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Goblintown.wtf: A Deep Dive On A Rather Strange NFT Project

“AAAAAAAUUUUUGGGHHHHH gobblins goblinns GOBLINNNNNNNNns wekm ta goblintown yoo sniksnakr DEJEN RATS oooooh rats are yummmz dis a NEFTEEE O GOBBLINGS on da BLOKCHIN wat? oh. crustybutt da goblinking say GEE EMMM DEDJEN RUTS an queenie saay HLLO SWEATIES ok dats all byeby”

Those are the words the owners of probably the weirdest NFT project used to describe its project “goblintown.wtf.”

Goblintown.wtf launched and minted on May 19, 2022, and reminds me of another NFT project which is on the market called Art Gobblers. 

What is Goblin Town NFT?

The Goblin Town launched a series of 10,000 unique NFTs titled ‘WTF’ NFTs. The newly launched NFTs boast rare styles, and characteristics and stand apart in terms of designs in the NFT world. Each artwork is designed with unique avatars and is also sprinkled with some ‘rare Goblin’ collectables. The WTF NFTs are built on the Ethereum blockchain and have a floor price of 0.79 ETH (£1,121), at the time of writing but at one point were closer to 10 ETH (£14,100)! So, what happened? 

Although compared to its all-time high we’re currently at a 92.1% decrease in value, it is important to understand that this project was launched as a ‘free mint’ with the only minting fees being the gas transaction cost. 

Sounds great right? Free mint to now an over £1,000 NFT, what’s the catch? 

Well, the catch is that the project mentions on its website that it has no roadmap, utility, Discord channel, etc. This filled the Goblin Town project with ambiguity regarding how it will play out in future events but did it stop the NFT collectors to rush into a free-mint? Of course not. 

Final Thoughts

In hindsight, I think projects like goblintown.wtf are what NFTs are assumed to be from the outside. “An overpriced JPEG of an Ape with no usage.” Do I think a project like this is a step in the wrong direction for NFTs? Surprisingly not. Let me explain. 

Right now, NFTs are in an extreme experimental stage and anything new like this only proposes a new learning opportunity. However, much like anything, this does have two sides to it:

Free Mints since this project have been something multiple different projects have been exploring and executing on. This has been serving as quite an appealing utility for a lot of projects as part of their road map. On the other hand, since the success of gobblintown.wtf, many scams have been looking to replicate this, “It’s a FREE mint, what can I go wrong?” Ending with hundreds of accounts being drained when connecting and signing malicious contracts. 

As I mentioned, if it proposes a learning opportunity for the space overall, I can’t look down on a project like goblintown.wtf.

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