{"id":19592,"date":"2022-06-11T18:05:08","date_gmt":"2022-06-11T18:05:08","guid":{"rendered":"http:\/\/egrowonline.com\/?p=19592"},"modified":"2022-06-11T18:05:08","modified_gmt":"2022-06-11T18:05:08","slug":"goblins-nihilism-and-poop-heres-whats-going-on-with-ethereum-nfts","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=19592","title":{"rendered":"Goblins, Nihilism and Poop: Here\u2019s What\u2019s Going On With Ethereum NFTs"},"content":{"rendered":"


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The NFT market has gone from \u201c<\/span>we\u2019re all gonna make it<\/span><\/a>\u201d to \u201cwe\u2019re all gonna die.\u201d<\/span><\/p>\n

Ever since NFT collectors went crazy over <\/span>Goblintown<\/span><\/a>\u2014profile picture avatars of urine-obsessed golem creatures\u2014market sentiment has changed. Over the past few weeks, the <\/span>NFT<\/span><\/a> space has become dystopian and depressed, and creators are doubling down on dark memes and toilet humor in an apparent attempt to cope with the bear market.<\/span><\/p>\n

A barrage of collections focused on goblins, fecal matter, death, and loneliness have swarmed the OpenSea top collections rankings, making up 45% of the top 20 traded collections in the past week. Some traders are listening to Kanye West\u2019s Pablo album on repeat in Twitter Spaces to cope with the market downturn. And yes, there are now NFTs\u2014unique blockchain tokens that signify ownership\u2014whose <\/span>holders<\/span><\/a> are dedicated to this.<\/span><\/p>\n

\u201cRight now, I think the bear market is making everyone a bit loopy and if you do something different you can seize market attention,\u201d said <\/span>Bored Ape Yacht Club<\/span><\/a> holder <\/span>Professor M<\/span><\/a> on Twitter, who says she teaches marketing and studies consumer culture.<\/span><\/p>\n

<\/p>\n

The rise of Goblintown<\/p>\n

But the NFT<\/a><\/span> market wasn\u2019t always this way.<\/span><\/p>\n

Last year, when NFT trading on Ethereum<\/span><\/a> boomed to more than $20 billion in sales, it was projects like CryptoPunks<\/a> and Bored Apes<\/a>\u2014and later Doodles<\/a>, Cool Cats<\/a>, and Azuki<\/a>\u2014that dominated both charts and headlines.<\/span><\/p>\n

Now that the WAGMI honeymoon has come to an end, it appears traders have realized that, no, not everyone is \u201cgonna make it.\u201d And now it\u2019s down down to Goblin Town.<\/span><\/p>\n

The Goblintown Ethereum NFTs have held the top spot on OpenSea\u2019s rankings and have seen over 32,000 ETH ($57.6 million) in total volume traded in just two and a half weeks after initially launching as a free mint, meaning that it cost nothing (other than transactions fees on Ethereum) to buy these NFTs at launch. \u201c<\/span>Goblin Town<\/span><\/a>\u201d is a term used to describe a bear market, and it has become an increasingly popular meme among crypto traders in the past year.<\/span><\/p>\n

NFT trader ConciergePhysician told <\/span>Decrypt <\/span><\/i>in an interview that he works as a physician by day and has a portfolio of over 1,000 NFTs worth seven figures including <\/span>Bored Apes<\/span><\/a>, Mutant Apes and <\/span>CloneX<\/span><\/a> NFTs. He said that in his view, Goblintown kicked off the current meta of intentionally ugly NFTs.<\/span><\/p>\n

\u201cThe art is terrible,\u201d ConciergePhysician said of Goblintown. \u201cPeople are just trying to be degens<\/a> so they can actually flip and make a lot of money.\u201d<\/span><\/p>\n

The word \u201cdegen\u201d\u2014short for degenerate\u2014has become a common moniker (often self-imposed) for a crypto trader who is chronically online and spends several hours each day tracking and trading these assets, often at the expense of other things in their life.<\/span><\/p>\n

\"OpenSea\"OpenSea<\/span>
Image: goblintown.wtf on OpenSea<\/figcaption><\/figure>\n

ConciergePhysician said he spends three to five hours a day researching the NFT market, either early in the mornings or late at night. He believes that when the \u201cblue chip\u201d NFTs like the Bored Ape Yacht Club saw a <\/span>recent slump<\/span><\/a> in price due to the broader crypto bear market, traders became upset but were still determined to find a way to make money.<\/span><\/p>\n

\u201cThere\u2019s always money to be made, even in a bear market,\u201d he said, but added that for him, ugly art isn\u2019t worth the risk.<\/span><\/p>\n

For other \u201cdegens,\u201d Goblintown is a rallying cry for hungry traders looking to meme, and make money while doing it.<\/span><\/p>\n

\u201cGoblintown has spawned 10\u2019s [sic] of derivatives, but the art style and colors are fresh\u2014a little bit of ‘ugly’ in majority aesthetic bluechips I think has sparked an interest….like the alt bluechip\u2014a greenchip,\u201d Goblintown holder dgen.eth told <\/span>Decrypt <\/span><\/i>via Twitter DM.<\/span><\/p>\n

Dgen.eth currently owns 12 Goblintown NFTs, including the 1 of 1 Goblintown wizard NFT.\u00a0<\/span><\/p>\n

\u201cThe fact the guys from the project all use voice synth to sound like Goblins in their twitter spaces just adds to the mystery. Everything is so well executed […] the imagery, the sound, the interface and contract\u2014it just screams wealthy and credible <\/span>Web3<\/span><\/a> backers,\u201d he speculated.<\/span><\/p>\n

