Updated: Aug 1
As spoken about in one of our previous NFT news bulletins [here], the Goblintown.wtf project has captured the imagination of the whole NFT community, over recent weeks with their truly unique approach to their project launch - "No roadmap. No utility. No Discord" states their website - we will not be exploring their unique approach, in this blog post [check here for that]. Instead, we will be discussing the "copycat" nature of the NFT space and how Goblintown.wtf copycat projects are dominating the current charts across all NFT Exchanges [OpenSea, Rarible to name a few].
NFT "Copycat" Culture
For those of you new to the NFT space, you should be aware of the copycat culture, which has somehow found itself to become synonymous with ALL successful NFT projects. The copycat culture within the NFT community between different projects, is not indifferent to the same copycat culture you see IRL [In Real Life] - Think Deliveroo & the plethora of fast food delivery services which have sprung up since their moon.
However, within the NFT community whenever you see a successful project, you can bet the remainder of your crypto wallet that the very next day a cripplingly unimaginative "copycat" version of that same project will be born - the fiverr artists really get work quickly!!
The truth is, if you are part of an NFT project which has an obscene amount of copycat projects on the market, then it should actually [strangely!] be seen as a good thing - it signals that your project is doing something right and has captured the imagination of the NFT community [& sales volume!]. Bored Ape Yacht Club & Crypto Punks are those projects which are rife with copycat projects & these are amongst the biggest projects in the history of NFTs!
However, be careful!! Sometimes these copycat projects are rug pulls and a quick cash grab and so, as with anything in the NFT space, DYOR [Do Your Own Research] before FOMOing into a project which looks strangely similar to a Crypto Punk [sorry fast food punks!].
Goblintown.wtf Copycat Projects
With the recent rise to prominance [at least for now!] of Goblintown.wtf within the NFT space, the NFT community has rallied together, to provide the biggest compliment to the project, by flooding the market with countless copycat projects - Let's cut them some slack and say these copycat projects took "Inspiration" from Goblintown!
With a simple tagline in OpenSea stating "The trolls are here to take over the world", I would hazard a guess that this did not take too long to brainstorm in the Troll-town.wtf HQ! However, the art workwork within the project is of a seemingly good quality - even if it does brazenly look uncanny to Goblintown.wtf.
With a twitter following of 104K [ & 0 followers, which does raise some eyebrows] The collection sold out all 10,000 items, with the current floor price at 0.189ETH [$330] & total secondary sales volume totaling 642ETH [$1.1MM], there is certainly appetite for this project within the community.
With their twitter stating "HOLD 3 TROLLS TO GET FREE: $Trolltown token airdrop, Landsale & Mutational Elixirs [Nod to Mutant Ape Yacht Club], I will be very interested to re-visit this project in a month's time, to see where they're at - The jury is very much out on this project at the moment!
It doesn't take a genius to work out that the curators of this project have created a Globlintown.wtf x Borde Ape Yacht Club "super" [I use this word lightly!] collaboration. The level of imagination is quite inspiring for this copycat project, with the tagline in OpenSea reading "gob bhao GU gu guh bored ghub ghu bAAAAAAAAA bhrod guh huooob"
The collection is made up on 10,000 items, boasting 2.4K unique owners and holding a current floor price of 0.038ETH [$ 66] - Total sales volume on the secondary market is 259ETH [$450K]. I will not be holding my breath on this project, but I will reserve judgement for a month's time when I check back on the project, to see how it has fared...
It was inevitable that there would some sort of family tree copycat projects sprouting from the Goblintown.wtf hysteria - behold Baby Goblinz [Again, a lot of thought must have gone into this name!]. Again, the artwork is quite good from this copycat project.
The collection is made up of 5,000 items, boasting 2.8k unique owners that is currently sitting at a floor price of 0.019ETH [$33] - total sales volume topping 874ETH [$1.5MM]. Much the same as Boredassgoblins [and any copycat project] I will be watching this one closely and will reserve judgment for when I check back in a months time, to see how the project has progressed...
Buying and Selling Strategies
For those of you partaking in the NFT space, for a quick buck, these copycat projects do propose an interesting opportunity - NOT FINANCIAL ADVICE. However, if it were me, I would see these copycat projects for what they are and would be very skeptical of a long term HODL [HOLD] - Rather a strategy of getting in quickly and out quickly, would allow you to sleep better at night, with any investment in such copycat projects.
Stay tuned to NotanotherNFT.io for other similar insights from the weird and wonderful NFT world