TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. GoblinTown is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with GoblinTown.

In this article, we’re gonna dive into the GoblinTown lore, answer all the GoblinTown related questions and even more. Prepare yourself for a fantasy story and a journey to the future of GoblinTown!

What is GoblinTown.WTF?

GoblinTown.WTF is an NFT collection of 10,000 distinct goblins that live on the Ethereum blockchain.

The purpose of this project is to serve as a mock of the existing NFT collections. This is because the GoblinTown creators simply don’t care. Goblins have no backstory or direction. Their purpose is to exist and make funny noises.

oh. crustybutt da goblinking say GEE EMMM DEDJEN RUTS an queenie saay HLLO SWEATIES ok dats all byeby

There’s a belief that simplicity holds great value, and in the case of GoblinTown, holders see beauty in holding these ugly creatures.

Owning an NFT is different than screenshotting a JPEG - just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.

Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.

But how exactly is digital scarcity being enforced?

The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.

As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.

The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.

Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.

As previously mentioned, GoblinTown NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT's metadata.

Understanding how to access an NFT's metadata is essential for holders to grasp the specifics of what they're buying.

Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:

GoblinTown have their own set of traits that make up their uniqueness. These are bodee, ears, eye on that side, eyz on dis side, hedz, MUNCHYHOLE, collrzes, djeimebdie, stankfinder.

Some traits are rarer than others, which makes a specific NFT stand out from the rest. For example, only 40 golbins with furr and cracky exist. Furthermore, there’s 10 goblins that are unique – 1 of 1.

Rarity is determined by the traits of the GoblinTown NFTs. It is the only objective metric that ties to the value of the NFTs. The rest is in the eye of the beholder.

The GoblinTown NFT collection has been autogenerated. This means that out of the potential combinations, only 10,000 GoblinTown will ever exist!

What is the utility of GoblinTown.WTF?

GoblinTown makes for an awesome avatar pic, and that’s about it! Who said owning a JPEG has to come with perks? Not in GoblinTown.

The only possible value from GoblinTown NFTs comes strictly from speculating on their value.

As the GoblinTown brand expands, NFT holders *might* create a Discord server and build from there.

Who created GoblinTown.WTF?

GoblinTown was created by Truth Labs in 2022. Only in the beginning, they did not reveal their identity. This lack of transparency made people believe GoblinTown was yet another “scam” project in the sea of rug pulls.

To understand the vibe of GoblinTown.WTF, it is important to outline the context in which the collection appeared.

It was 2022, the NFT market was down bad.

JPEG millionaires saw their net worth plummet from tens of thousands of dollars to McDonald’s change. The metaverse narrative turned out to be vaporware. Most of the NFT collections are rug-pulled.

It was from this domestic swamp that GoblinTown emerged. And boy, did they strike a chord!

Think of this: Goblins are gnarly creatures that live separated from the rest because they fucking hate them. Don’t ask why. Goblins are known for hoarding and that’s it!

Gobbling likes shiny! Shiny good! Uhh, uhh, shinyyyyyy!

Like a primal calling, disgruntled NFT holders heed the call to GoblinTown.

Snarl snarl! Grrr, sniksnakr!

GoblinTown stepped into the spotlight during the week of May 20, 2022. In a matter of mere days, this thrashy collection saw every single one of its 10,000 freely minted pieces snatched up by eager collectors. Not long after, the floor price skyrocketed to over 2 ETH, which meant over $2,500 at the time.

In the blink of an eye, makers from all corners of the metaverse couldn't resist the allure, and Goblintown's derivatives swarmed OpenSea's trading charts just weeks after its grand debut.

Over time, the floor price sneakily inched its way up to a staggering 4 ETH, equivalent to $4,800. As NFT enthusiasts dove headfirst into the madness, individual NFTs began changing hands for mind-boggling sums in the tens of thousands of dollars. Among these remarkable transactions, a standout sale was none other than GoblinTown #8995, which found a new owner willing to part with a jaw-dropping $136,440.

A major factor in the success of GoblinTown was the artistic work of Truth Labs.

The GoblinTown.WTF website perfectly embodied the vibes of a muddy suburb populated by hideous creatures.

The art was sketchy, ugly, and slightly unnerving.

Some goblins look outright disgusting.

Now, let’s take a deeper dive into the brilliant team behind GoblinTown.WTF.

