At first glance, the Globintown NFT collection stands out as an odd and peculiar NFT collection. With art reminiscent of the book and British TV series Fungus the Bogeyman it is a collection that feels unsightly and repulsive.
Yet it has gained a following that sums up the ethos of the NFT scene. Let’s dive in to take a closer look at the Goblintown NFT collection!
Unconventional and One-of-a-Kind Art
With such a striking art style it makes sense to begin with the unique art style of this NFT collection. The Goblintown collection showcases a captivating set of characters. This project comprises 10,000 distinct goblins, each possessing rare styles and characteristics and having its own distinct and unusual charm.
Source: Twitter
Surprisingly, their “ugly” appearances seem to have only added to their appeal. Rather than deterring interest, it appears to have piqued curiosity even more. As per dedicated Goblintown enthusiasts, there’s a belief that simplicity holds great value, and sometimes, the unconventional can be seen as a unique form of beauty.
Many holders embody their goblins. In doing so, the collection has cultivated a cult-like following and a lively gang of mischievous goblins owners. Often communicating in their own quirky language, it is difficult to decipher what the goblins are saying. This purposeful approach stems from the collection creators and is distilled through to each of their owners. When looking at the collection’s open sea page, at first glance it is difficult to read and make out the description. Yet this is done by design and valued by the NFT community due to its uniqueness.
TruthLabs, the Team Behind Goblintown
The NFTs were launched on May 22 and are built on the Ethereum blockchain, currently holding a floor price of around 0.3 ETH (as of June 25, 2023).
Initially, people were in the process of determining the creator of the NFTs. Eventually, the artist responsible for Goblintown revealed their identity through a Twitter announcement. On June 15, the Goblintown team, in an uncommon move, posted an official message to their community, openly identifying themselves as Truth Labs.
Source: Twitter
Truth Lab is a collective of artists with a mission to bring joy and mischief to the world of blockchain.
With a strong emphasis on creativity and exploration, their aim is to develop immersive and entertaining experiences both in the physical and digital realms. Furthermore, Truth Lab provides a platform for emerging talents to showcase their unique visions and perspectives within the NFT community.
Injecting humor and a light-hearted approach, they strive to uplift the overall atmosphere and foster a sense of fun in this domain. However, this was misunderstood as various media outlets, including DappRadar, labeled the Goblin-town NFT project as an “irreverent NFT” endeavor. Since then the collection has genuinely gained staying power and cherished by many.
The decision garnered mixed responses from the NFT community. Some individuals have expressed support for Truth Labs’ actions. These supporters assert the importance of safeguarding creators’ rights. On the other hand, there has been criticism directed at the decision. Arguments highlight the potential unfairness to Goblintown owners who have already purchased and sold their NFTs.
The outcome of this controversy remains uncertain. It is evident that the Goblintown NFT project has ignited a broader discussion. It concerns the future of NFTs and the implementation of creator royalties.
Enforcing Royalties
The Goblintown NFT project has recently become embroiled in controversy. Truth Labs, the creators of the project, took action by disabling the trading of Goblintown NFTs on OpenSea and Blur. They replaced the original artwork on the NFTs with a crudely drawn image depicting a goblin making an offensive gesture.
Source: Twitter
The motivation behind this change is Truth Labs’ support for enforcing creator royalties on Goblintown NFTs. Unfortunately, despite being common among NFT traders, some Goblintown NFT owners have been selling without paying royalties to Truth Labs. This situation has compelled Truth Labs to take drastic measures. They have disabled trading and altered the associated artwork with the NFTs.
TruthLab Marketplace
Purchasing GoblinTown NFTs was recently limited to secondary marketplaces such as OpenSea, Rarible, and LooksRare. However, In September, Truth Labs announced the launch of Truth Labs Marketplace, a dedicated secondary sales platform for its NFT collections, including GoblinTown. With this announcement, users can purchase Globlintown NFT from the Truth Labs Marketplace or secondary marketplaces like OpenSea, Rarible, LooksRare, etc. Truth Labs Marketplace is a platform that enables sales of its NFTs with reduced seller fees.
