Updated: Aug 1
The two biggest scams in the NFT market are theft and rug pulls. According to chainanalysis.com, 40% of crpyto scams are from NFT rug pulls alone. So what if we told you there is a project out there that cant be rugged, there is no FUD. Impossible? We don’t think so.
Goblintown.wtf has done exactly that. But how? The roadmap, nonexistent. The community, without a discord. The utility, none. The team, undoxxed. The artwork, unique. With a no promise project approach, there is simply nothing to rug. They are not promising to be the next BAYC.
Keeping the team undoxxed also means the community can’t put pressure on the team behind the project to follow suit with all other NFTs in the space. This stroke of genius eliminates FUD.
Risk Free Mint
So we’ve establish that this is a unique and upcoming NFT project, but what about what lessons can we learn from it. The most interesting part about this project is its strategy – minimising risk with a no loss approach. For example, the project actually started as a free mint. A FREE MINT!? Exactly. It actually cost nothing, so owners have nothing to lose - Essentially, the only way is up for initial minters and this has been proven so far, with 1 week after launch the floor price being 3eth for 1 Goblintown.wtf NFT [$5,500], with the entire project trading volume reaching 13K eth ($25M) as of the date of writing [May-29].
Additionally each NFT is registered under creative commons, this means the owner has the licensing agreement to use the goblin artwork for whatever they like.
So essentially what we’re saying is that Goblintown.wtf is doing things differently. That’s what we like about this project. The artwork, you might not like, but it is unique. It’s NotAnotherNFT project of an animal with a top hat and sunglasses (Sorry Lazy Lions). Goblintown.wtf hosted a twitter space, which consisted of two hours of goblin noises. The .wtf is starting to make sense.
Whether they meant to or not, by launching in a bear market, this has actually worked to their advantage. The fact that the space is quiet right now with transactions down 20% in last 30 days means they haven’t been over shadowed by Bored Ape or Azuki. This strategy might not have worked in a bull market where you need to make noise to be heard, but it seems to be working in a bear market.
This seemingly unassuming and against the grain approach could shape the future of upcoming NFT projects that we may see in the future. Today, this is the opposite of what the NFT community expects. So far… it seems to be working well, but will this be the case in 6 months’ time? Let us know what you think.
Stay tuned to NotanotherNFT.io for projects that are upcoming in the NFT universe.