31 May 2022

by Glenn Kaonang

Goblintown NFTs Caught Fire Amid the Market Going Down, Down to Goblin Town

A mysterious NFT collection called Goblintown recently caught the community by storm despite having no real marketing effort

The past 30 days haven't been good to holders of blue-chip NFTs like the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks. Data from DappRadar shows that the floor prices of those three high-profile NFT collections have been down significantly over the past 30 days, with sales volumes also slumping dramatically according to CryptoSlam. That doesn't mean other NFT collections also suffered the same fate. In fact, a mysterious collection called Goblintown recently caught the NFT community by surprise after having a very successful launch.

On OpenSea, Goblintown currently sits on a 3.2 ETH floor price, with total sales volume reaching over 14,400 ETH, which translates to more than $28 million at the time of writing. Yet the most interesting thing is, Goblintown achieved all this without any real marketing, fanfare, or the hype-building typically found in other successful NFT projects. It mostly relied on word of mouth, and by the time the word got around, prices of Goblintown NFTs already soared despite the entire collection being free-to-mint.

As the name suggests, Goblintown consists of 9,999 goblin characters. Part of Goblintown's charm stems from its unconventional approach. "No roadmap. No Discord. No utility. CC0," reads the project's website. The team behind the project also remains anonymous, which gave the opportunity for some NFT sleuths to float the idea of bigger names being involved in the project, such as BAYC's Yuga Labs or American DJ Steve Aoki.

Goblintown's unforeseen popularity obviously has allowed its owners to profit a great deal. The most expensive NFT sold from the collection was Goblintown #8995, which sold for 69.42 ETH, or a tad over $136,000 at the time. Another NFT, Goblintown #5948, sold for 26 ETH or about $51,000. The latter is quite interesting as the character is definitely modeled after Steve Aoki, and it was bought by the official account for The Sandbox metaverse.

Goblintown's success can be considered irony, as the term "goblin town" is actually a crypto colloquialism for the bear market. It somehow managed to be successful despite the broader NFT market being hit hard in recent weeks.

Source: Bitcoin.com.