Source: goblintown.wtf, Opensea.io
“Sell in May and go away!” is the old trading floor saying that has historically been looming in most traders’ mind. This year it was certainly true for the overall crypto and NFT markets. Shockwaves were sent throughout the markets when Terra/Luna was annihilated. The selling pressure was felt across all assets.
NFTs have however been more resistant, absorbing the P&L shock through higher floor and transaction prices in their base currency. While we did see overall lower transaction prices and much lower volumes going into the summer, some projects are offering an unusual take on what is to come.
Source: Dune Analytics @soks, IoTAL
goblintown.wtf launched on the 19th May, as a free mint, i.e. buyers would only pay the associated gas fee. In the 15 days following the initial offering, the NFT have gone from 0 ETH to 6.5ETH (just shy of $12k), with rare ones easily trading a 3x the current floor price.
Testimony to it’s success, the project is shrouded in mystery. The anonymous team is rumored to be composed of prominent people in the scene, sparking an easter-egg hunt, decrypting seemingly coded messages on the project’s Twitter and NFT Art.
Even more surprising is how avantgarde the project is. While punters have coined the trend “NFT-Degen” we feel the strong post-fictional energy and understand this a message of degeneration and regeneration. On the 26th May 85k listeners where invited to a Twitter Space where a 3 hour rendition of various goblin noises were streamed.
And while this might not be to everyone’s taste, we say “chapeau”. A beautiful display that communities can rally around vision even when it seem odd to most.