Goblintown.wtf is a phenomenon that has been carrying the NFT market over the past couple weeks.
Throughout the ongoing bear market people have been referring to Crypto Twitter as "goblin town" which is seemingly where the inspiration for this project's name derived from.
Simplicity is key for Goblintown as there isn't much to it. Everything you need to know about this project can be summarized in a few words which can be found directly on their website:
"No roadmap. No Discord. No utility. CC0."
Mint date: May 19, 2022
Mint price: Free (+ gas)
9,000 public mint
1,000 reserved for team
What is Creative Commons (CC0)?
CC0 means that the creator of some piece of works waives all their rights under copyright law. This enables anybody the ability to freely use, modify, or distribute even for commercial purposes.
Paper Ape's Analysis
At this point you're probably asking yourself-
Where did this project come from?
Why is the floor price so high?
Am I ngmi?
I've been candid with my thoughts about Goblintown on multiple livestreams saying this project is unsustainable and will eventually return back to a low price. Although I still mostly hold this perspective, I wanted to write my thoughts about everything that has transpired thus far in an attempt to make sense of how this project got to where it is today.
For historical purposes, the current floor price is around 7 ETH at the time of writing.
Goblintown has reached a blue chip price faster than almost any free mint project. The only comparable project I can think of is Loot which went from 0 to 13 ETH in about a week.
Most of the current blue chip projects are in a building phase which has caused a lull in the NFT market since no new developments are coming out. Because of this, the attention of many trading junkies has also faded. Since the junkies can't get their hit (number go up) they move onto the next thing to satisfy their craving. The point I'm trying to make is that Goblintown arrived at the perfect time - a prolonged bear market where there wasn't much for people to be excited about.
I don't want this to come across as me saying they got lucky because timing isn't enough to singlehandedly warrant the success Goblintown has achieved.
The secret sauce behind the pump seems to be a combination of timing + flawless marketing execution. This has landed Goblintown at the center of attention in the NFT market and has been able to keep them there for 90% of the project's existence.
I think the fact that Goblintown doesn't have a Discord plays a huge role in their marketing too. Whenever people initially heard about the project all discourse had to be conducted on Twitter in front of the public's eye.
There are a few common themes that successful NFT projects rely on to capture and maintain the attention of their community:
Storytelling and marketing go hand in hand especially when building a world from scratch. This is best illustrated by the language Goblins use to communicate with each other which has become a staple of Goblin culture on Twitter. It's easy for anyone to pick up - the harder to decipher, the better. Does it need to make sense? Absolutely not.
Mystery and Surprise also go hand in hand. The team behind Goblintown is completely anonymous which leaves the community to speculate on who is controlling their +$12,000 assets.
Could this be Zagabond's next rug? Or is it Satoshi's return?
Find out next episode.
Whether the outcome is good or bad, a good surprise will always get people talking.
Speaking of surprises, Goblintown is following the typical NFT playbook and has an upcoming airdrop for Goblin holders tomorrow. I'm not going to speculate on what the NFTs will be, however I believe this drop will determine the trajectory of the project and solidify whether or not Goblintown is a project worthy of long-term speculation.
Will tomorrow mark the continuation of holders getting rich or will the Goblintown story end here? Hit me up on Twitter or Discord and let me know what you think. I'd love to hear all thoughts and perspectives on this truly one-of-a-kind project.