The next trendy NFT collection to take over Ethereum is a homage to the crypto market’s current status. It’s known as Goblintown.
Goblintown NFTs are on the rise. The floor price for a goblin town momentarily surpassed 2 Ethereum today, following a free mint last week. The collection’s name is derived from the word “Goblintown,” which is commonly used to describe pessimistic crypto market conditions.CC0 is used by goblin town, as well as other collections such as CrypToadz and Nouns.
For the first time today, the floor price of a goblin town NFT surpassed 2 Ethereum. Goblintown, a collection of 10,000 goblin NFTs, was released last week and has quickly taken over the market. The collection is named after “Goblintown,” a word coined by crypto enthusiasts to describe pessimistic times in the digital asset industry when values are decreasing and interest is waning.
The previous week goblintown, NFTs were given out with a complimentary mint, and demand has exploded in the last few days. Goblin-town is now the second-most traded NFT collection on OpenSea, behind Otherdeed for Otherside. Despite Ethereum’s recent struggles, the floor price for one goblin town temporarily surpassed 2 Ethereum today (the floor price has since cooled to 1.8 Ethereum).
Following another decline today, Ethereum is now trading at $1,840, placing the entry price for Goblintown at around $3,300. Interestingly, despite the present crypto climate, the collection’s rarer NFTs attract even greater prices. #8995, a one-of-a-kind goblin wearing an ultra-rare crown, sold for $69,42.
Overview of Goblintown
Aside from the humorous moniker, the collection’s appeal may be due to its approach to copyright licensing. The goblins in goblin town follow a “no copyright reserved” policy, often known as CC0, which means they are in the public domain and anyone can build on and repurpose them as they see fit. Other CC0 NFT collections, such as Nouns and CrypToadz, have risen in popularity in recent months, sparking discussions about what constitutes “ownership” of an NFT.
The most high-profile example of the copyright issue in the NFT area came when Larva Labs, the author of CryptoPunks, issued copyright takedown warnings to CryptoPunks derivative projects, a strategy that some criticized as being at variance with the Web3 movement. In March, Larva Labs sold CryptoPunks to Yuga Labs, the company behind the Bored Ape Yacht Club. Following the transaction, Yuga Labs gave Punk holders the rights to their NFTs. Anyone might conceivably adopt the collection’s artwork in their own material with goblin town.
“There is no roadmap,” goblin town claims. There will be no discord. “It’s pointless.” In an industry where project success is often determined by the team’s promises and how plans are carried out, goblin towns’ stripped-down approach could potentially be a factor in the price increase. There is, of course, another explanation. It’s likely that market participants are betting on the latest trend in the hopes of profiting as other assets fall in value.
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