The NFT market has evolved fromwe will all make it‘ to ‘We will all die’.
Ever since NFT collectors went crazy goblin town– Profile picture avatars of urine-possessed golem creatures – Market sentiment has changed. In the past few weeks, the NFT Space has gone dystopian and depressive, and the creators are doubling down on dark memes and toilet humor in an apparent attempt to deal with the bear market.
A spate of collections focused on goblins, feces, death and loneliness has inundated OpenSea’s top collections rankings, accounting for 45% of the top 20 most traded collections over the past week. Some traders are repeatedly listening to Kanye West’s Pablo album on Twitter Spaces to cope with the market downturn. And yes, there are now NFTs — unique blockchain tokens that signify ownership — theirs holder devote themselves to this.
“Right now, I think the bear market is driving everyone a little crazy, and if you do something differently, you can get the market’s attention,” he said Bored Ape Yacht Club holder professor on Twitter, who says she teaches marketing and studies consumer culture.
The Rise of Goblintown
But the NFT Market wasn’t always like this.
Continued last year at NFT trading ether boomed to over $20 billion in sales, it was projects like CryptoPunks and Bored Apes – and later Doodles, Cool Cats and Azuki – that dominated both the charts and the headlines.
Now that the WAGMI honeymoon is over, traders seem to have realized that not everyone “will make it”. And now it’s going down to Goblin Town.
Goblintown Ethereum NFTs have taken the top spot in the OpenSea leaderboard and traded over 32,000 ETH ($57.6 million) in total volume in just two and a half weeks after first launching as a free mint, meaning it costs nothing ( except transactions). Fees on Ethereum) to buy these NFTs at launch. “goblin town‘ is a term used to describe a bear market, and it has become an increasingly popular meme among crypto traders over the past year.
NFT dealer tells ConciergePhysician decrypt in an interview that he works as a doctor during the day and has a portfolio of over 1,000 NFTs in the seven figures Bored MonkeysMutated Monkeys and cloneX NFTs. He said that he believes Goblintown started the current meta of intentionally ugly NFTs.
“The art is awful,” ConciergePhysician said of Goblintown. “People are just trying to be degens so they can actually flip and make a lot of money.”
The word “degen” — short for degenerate — has become a common nickname (often self-imposed) for a chronically online crypto trader who spends several hours each day tracking and trading these assets, often at expense other things in his own life.
Image: goblintown.wtf on OpenSea
ConciergePhysician said he spends three to five hours a day researching the NFT market, either early in the morning or late at night. He believes that when the “blue chips” NFTs like Bored Ape Yacht Club saw one recent burglary Due to the broader crypto bear market, traders were upset but still determined to find a way to make money.
“There’s always money to be made, even in a bear market,” he said, adding that for him, ugly art isn’t worth the risk.
For other “daggers,” Goblintown is a rallying cry for hungry traders looking for memes and making money doing it.
“Goblintown spawned 10s [sic] of derivatives, but the art style and colors are fresh – a bit “ugly” on most aesthetic bluechips, which I think have sparked an interest…like the alternative bluechip – a greenchip,” Goblintown owner told dgen.eth decrypt via Twitter DM.
Dgen.eth currently owns 12 Goblintown NFTs including the 1 of 1 Goblintown Wizard NFT.
“The fact that the guys on the project all use speech synthesizers to sound like goblins in their twitter sections only adds to the mystery. Everything is so well executed […] the visuals, the sound, the interface and the contract – it just screams richness and credibility Web3 supporters,” he speculated.
Poop and death are trending
After Goblintown, We Are All Going To Die (WAGDIE) NFTs have ranked second at the top of OpenSea’s weekly rankings. Another free-to-mint collection, WAGDIE’s OpenSea description reads “There is no map, only death”, indicating the lack of the kind of roadmap for future development, the NFT collections or other projects usually offer their investors.
WAGDIE generated over 9,000 ETH ($16.2 million) in sales volume in just one week.
