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Goblin Town - Bear Market Blue Chip?

OpenSea Seaport Expansion

May 24, 2022

Welcome to The Drop NFT Newsletter. Subscribe and join the discord for breaking NFT news, project breakdowns, & artist spotlights. Thank you for following along on this journey! 

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What's Dropping ⚡️

  • Magic Eden Tops OpenSea in Daily Trading Volume as Solana NFTs Heat Up (CoinDesk).

  • Is Goblintown NFT the catalyst that will push us up and out of the bear market? One of the most successful projects as of late, it has stirred up a lot of positive movement, and some green is appearing on our charts. These Tim Burton-esque Goblins are taking over Twitter right now (not to mention a Spaces where the speakers just made random goblin noises at each other for 4-hours). (more on this later)

  • Gamestop has just launched their beta self-custodial Ethereum wallets, downloadable on their website right now. Their stock shares have risen a bit due to this recent endeavor to become crypto-ready.

  • eBay to launch a small collection of 13 digital collectibles featuring Hockey legend Wayne Gretzky in animated poses. These eBay NFTs are available on their website right now.

  • NFT artist Beeple had his Twitter account compromised over the weekend. A hacker posted a phishing link on his account which in turn stole 70k in ETH from users.

  • Basketball Forever is an NBA news outlet that is hoping to take sports NFT to an entirely new level. From placing bets to producing their own player-themed PFP projects, the brand is casting a large net into the metaverse.

  • In the late 90s, David Bowie created one of the first "metaverse experiences" then known simply as an "interactive virtual world" akin to Phantasy Star Universe. You can still visit the original BowieWorld today.

  • Model Bella Hadid will be dropping her own NFT collection soon. Titled CY-B3LLA, the NFTs will act as a passport into her own metaverse.

  • Remember Martin Shkreli? Yeah, maybe the most hated man on the internet (for raising the price of a life-saving drug by 5,000% over night) who just got out of jail. Well he's of course back in the spotlight and announced he’s dropping some NFTs soon and that he might even already be a part of some of the popular projects out there.

Goblins Here To Save The Day 🙌

During a period where morale in the NFT space seemed to be on a downward trend, we were introduced to a new species: the goblins. And these goblins have singlehandedly changed everyone’s moods in the past few days. Goblintown.wtf was released on Friday, May 20th, at a price of “Free.99”. You heard that right. Free. It features a collection of 10,000 downright ugly goblins. But, in staring at the sheer repulsiveness of the art, you will realize that the traits are very well thought out and executed.

Goblintown.wtf focuses on the idea of goblins, that work at McGoblins, who are sucking the milk from whales (portrayed in a tweet in response to Beeple’s picture of Gary Vee on Monday). This analogy plays into the minds of NFT degens, which are often depicted, in the NFT space, as individuals that work a 9 to 5 but also follow whales to make their money in degen NFT plays. The goblins also feature whimsical and relative traits, such as “Yaris pleeze” (with a goblin holding a “wen Toyota?” sign) and “new tattoo” (with a goblin featuring a Luna half sleeve. big oof). In some weird way, every degen can see themselves as being one of these, so-called, goblins.

From the start, people were confused as to the legitimacy of this project. Sales were soaring at around 0.04 ETH, and goblins were getting snatched up every minute. In the day after, Twitter Spaces featured the goblintown.wtf account just speaking gibberish and nonsense. And many people in the NFT space were drawn to this. It was a project that was just meant to be fun. There was no talk about future plans or utility. No worry. Especially during a time when people are wondering what will happen in the coming months if a true bear cycle ensues.

This made everyone wonder: who was able to successfully mint out a free project, and then nearly 20x the floor in 48 hours (0.74 on Sunday night)? Some speculated that it was Yuga Labs because the art was just too good, and the mint execution was similar to the beginning of Bored Ape Yacht Club. Even though that has been debunked, the team (or individual) behind this project clearly knows what they’re doing. No Discord. No roadmap. No marketing. No influencers. Free mint. 0.47 floor (at the time of writing). And a community that is so engaging that it feels like Kevin from Pixelmon all over again. Goblins, ₐₐᵤᵤgg ₐₐₐᵤᵤᵤᵤgggg. We love you. 

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 OpenSea Continous To Expand ⚓️

Last week The Drop shared ‘OpenSea Beefs Up the Boat,’ a piece that reported on OpenSea’s new verification system as well as its automated protocol that reduces the number of copy-cat projects hosted on its marketplace. These improvements make their marketplace safer for buyers and more encouraging for creators. In its latest move, OpenSea is creating an open-source protocol so that developers can set sail themselves by creating new kinds of NFT marketplaces. Seaport is an open-source protocol and this decentralizes the means of producing an NFT marketplace. Since no center, in particular, owns the Seaport contract, it can be forked and modified openly by whoever desires to innovate upon it. As a result, this could lead to a lot of innovation since it will invite new competition. The incentive for developers to optimize and update the contract is that they will command more royalties if they create marketplaces that attract more traders.

The marketplace landscape will diversify tremendously and there will probably be different marketplaces for different use cases. Just as traders right now prefer the Gem marketplace for sweeping sets of NFT’s, the Seaport decentralized protocol will lend to the development of marketplaces where users can trade NFTs for NFTs, host auctions for their NFTs, trade NFTs for various currencies, or even make marketplaces exclusive based on what type of NFTs a wallet holds. This is a significant move on the part of OpenSea and will ideally ramp up the innovation and refinement of marketplaces at a rate that OpenSea could not achieve on its own.  

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. 

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