Goblintown Sales Volume Crosses $18M In A Week: Could It Be The Next BAYC?

Recently-launched NFT collection Goblintown sets record sales despite market downturn

Goblintown, a newly-launched NFT collection that features goblin-themed creatures, has been on fire recently amid the broader market downturn. The collection has clocked over 10,300 ETH (over $18 million) in sales volume over the past week, and its floor price even briefly topped 2 ETH on Thursday.

What’s All the Fuss About Goblintown?

Goblintown is a collection of 10,000 NFTs featuring all sorts of creatures, including trolls, dragons, wizards, and mosquitoes. The collection launched last week and had a somehow unconventional genesis, offering everyone a free mint without any marketing hype or any endorsement.

The collection takes its name from “Goblintown,” a cryptic term that refers to bearish conditions in the crypto market when prices of digital assets are down. Since nearly all cryptocurrencies are currently trading far below their highs, the market is in “Goblintown,” which could explain why the namesake NFT collection has burst into popularity despite sour market conditions.

Notably, the collection has disclosed on its website that it has no such thing as a roadmap or future plans for utility. “No roadmap. No Discord. No utility,” the project’s website reads. “Contract wasn’t actually written by goblins.” Still, sales have risen through the roof.

The project’s trading volume on OpenSea has exceeded 10,300 ETH, making Goblintown the second-most traded NFT collection over the past seven days. Goblintown is also the second-most traded NFT collection over the past 24 hours on OpenSea, with a trading volume of around 1,400 ETH.

The floor price of the collection has also increased sharply. On Thursday, the floor price for one Goblintown NFT briefly topped 2 Ethereum, which is a relatively hefty price tag despite Ethereum’s recent price downturn. As of now, the project’s floor price is 1.69 ETH.

As expected, the collection’s rarer NFTs are commanding even higher price tags. Goblintown #8995, which ranks among the collection’s top 12 most rare NFTs, was last traded for 69.42 Ethereum worth $136,207 on NFT marketplace LooksRare.

It is worth noting that all Goblintown NFTs are CC0 (creative commons zero), which means that no copyright is reserved for the collection. Therefore, owners can choose to commercialize their digital assets in any way they want.

Who Created Goblintown?

The creators of the Gblintown NFT project have not been doxxed yet, meaning no one knows who made the PFPs. However, this has not prevented the Twitter community from speculating who could have been behind the project.

Some have argued that the project might have had ties with well-known collections, particularly since its overall quality is really high. Some in the NFT community have even speculated that Yuga Labs might be involved, though moderators of the Bored Ape Yacht Club NFT Discord have reportedly denied the connection.

Meanwhile, another popular theory is that Mike Judge, creator of the American adult animated television series Beavis and Butthead, might have played a hand in Goblintown’s creation. “The art style could 100% match. He’s been a part of the scene. The humor matches,” one Twitter user said.