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It’s Officially Degen Season as Goblintown NFTs Reach 2 ETH

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Forget the bear market. It’s a goblin market. At a time when crypto winter is plunging renowned long term NFT projects as well as leading crypto currencies, one particular degen meme NFT is gaining traction – Goblintown.

The mysterious project is winning over the NFT community, even flipping BAYC to become the top collection in terms of sales volume over the past 24 hours.

Recording almost US$8.5 million in sales in one day, the project surged 1,000% from the day before. BAYC has earned US$2.8 million in sales over the same period.

The 10,000 NFT collection’s floor price has even surpassed 2 ETH. goblintown #8995, a unique goblin wearing an ultra-rare crown, sold for 69.42 ETH.

Deriving its name from a term crypto natives use to refer to bearish conditions – goblins – the project is unashamedly a degen/meme play. With no roadmap nor Discord channel, Goblintown offers no utility other than its hype.

The unapologeticly ugly and grotesque aesthetics of the NFTs, coupled with the project’s Twitter spaces comprised of animal noises, add to the project’s superficiality but also to its charm.

Read more – “NFTs Use Technology Better Than Art Does”: Shavonne Wong on Why PFP Hype Isn’t Deterring Her Work

Whether the project will succeed is yet to be seen but it’s rather refreshing to see an NFT project going against the tide.

For the ultimate degen, a Goblintown AI project has also launched on the back of Goblintown’s success. In a similar vein to AI Nightbirds (previously AI Moonbirds before Moonbirds complained), the computer generated version of Goblintown NFTs have already sold out.

It’s certainly interesting to see how well these degen/meme projects are doing but it leaves little inspiration for the longevity of the NFT industry.