What is Goblin Goons?

Updated: Sep 30, 2021

Goblin Goons is the latest generative avatar project to hit the NFT market. It's a collection of 8500 goblin NFTs with some very interesting tokenomics. Each NFT includes full commercial rights.

Stats:

  • Max Supply: 8500

  • Mint price: 0.03 ETH

  • Launch date: July 16th, 2021

  • Unique traits: +120


Features:

  • Gold Sack (community wallet)

  • DAO

  • Pit of Everlasting Fire


Gold Sack (community wallet)

The Gold Sack is a community wallet that will be used for developing and growing the Goblin Goons community. Each Goblin Goon transaction on the secondary market comes with a 2% royalty fee which is used to fund the community wallet. Additional ETH will be added to the wallet once 25%, 50%, and 75% of the NFTs are minted. If these goals are met, a total of 20 ETH will have been added to the Gold Sack.


DAO & Gold coins

DAO stands for Decentralized Autonomous Organization. If you're unfamiliar with DAOs, think of it like a community-run project with no central authority. Decisions are made using governance tokens to vote on how the community wallet's funds should be used.


Gold coins are the governance token of the Goblin Goons DAO (1 gold coin = 1 vote). Each Goblin NFT comes with 1, 2, or 3 gold coins - this amount is randomly assigned and not related to attribute rarity. Gold coins are stuck with their respective Goblin and cannot be sold separately.


Pit of Everlasting Fire

The Pit of Everlasting Fire is the premier feature of the Goblin Goons project. This mechanism will be used to combine Goblin Goons, thus creating a deflationary supply. It is free (plus gas) and will be available 2 weeks after the project launches.


How does it work?

  • Deposit 2 or more Goblin Goons into the Pit of Everlasting Fire

  • Receive 1 less Ghost Goblin than # of Goons deposited


Ghost Goblins are the product of combining 2 or more Goblin Goons in the Pit of Everlasting Fire. Ghost Goblins have their own set of attributes separate from Goblin Goons. This makes depositing Goblin Goons akin to "re-rolling" their traits. This is useful if the Goblin Goons you mint don't end up being rare.


You can sacrifice as many Goblin Goons into the Pit at once - it is not limited to 2 at a time. For example, if you deposit 6 Goblin Goons into the Pit, you’ll receive 5 Ghost Goblins in return.


When minting a Ghost Goblins, they will have one more gold coin (n+1) than the amount held by the goons that were deposited. This ensures that community members will not lose any votes for combining their Goblin Goons together.


Example: Depositing 2 Goblin Goons that hold 1 Gold coin each will give you 1 Ghost Goblin with 3 Gold coins.

 

Analysis

Goblin Goons has the most interesting tokenomics I've seen from a generative avatar project so far. There's a lot to process so I'll do my best to highlight the most important parts.


Goblin Goons and Ghost Goblins will have their own individual supply.

  • Goblin Goons have a supply from which starts at 8500 and only decreases

  • Ghost Goblins have a supply from which starts at zero and only increases


Minting Ghost Goblins decreases the overall Goblin supply.

  • Every time a Ghost Goblin is minted, the total supply of Goblins is lowered by 1.


Attribute rarity will effect supply.

  • Ideally, only common goons should be deposited into the Pit of Everlasting Fire. This will give owners a new chance to earn a rare Goblin if they didn't get lucky the first time.

  • Rare Goons should not be deposited into the Pit because their traits will be re-rolled when the Ghost Goblin is minted. Nobody wants to trade something with guaranteed rarity for something that will hopefully be as rare.

  • Depending on how many common goons are converted to Ghost Goblins, it's possible that the Goblin Goon supply could be composed mainly of goons with rare traits.


I think it's pretty cool that anybody who decides to mint a Goblin Goon has a second chance at re-rolling if they didn't get a rare one on their first try. I also think burning common Goblin Goons is a good thing because it removes undesirable traits from the gene pool. An effect this will have is that it increases the percentage of rare traits possessed by the remaining Goblin Goons. One might think this is a bad outcome, however the decreased amount of Goblin Goons in existence should preserve the price of ones that are kept.


As with any NFT project, the success of Goblin Goons will be determined by the strength of their community. Airdrops and giveaways are planned for the future but I am excited to see which additional ways the team decides to add utility to these NFTs. If you want to learn more about the project I highly recommend following them on Twitter or joining their Discord.

545 views