When Goblintown made its debut, the identities of its masterminds remained a mystery. Despite the quirky and eccentric language the creators used to present their brainchild, it was clear that this wasn't some slapdash venture. Seasoned NFT enthusiasts instantly recognized the project's top-notch quality.

First off, the artwork was a far cry from rudimentary stick figures hastily sketched in MS Paint. Even a cursory glance at the images revealed the touch of genuine artists. The same level of professionalism extended to the website itself. The user experience was both intricate and enjoyable, brimming with delightful surprises. It was evident that a skilled hand in user experience design and engineering was at play.

But it didn't stop there. The project's uniquely on-brand events, occurring early in its journey, further demonstrated its exceptional quality. In an unusual Twitter gathering held just past midnight on May 26th, listeners endured nearly three full hours of various speakers taking the digital stage to deliver—putting it mildly—goblin-like utterances. Surprisingly, over 86,000 people tuned in, and the tale was picked up by media outlets worldwide.

Ugghhh, blok goblino, me likey shinyyy!

Speculation ran rampant regarding the enigmatic creators. Many speculated a connection to the renowned crypto artist Beeple. Yet, Beeple swiftly dispelled these rumors in a tweet, dismissing the collection as a "shockingly low-effort pump-and-dump project.”

However, as the tale unfolded, the true architects of Goblintown eventually unveiled their identities. On June 15, the Goblintown team delivered an uncharacteristically formal message to their community via Twitter.

In this post, the creators behind Goblintown revealed themselves to be Truth Labs, a collective of creative minds with a mission to "celebrate the joyful art of blockchain, explore inventive realms, create rich, enjoyable experiences (both in real life and the digital sphere), and provide a platform for fresh voices and visions in the NFT realm.”

Truth Labs had previously birthed The 187 and Illuminate Collective, and with Goblintown, it appeared they successfully achieved their aim of infusing some humour and light-heartedness into the broader NFT domain.

Who is developing GoblinTown.WTF now?

GoblinTown is being maintained by…nobody!

After the collection dropped, TruthLabs dropped from the project and let it carry on its feet.

GoblinTown was never meant to be developed in the sense of a serious NFT project. If anything, it is supposed to make a joke out of the 2021 NFT hype that overpromised and underdelivered.

“No roadmap. No Discord. No Utility” – the website reads.

TruthLabs kept 1000 Goblins for themselves.

As for governance, when was the last time you saw Goblins agree on anything?

Investors are an important component of every NFT ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. Goblins do like snobby VC monies!

Currently, GoblinTown serves as a hub of meme culture, where the audience can experience the chaotically wild to the beautifully bizarre Goblin culture. Some would ponder these memes with raised brows, while others found themselves drowning in fits of genuine laughter, recognizing their meme-worthiness.

Yet the true revelation lay in the meme's alchemical effect, an enchanting potion of popularity for the Goblintown NFTs. Owners conjured memes that not only elevated the project's visibility but also summoned potential buyers like moths to the meme-flame.

As the narrative grew, Goblintown's presence surged on Twitch, where legendary streamers such as Agentoo and Mizkif took the stage. Their entertaining streams wove an irresistible spell, drawing in an eager crowd and casting an entrancing spotlight upon the collection.

But the apotheosis was the seamless fusion of Goblintown's artistry into the realm of Only Up, an immersive 3D platform. This extraordinary game boasted visuals that were nothing short of captivating, drawing direct inspiration from the Goblintown collection. Remarkably, Only Up took flight on Twitch, soaring to over 100,000 streams and elevating countless souls to the mythical heights of Goblintown's enchanting universe. It was a finale of epic proportions, an apotheotic conclusion to a saga of memes, art, and boundless wonder.

How does GoblinTown.WTF make money?

Now, let’s get to the juicy part – how does GoblinTown make money?💰 (No, flipping and rug pulling are not the correct answers)

The answer to this question is strongly related to intellectual property.

Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes with the NFT holders, in theory.

When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.

As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT.

Goblintown operates as a cc0 (Creative Commons Zero) project, meaning there are no copyrights attached. This freedom allows NFT owners to exercise complete control over their NFTs without limitations.

The team unveiled 9,999 Goblins that can be minted entirely for free. However, there's a twist. For each subsequent transaction, a 7.5% royalty fee is retained by the team.

Another way of generating revenue is via royalties. Here is the catch: for every secondary sale, the team earns a 7.5% royalty fee.

Where can I buy GoblinTown.WTF?

You can buy GoblinTown on OpenSea.