Goblins, Nihilism, and Shit: Why Does NFT Get Dirty in Ethereum?

The non-fungal token (NFT) market has gone from “we’ll all get it” to “we’ll all die”.

Since NFT collectors took a Goblintown profile picture (or PFP) of crazy grotesque avatars and urinals of creatures obsessed with urine, market sentiment has changed.

In recent weeks, the NFT sector has become dystopian and depressed and creators are announcing dark memes and eschatological humor, seemingly to deal with the bear market.

Numerous collections focusing on goblins, feces, death and loneliness have invaded OpenSea’s major collections, making up 45% of the top 20 collections in the last week.

Some marketers are repeatedly listening to Kanye West’s “Pablo” album on the Twitter Spaces platform to deal with the market’s decline. And yes, there are now NFTs – special tokens developed in blockchain that represent ownership – whose owners are dedicated to that.

“Right now I think the bear market is driving everyone a little crazy and if you do something different you can get the attention of the market,” he tweeted. Professor MThe owner of the Bored Ape Yacht Club says he is a marketing professor and studies consumer culture.

The Rise of Goblintown

But the NFT market has not always been that way.

By 2021, when Ethereum’s NFT sales rose to more than $ 20 million in sales, projects like CryptoPunks and Bored Apes – and then Doodles, Cool Cats, and Azuki – dominated the charts and headlines.

Now that the “WAGMI”) honeymoon is over, it seems that traders are realizing that not everyone will “do it”. And now it’s Goblintown.

The Goblintown NFT collection, powered by Ethereum, was one of the best-selling on OpenSea, with a trading volume of more than 32,000 ETH ($ 57.6 million) after a two-and-a-half week free trading volume, or at no cost. (in addition to network transaction fees) to implement these NFTs.

“Goblin Town” is a term used to describe a bear market, and in recent years it has become an increasingly popular meme among cryptocurrency traders, referring to the song “Down, down to Goblin Town”, something like “Down to Goblin Town”. . City of the Goblins “-” The Hobbit “(1977) from the animated film.

in an interview decipherThe NFT trader ConciergePhysician said he works as a doctor during the day and has a portfolio of over $ 1,000 worth of millions of NFTs, including items from the Bored Apes, Mutant Apes and CloneX collections. He stated that he believed that Goblintown had reached its peak because of its deliberately ugly NFTs.

“The art is awesome,” he said. “People are trying to be ‘degens’, really going up in value and making a lot of money.”

The word “degen” – short for “degenerate” – has become the nickname (self-style) of a crypto-trader who is always online and who provides tracking and trading hours for these assets instead of doing other things in his life.

goblintown.wtf (Image: OpenSea)

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

It is believed that when NFT celebrities like Bored Apes experienced a recent drop in prices due to the large crypto market, traders were upset but still decided to find a way to make money.

“He’s always there to make money, even in the bear market,” he said, but added that for him the ugly art isn’t worth the risk.

For everyone else, Goblintown is a rallying cry for those who are looking for memes and want to make money in the meantime.

“Goblintown created dozens of derivatives, but the art style and colors are new – a bit ‘ugly’ among the major [tokens] aesthetics … I think it sparked interest as a great expressive alternative, “said dgen.eth, headline Goblintown. decipher on twitter.

Today, dgen.eth has 12 Goblintown NFTs, including a single “wizard”.

“It simply came to our notice then that the people in the project were using voice synthesizers to make it sound like goblins on Twitter. Everything is so well executed […] the images, the sound, the interface and the contract – all of them are great for wealth and the screams for Web 3, ”he speculated.

There is a tendency to shit and death

After Goblintown, the We Are All Going to Die (WAGDIE) NFTs – “We Are All Going to Die” – came in 2nd in the OpenSea weekly rankings.

Like other free collections, WAGDIE’s description in OpenSea says, “There’s no map, only death” . offered to their investors.

WAGDIE generated more than 9,000 ETHs ($ 16.2 million) in a single week in sales volume.

The WAGDIE collection caused a stir on Twitter last Tuesday (7) when it announced that it had acquired an NFT from the Mutant Ape Yacht Club collection in exchange for 21 ETHs ($ 37,800). intention to burn the property – A process that completely removes NFT from circulation.

Burnt MAYC WAGDIE has now become part of mythology.

“The creature screamed in agony at the 1,500 devotees who were delighted to see each other: ‘Burn the primate,'” the collection’s pages read on the Fandom platform.

Apparently, burning NFTs as a public spectacle is something that attracts many degens. On a Twitter Space for Goblintown and Cereal Club headlines on the same Tuesday, a Goblin headline expressed his opinion on NFT smoking: “Burn them all to ashes!”

But Goblintown and WAGDIE aren’t the only nihilistic NFT collections that create volume. Other great collections with free trade themes over the past 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 say that they do not even have a Discord server or website, which are often common items for launching an NFT collection.

We Are All Going to Die (left) and Shitbeast (right) screenshot (Image: OpenSea)

“I wouldn’t be surprised by many: four or five […] – They were operated on by the same people, “said the ConciergePhysician about the intrusion of NFT projects on the subject of feces and goblins.

As for the issues and feelings in these communities, his name says it all: nihilism and bodily expulsion are a trend.

“Your NFT shit is just a stack of ten thousand shit in any jpgan you’re storing your ‘famous’ or ‘ngmi’ NFT [nunca vai conseguir]”reads” a description of the “ill poop it nft” collection, whose assets are priced at a minimum price of 1.1 ETH ($ 1,980) for a single “poop” JPEG.

Illpoopitnft NFT laughs at falling price of Cool Cats and Azuki collections (Image: OpenSea)

“There are a lot of copy and paste projects,” ConciergePhysician said about NFT trends in the subject of feces and goblins. “90% or 95% will fail. […] Let’s wait two, three or five years to see where they are. ‘

Tunnel end light

Some NFT fans want to deal with the bear market through fecal matter NFTs, the outlook is not bad.

A report released last week by the crypto analytics website DappRadar suggests that the NFT market is more resilient than the wider crypto market and could be decoupled from it as it matures.

And although OpenSea’s monthly volume fell from nearly $ 3.5 billion in April to $ 2.6 billion in May, according to Dune Analytics, those numbers are still on par with the volume generated by OpenSea in November 2021, when bullish sentiment prevailed in the sector.

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

Kmoney, an NFT fan and comedian, has garnered more than 100,000 followers over the past month for his mocking of NFT videos, often including industry mantras like “We’re Developing” and “WAGMI,” to provide ironically repetitive ones. comic effect.

“I think the space was outdated when the market went down, so they’re having fun again,” he said. decipher.

Initially, Kmoney was not a big fan of the new wave of deliberately ugly, disgusting, and depressing NFT. “[Mas] I accepted it then and I have never felt so much fun and joy. ‘

For now, NFTs are for goblins.

* Translated by Daniel Pereira do Nascimento, with the user’s permission decipher.co.

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