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Goblintown Floor Hits 5 ETH

The Crypto Renaissance

June 01, 2022

Welcome to The Drop NFT Newsletter. Breaking NFT news, project breakdowns, & artist spotlights - We do the heavy lifting so you don't have to! Join our Discord to win raffles and allow list spots!

What's Dropping ⚡️

  • China's government is helping to boost their economy by airdropping 4.5M native crypto tokens to civilians. Imagine if we got our own crypto stimulus here in the West.

  • Snoop Dogg's Son (@champmedici) teases a Cardano NFT release (u.today).

  • Nike released its first collection of virtual sneakers, called Cryptokicks, which comprised 20,000 NFTs, including one designed by artist Takashi Murakami that was bought by someone named AliSajwani for $134,000 (indianexpress).

  • ETH, SOL, what about Tezos? The blockchain is incredibly efficient and seems untapped in the current market, at least regarding NFTs. See our write-up about Tezos NFTs here.

  • Loveless City launched their Marketplace on Tuesday. Holders can use $LOVE, the in-ecosystem token, to purchase AllowList spots from over 30 upcoming projects.

  • Pirates of the Metaverse announced their Plunder Tournament, which provides holders the chance to have their pirate displayed on an NYC billboard.

  • Gary V just filed a trademark for Vayner3, his new Web 3 consulting firm (coindesk).

  • Most projects that are considered to be Blue chips have halved in value as meme projects take the spotlight in the final week of May (cointelegraph).

  • Moneygram has announced a platform based around stable coin transfers.

  • Cryptocurrency exchange Gate.io just announced their own NFT project called Mirror World NFTs.

Goblintown Floor Continues To 🚀

When we initially covered Goblintown in our newsletter on Tuesday of last week, the project had been sitting comfortably at a floor price of around 0.48 ETH. All things considered, this was huge for the community and the market as a whole. The goblins didn't hang at that level for long, as THE PROJECT IS CURRENTLY SITTING AT A FLOOR OF 5 ETH!!! (at the time of writing).

In the past week, we have seen Twitter Spaces feature 2 hours worth of content that comprises people spouting absolute nonsense, coupled with distinct “goblin noises” that have a somewhat therapeutic effect. At all hours of the day, Twitter is swarming with Goblintown memes and other funny phrases. The goblins are riding a tidal wave that has no break in sight.

This wave has spurred the creation of derivative projects with the utmost speed, such as Elftown and Murloctown. Those projects produced a lot of activity, such as Elftown surpassing 2.1k in ETH volume in a relatively short amount of time. At the 7.5% royalty fee that Elftown levies, that math breaks out to over 158 ETH in royalties within a few days. Again, these projects follow an indistinguishable meta relative to Goblintown: free mint, no Discord, no roadmap, mass engagement. With that said, these projects have not gained the same level of notoriety that Goblintown has. They are simply chasing the success that the goblins have achieved.

This begs the question: will the NFT space begin to replicate and utilize the “goblin” model more often? And what does that do for the space as a whole? Will these free mints initiate a culture that lacks accountability and promotes widespread rugpulling? Because there is no roadmap, there are no promises. That’s why they don’t have to worry about getting in trouble if they do take that option, unlike the 2 Frosties rugpullers that were charged for doing just that early this year. Whatever the case may be, Goblintown has created a new meta and a new micro-vertical within the NFT space. They have proven that the community is what truly drives the growth of some projects. And this is just maybe the beginning for Goblintown. Borgers incoming. WAGMI, goblins.

NFT Nominations 🏆

Cryptovondoom (@cryptovondoom), Kayla Kilbride (@KayKilbride), and I (@GannonBreslin) have worked tirelessly for over 8 months to provide the best breaking news and alpha publication in the game (at least we aspire to be). We can't thank you all enough for trusting in us and following along not only here but also on Twitter and in our discord. We are truly humbled and blessed to interact with all of you on various mediums and it brings a smile to my face every time that I get to click "publish now" for this newsletter.

With that being said, if you enjoy our work and would like to nominate us for NFT Now's "NFT 100" list that would mean the world to us. It is an annual celebration of 100 influential creators and community figures in the NFT space.

🚨 To nominate us fill out our names and Twitter handles in this link here.

We got absolutely snubbed by NFT NYC for not being on their nominations list (partly my fault for not filling out the form in time) so let's make sure we get on this one!

Professor of Medieval History Talks NFTs

Bear markets tend to wear down a trader’s confidence in the entire market, and it occasionally even compels traders to forget why they had so much confidence in a certain market in the first place. Despite the tremendous volatility digital assets are experiencing across the board, developers and traders alike are nonetheless aspiring towards the decentralized future that has been the goal of blockchain technology since its inception. Joshua Rosenthal goes so far as to name this particular moment in time a crypto renaissance. His presentation is linked below and is a great mid-week pick me up.

He rightfully and accurately compares the classical renaissance with the current developments taking place in crypto, because both periods revolutionized ownership, currency and self-identification techniques. Just as the printing press decentralized the ability to meticulously depict reality, and thereby cultivate new communities with unique types of collective consciousness, crypto is disaggregating all of the power that got concentrated in the hands of governments and the elite. The blockchain and NFTs are only in their infancy, and the march towards a decentralized future is not stopping anytime soon.

New Scam Alert 🚨

Unfortunately, in this space scammers get smarter by the day. This thread outlines what scammers are trying now - definitely worth the read.

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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