined any shockingly low effort pump and dump projects that will remain nameless. Look at the charts of similar projects, you know in your heart how this story ends.

said the artist.

Outweirding competitors

The surprising success of the collection, albeit not uncommon in the industry, left the community scratching their heads. However, in the NFT world, grotesque often equals attractive, which is why outrageous projects can get a lot of attention and publicity.

“No roadmap. No Discord. No utility. CC0,” says the website loud and clear. And yet, the community accepted the middle finger as a novel way of trolling the industry altogether. According to the NFT tracking website CryptoSlam, Goblintown is one of the most traded NFTs in the last 30 days.

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It has a trading volume of over $43 million since launch, and the most expensive Goblin NFT collection, goblintown #6485, was sold for 77.75 ETH ($150,923). Notably, Goblin NFTs’ minting was free.