Goblins, Nihilism, and Poop: Why is filth taking over NFTs on Ethereum?

The non-fungible token (NFT) market has gone from “we all succeed” to “we all die.”

Since NFT collectors’ headshots of Goblintown — the grotesque, urine-obsessed creature’s avatar (or PFP) avatar — market sentiment has changed.

The NFT industry has become dystopian and frustrated in recent weeks, with creators hyping dark memes and apocalyptic humor, apparently in response to the bear market.

A flurry of collectibles focused on goblins, shit, death, and loneliness has invaded the top collectibles on OpenSea, accounting for 45% of the top 20 collectibles traded last week.

Some traders listened to Kanye West’s “Pablo” album repeatedly on Twitter Spaces in response to the market slump. Yes, there are now NFTs — unique blockchain development tokens that represent ownership — whose holders are committed to it.

“Right now I think the bear market is driving everyone a little crazy, if you do something different you can get the market’s attention,” tweeted Professor Miowner of the Boring Ape Yacht Club, she said she is a marketing professor who studies consumer culture.

Rise of Goblin Town

But that’s not always the case with the NFT market.

By 2021, when NFT transaction sales on Ethereum skyrocketed to over $20 million, projects like CryptoPunks and Bored Apes — then Doodles, Cool Cats, and Azuki — dominated the charts and headlines.

Now that the “We All Make It” (“WAGMI”) honeymoon is over, traders seem to have realized that no, not everyone will “make it.” Now there is Goblin Town.

The Ethereum-powered Goblintown NFT series is one of the best-selling products on OpenSea, with over 32,000 ETH ($57.6 million) in transaction volume in just two and a half weeks after its free launch, that is, it costs nothing ( In addition to network transaction fees) acquire these NFTs at launch.

“Goblin Town,” a term used to describe a bear market, has become an increasingly popular meme among cryptocurrency traders last year, in reference to the song “Down, down to Goblin Town” — similar to “Down to Goblin Town” City” – from the animated film “The Hobbit” (1977).

in an interview decryptNFT trader ConciergePhysician said he is a doctor by day and has a portfolio of more than 1,000 NFTs worth millions, including items from the Bored Apes, Mutant Apes, and CloneX lines. He stated that, in his opinion, Goblintown peaked because of its intentionally ugly NFTs.

“Art is scary,” he said. “People are trying to be ‘degens’ so they can really get the value up and make a lot of money.”

The word “degen” – short for “degenerate” – has become a nickname for a (self-styled) cryptocurrency trader who is always online and spends hours a day tracking and trading these assets, not in his life do other things.

goblintown.wtf (Image: OpenSea)

ConciergePhysician claims he spends three to five hours a day researching the NFT market, early in the morning or late at night.

He believes that when prominent NFTs such as Bored Apes experienced a recent price drop due to a generally bearish cryptocurrency market, traders were jittery but still determined to find a way to make money.

“Even in a bear market, there’s always money to be made,” he said, but added that, for him, the art of ugliness wasn’t worth the risk.

For others, Goblin Town is the battle cry of hungry businessmen looking for memes and hoping to make money at the same time.

“Goblintown has dozens of spin-offs, but the art style and colors are new – a little ‘ugly’ in most majors [tokens] Aesthetics…I think it’s generating interest as a good alternative token,” Goblintown holder dgen.eth told decrypt on Twitter.

Currently, dgen.eth has 12 Goblintown NFTs, including the only “Wizard”.

“The fact that the project folks use a speech synth to sound like goblins in their Twitter space only adds to the mystery. Everything is well executed […] Images, sounds, interfaces and contracts – it’s all calling for wealth and great Web 3 supporters,” he speculates.

Poo and death are trends

After Goblintown, the NFT from We Are All Going to Die (WAGDIE) — “We Are All Going to Die” — is No. 2 in OpenSea’s weekly rankings.

As another free collection, the description of WAGDIE on OpenSea says, “No maps, only death” – referring to the lack of some sort of future “roadmap” (or development roadmap) that NFT collections or other projects typically have. available to their investors.

WAGDIE generated over 9,000 ETH ($16.2 million) in sales in one week.

The WAGDIE series caused a stir on Twitter last Tuesday (7) when it shared that it acquired an NFT from the Mutant Ape Yacht Club series for 21 ETH ($37,800) plan to burn assets — The process of completely removing NFTs from circulation.

The burnt MAYC is now part of the WAGDIE mythology.

“The creature screamed in pain as 1,500 devotees watched with joy as they shouted to each other ‘burn the primates,'” the series said on its page on the Fandom platform.

Clearly, burning NFTs as a public spectacle has attracted many. On the same Tuesday, on the Twitter spaces of NFT holders Goblintown and Cereal Club, one Goblin holder expressed his thoughts on NFT burning: “Burn them all to ashes!”.

But Goblintown and WAGDIE are not the only collections of nihilistic NFTs generating volume. Other great collections of free releases traded last week include ShitBeast, Ill poop it nft, mcgoblin.wtf, Goblin Grlz, Leave Me Alone NFT, troll-town.wtf, Begin as Nothing and ShitPlunger.

Many of these collections also claim to have no Discord server or website, elements that are often common when launching NFT collections.

Screenshots of the NFT We All Are Dying (left) and Shitbeast (right) (Image: OpenSea)

“If there are many – four or five […] — Operated by the same people,” ConciergePhysician said of the incursion of feces and goblins-themed NFT projects.

When it comes to the themes and feelings of these communities, its name says it all: nihilism and bodily excretion are a trend.

“Your NFT is just one rubbish ‘ngmi’ out of 10,000 rubbish ‘ngmi’ in your ‘famous’ NFT or any jpg you store [nunca vai conseguir],” read the description of the “ill poop it nft” series, whose asset has a minimum price of over 1.1 ETH ($1,980) for a single “poop” JPEG.

These illpoopitnft NFTs tease the drop in prices for Cool Cats and Azuki collectibles (Image credit: OpenSea)

“There are a lot of copy-and-paste projects,” ConciergePhysician said of the fecal- and goblin-themed NFT trend. “90% or 95% will fail. […] Let’s wait another two, three or five years to see where they are. “

light at the end of the tunnel

While some NFT fans may be hoping to counter the bear market with shit-themed NFTs, the outlook is good.

A report published last week by crypto analytics site DappRadar suggested that the NFT market is more resilient than the broader crypto market and could decouple from it as it matures.

While monthly OpenSea volume fell from nearly $3.5 billion in April to $2.6 billion in May, according to Dune Analytics, these figures are still comparable to the volume OpenSea generated in November 2021, when bullish sentiment dominated the market. industry.

The last bar on the right shows the first 10 days of June 2022 (Image: Dune Analytics)

Kmoney, an NFT enthusiast and comedian, has surpassed 100,000 Twitter followers last month for his videos making fun of NFTs, often including industry mantras like “We’re developing” and “WAGMI,” which, ironically, Repeated over and over for comedic effect.

“I think when the market goes down, the space gets stale, so they just make it interesting again,” he told decrypt.

At first, Kmoney was not a big fan of the deliberately ugly, disgusting, and frustrating new wave of NFTs. “[Mas] Then I accepted, I’ve never felt so much fun and happy. “

Currently, NFTs are for goblins.

*Translated by Daniela Pereira do Nascimento with permission Decrypt the website.

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