Source: nft now
This significant development highlights the ongoing reconsideration of marketplace fees and royalties within the NFT ecosystem by Web3 companies. Through creating its platform, Truth Labs aims to address what they perceive as exorbitant fees on existing marketplaces like OpenSea. Notably, OpenSea currently charges a 2.5% marketplace fee on the final price of each NFT transaction and allows creators to set royalties ranging from 2.5 to 10 percent. Emphasizing security as a critical aspect, Truth Labs takes a direct stance against industry leader OpenSea.
In their press release, they assert that their processes for reporting stolen NFTs will be more rigorous than OpenSea’s recent scrutiny over their stolen item policy. Establishing a dedicated marketplace for GoblinTown could herald a future trend. Notable players in the Web3 space, such as Magic Eden and others, have also introduced tools specifically addressing the creator royalty debate. This may lead to a proliferation of NFT collection-specific platforms, potentially resulting in a fragmented secondary market platform ecosystem with both positive and negative implications.
Utility of Goblintown’s NFTs
Individual holders of Goblintown NFTs possess the freedom to determine the true value of these tokens based on their own preferences. Some find satisfaction in owning these NFTs solely for their visual appeal, while others perceive them as potential long-term investments. At present, the project does not offer any tangible utility. But future developments could potentially introduce some form of utility for holders. However, this aspect is yet to be confirmed.
Possible utilities for Goblintown NFTs may include exclusive access to content or events, although the project’s creators have not definitively ruled out the incorporation of such features in the future. Holders might gain exclusive content privileges, such as early previews of new projects or privileged participation in upcoming releases. Additionally, they could be granted access to exclusive events like gatherings or parties.
It is important to acknowledge that the realization of these potential utilities is not guaranteed. The creators of Goblintown NFTs have explicitly expressed their deviation from the conventional NFT model. This typically includes a roadmap and predefined utility. Nonetheless, given the project’s success, there remains a possibility that the creators might reconsider their stance in the future.
The Meme Culture of Goblintown NFT:
Goblin gains its audience through a rich meme culture backed by its Twitter space. Some suggest the memes as chaotic and unusual, whereas some find it funny with the real vibe of memes.
The meme-worthy nature of Goblintown NFTs has significantly contributed to their popularity. Holders have the opportunity to utilize their NFTs to create and share memes, thereby enhancing the project’s visibility and attracting potential buyers.
Source: Ai Coin
The Mass Appeal of the Goblintown
The Goblintown NFT collection has recently experienced a remarkable surge in popularity within the vibrant Twitch streaming platform. Influential Twitch streamers such as Agentoo and Mizkif have prominently featured the collection during their entertaining streams, captivating their audiences and igniting a widespread interest in the collection.
One significant factor that has contributed to the popularity of Goblintown is the captivating integration of the collection’s artwork into the immersive gaming experience of Only Up, a thrilling 3D platformer game. This engaging game showcases stunning visuals directly derived from the Goblintown collection. Remarkably, only up has been streamed over 100,000 times on Twitch, exposing a vast number of viewers to the captivating world of Goblintown.
Source: NFT Plaza
Conclusions
The Goblintown NFT collection exudes an undeniable potential for further growth in popularity. This is fuelled by its distinct and irreverent artistic style. The collection possesses the remarkable ability to both divide and conquer different views, a rarity in the realm of NFTs. Its current form resonates deeply with a specific segment of collectors, emphasizing its unique appeal.
However, when considering the broader perspective, Goblintown is still in its early stages despite its existence for just over a year. Accurately determining its long-term prospects remains premature. Although the collection experienced tremendous demand during its initial months, the enthusiasm among traders has gradually diminished, largely due to the enforcement of royalties that impact trading profits. Understandably, this has contributed to the waning appetite among traders.
As the passage of time continues, the trajectory and destiny of this distinctive collection will gradually unveil themselves, infusing the NFT landscape with an exhilarating air of excitement and anticipation.
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