The WAGDIE collection caused a stir on Twitter Monday when it announced that it had bought a Mutant Ape Yacht Club NFT for 21 ETH ($37,800) with plans to incinerate the asset, a process that will destroy the NFT will be permanently phased out.
𝔏𝔢𝔱 𝔱𝔥𝔢 𝔱𝔥𝔦𝔰 𝔠𝔯𝔢𝔞𝔱𝔲𝔯𝔢 𝔟𝔢𝔠𝔬𝔪𝔢 𝔱𝔥𝔢 𝔰𝔱𝔞𝔯𝔱 𝔬𝔣 ℌ𝔢𝔯. 𝔗𝔥𝔢 𝔯𝔦𝔤𝔥𝔱 𝔦𝔱𝔰 𝔭𝔬𝔴𝔢𝔯 𝔬𝔲𝔱 𝔬𝔲𝔱 𝔞𝔠𝔯𝔬𝔰𝔰 𝔱𝔥𝔢. 𝕷𝖔𝖓𝖌 𝕷𝖎𝖛𝖊 𝕳𝖊𝖗.https://t.co/U9G6HbkRFl
— (@wagdie_eth) June 7, 2022
The burned MAYC has now become a part of WAGDIE’s lore.
“The creature cried out in agony as over 1,500 followers watched in glee as they chanted to each other… Burn the Ape,” the collection reads fandom page read.
Apparently, burning NFTs for public spectacles is attractive to many epees. In a Twitter space late Tuesday night for Goblintown and Cereal Club NFT owners, a Goblin owner offered his opinion on burning NFTs.
“Burn everything down!” they shouted.
But Goblintown and WAGDIE aren’t the only nihilistic NFT collections seeing volume. Other top collections of free mints traded over the past week include ShitBeast, ill poop it nft, mcgoblin.wtf, Goblin Grlz, Leave Me Alone NFT, troll-town.wtf, Begin as Nothing and ShitPlunger, to name but to name a few.
Many of these collections also boast of not having a Discord server and website, elements that are normally expected to be released along with every NFT collection.
Composite screenshot of We Are All Going To Die (left) and Shitbeast NFTs (right). Source: OpenSea
“I wouldn’t be surprised if many, four or five […] are run by the same people,” ConciergePhysician said of the onslaught of fecal and goblin-themed NFT projects.
When it comes to topics and moods in these communities, their names say it all – nihilism and body waste are in vogue.
“Your NFT is just a piece of shit 10,000 piles of shit on your ‘blue chip’ NFT or whatever JPG you think you are ngmi” who “ill poop it nftreads the description of the collection, whose assets currently have a reserve price of over 1.1 ETH ($1,980) for a single “poop” JPEG.
These illpoopitnft NFTs make fun of the reduced reserve price of the Cool Cats and Azuki NFT collections. Images: OpenSea.
“There’s a lot of copy-paste projects going on,” ConciergePhysician said of NFT trends on poop and goblins.
“90 or 95% will fail […] let’s wait two, three or five years and see where it all stands.”
light at the end of the tunnel
While some NFT fans are searching for “copium” through poop-themed NFTs, the outlook isn’t all bleak. A report Earlier this week, crypto analytics site DappRadar suggested that the NFT market is more resilient than the broader crypto market and could decouple as the NFT space matures.
And while OpenSea’s monthly volume decreased from about $3.5 billion in April to $2.6 billion in May. According to data from Dune Analytics, these numbers are still comparable to what OpenSea was generating in November 2021 when bullishness dominated the space.
The rightmost bar shows data for 10 days in June 2022.
NFT enthusiast and comedian Kmoney won 100,000 Followers took to Twitter last month for his sketch videos, which poke fun at the state of NFTs, which often feature iconic mantras like “We’re building” and “WAGMI” ironically repeated for comedic effect.
“I think the space went stale when the market went down, so they’re just doing it for fun again,” he said decrypt.
At first, Kmoney wasn’t a fan of this new wave of intentionally ugly, gross, and depressing NFTs.
“[But] then I accepted it and never felt so much fun and joy.”
For now, NFTs have gone to the goblins.
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