Goblintown NFT collection has their moment amid NFT bear market

The Goblintown.wtf PFP NFT collection generated 3,800 ETH, over US$ 7 million in sales volume over the weekend. 

Goblintown.wtf is a collection of 10,000 NFTs featuring unappealing creatures that may exist in Goblin Town, including trolls, dragons, wizards and more. Each Goblin comes with its own unique traits and attributes, twelve of which are 1-of-1 NFTs in the collection. The ‘Goblin Town’ theme is a crypto colloquialism for the bear market, with both NFT and crypto markets slumping in the past month. 

‘No roadmap. No Discord. No utility,’ the project’s website reads. ‘Contract wasn't actually written by goblins.’ However, all the NFTs are CC0, or creative common zeros, which means that no copyright is reserved for the entire collection. This allows holders to market and commercialize the NFTs without repercussions. 

The immediate success of the collection caused many to speculate a larger and more established team may be running the project behind the scenes, including the likes of Yuga Labs and BAYC. 

Why are these Goblin NFTs so popular?

The NFT community answered that because the Goblins are so uniquely ugly and strikes a chord with the bear market culture in the community. 

These NFTs are also free to mint compared to other collections that cost a high amount of money to mint in the first place, the Goblin NFTs offer NFT enthusiasts a low-cost barrier to join the community. 

Photo: OpenSea