Poop and death are trending<\/p>\n

After Goblintown, the We Are All Going to Die (WAGDIE) NFTs have taken the second top spot in OpenSea\u2019s weekly rankings. Another free-to-mint collection, WAGDIE\u2019s OpenSea description reads \u201cThere is no map, only death,\u201d a reference to its lack of the type of roadmap for future development that NFT collections or other projects typically provide their investors.<\/span><\/p>\n

WAGDIE generated more than 9,000 ETH ($16.2 million) in sales volume in just a week.<\/span><\/p>\n

The WAGDIE collection caused a stir on Twitter Monday when it shared that it had purchased a Mutant Ape Yacht Club NFT for 21 ETH ($37,800) with plans to burn the asset, a process that permanently removes the NFT from circulation.<\/span><\/p>\n

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\u210c . . .https:\/\/t.co\/U9G6HbkRFl<\/a><\/p>\n

\u2014 (@wagdie_eth) June 7, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n

The burnt MAYC has now become a part of WAGDIE\u2019s lore.<\/span><\/p>\n

\u201cThe creature screamed in agony as over 1,500 devotees watched in pleasure as they chanted to one another…Burn the Ape,\u201d the collection\u2019s <\/span>Fandom page<\/span><\/a> reads.\u00a0<\/span><\/p>\n

Apparently, burning NFTs for public spectacle is appealing to many degens. In a Twitter Space late Tuesday night for Goblintown and Cereal Club NFT holders, one Goblin holder expressed their opinion on burning NFTs.<\/span><\/p>\n

\u201cBurn it all to the fucking ground!\u201d they yelled.<\/span><\/p>\n

But Goblintown and WAGDIE aren\u2019t the only nihilistic NFT collections seeing volume. Other top collections with free mints that 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 a few.\u00a0<\/span><\/p>\n

Many of these collections likewise boast that they have no Discord server and no website, elements typically expected to launch alongside any NFT collection.<\/span><\/p>\n

\"Screenshot\"Screenshot<\/span>
Composite screengrab of We Are All Going to Die (left) and Shitbeast NFTs (right). Source: OpenSea<\/figcaption><\/figure>\n

\u201cI would not be surprised if many, four or five […] are run by the same people,\u201d ConciergePhysician said of the onslaught of feces and goblin-themed NFT projects.<\/span><\/p>\n

When it comes to themes and the sentiment in these communities, their names say it all\u2014nihilism and bodily excretions are trending.<\/span><\/p>\n

\u201cYour NFT is just a piece of shit 10,000 pile of shit on your \u201cblue chip\u201d NFT or whatever jpg you are holding you are ngmi,\u201d the \u201c<\/span>ill poop it nft<\/span><\/a>\u201d collection\u2019s description reads, whose assets currently have a floor price of over 1.1 ETH ($1,980) for a single \u201cpoop\u201d JPEG.<\/span><\/p>\n

\"Two\"Two<\/span>
These illpoopitnft NFTs make fun of the declined floor price of the Cool Cats and Azuki NFT collections. Images: OpenSea.<\/figcaption><\/figure>\n

\u201cThere\u2019s a lot of copy paste projects,\u201d ConciergePhysician said of the poop and goblin-themed NFT trends.\u00a0<\/span><\/p>\n

\u201c90 or 95% will fail […] let\u2019s wait two, three, or five years and see where these all stand.\u201d<\/span><\/p>\n

Light at the end of the tunnel<\/p>\n

While some NFT fans may be seeking \u201ccopium\u201d through poop-themed NFTs, the outlook isn\u2019t all bleak. A <\/span>report<\/span><\/a> earlier this week from crypto analytics site DappRadar suggests that the NFT market is more resilient than the broader crypto market and could decouple from it as the NFT space matures.<\/span><\/p>\n

And while OpenSea\u2019s monthly volume declined from roughly <\/span>$3.5 billion<\/span><\/a> in April to $2.6 billion in May, according to data from Dune Analytics, those numbers are still comparable to what OpenSea generated back in November 2021, when bullish sentiment dominated the space.<\/span><\/p>\n

\"Dune\"Dune<\/span>
The bar on the far right shows 10 days of June 2022 data.<\/figcaption><\/figure>\n

NFT enthusiast and comedian Kmoney has gained over <\/span>100,000<\/span><\/a> followers on Twitter in the past month from his sketch videos making fun of the state of NFTs, which often include cult-like mantras like \u201cWe\u2019re building\u201d and \u201cWAGMI\u201d repeated ironically for comedic effect.<\/span><\/p>\n

\u201cI think the space became stale once the market tanked so again they\u2019re just making it fun,\u201d he told <\/span>Decrypt<\/span><\/i>.\u00a0<\/span><\/p>\n

At first, Kmoney wasn\u2019t a fan of this new wave of intentionally ugly, disgusting, and depressing NFTs.<\/span><\/p>\n

\u201c[But] then I accepted it and have never felt so much fun and joy.\u201d<\/span><\/p>\n

For now, NFTs have gone to the goblins.<\/span><\/p>\n

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The NFT market has gone from \u201cwe\u2019re all gonna make it\u201d to \u201cwe\u2019re all gonna die.\u201d Ever since NFT collectors went crazy over Goblintown\u2014profile picture avatars of urine-obsessed golem creatures\u2014market sentiment has changed. Over the past few weeks, the NFT space has become dystopian and depressed, and creators are doubling down on dark memes and […]<\/p>\n","protected":false},"author":1,"featured_media":19593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[158,8934,164,502,8935,8936,677],"class_list":["post-19592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereum","tag-goblins","tag-heres","tag-nfts","tag-nihilism","tag-poop","tag-whats"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/illpoopit1-Cropped-gID_4.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19592"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19592\/revisions"}],"predecessor-version":[{"id":19594,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19592\/revisions\/19594"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/19593"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19592"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}