This year's NFT is using "lay flat" and "darkness" to fight against the bear market

This article comes from |decrypt, original author: Kate Irwin

Odaily Translator |

This article comes from |

, original author: Kate Irwin

Odaily Translator |

Without skin, there will be no hair attached.

As a result, we saw various strange NFT items appearing on the trading list of the OpenSea platform, such as "Goblin Goblin" Goblintown, "Dark Death" We Are All Going to Die and other digital collections poured into the OpenSea platform, Many of these items once appeared in the top list of top collectibles. The data shows that among the top 20 digital collections in terms of trading volume in the past week, the trading volume of these "weird" NFT projects once reached 45%.

As Bored Ape Yacht Club community user @professorM put it:

"The bear market makes everyone a little bit crazy, and if you do something different, it's easy to grab the market's attention."

secondary title

The Rapid Rise of Goblintown

Last year, NFT transactions on Ethereum were extremely hot, and the transaction volume soared to more than 20 billion US dollars. At that time, the focus of the entire encryption market was focused on CryptoPunk, BAYC, and later projects such as Doodles, Cool Cats, and Azuki. However, as the encryption market has gradually become deserted recently, a popular phrase "WAGMI" (We All Gonna Make It/We will succeed) in the NFT encryption community has been gradually no longer mentioned. Obviously, investors are beginning to realize that it is not Everyone can achieve "success".

However, despite the downturn in the current market environment, there is still such an Ethereum NFT project that has become popular unexpectedly. This NFT project called "Goblintown" is composed of a group of ugly and absurdly shaped "Goblin Goblin" avatars. It currently ranks first in trading volume on the decentralized exchange OpenSea. On May 21, 9,999 pointed-eared goblin avatars of the project were distributed to NFT players for free, and users only need to pay the gas fee on the chain. However, no one expected that in just two and a half weeks thereafter, the total transaction volume of this series of NFTs exceeded 32,000 ETH ($57.6 million).

In fact, the word "Goblintown" is a term used to describe a bear market, yet in the past year it has become an increasingly popular representation of meme culture among cryptocurrency players. Frankly speaking, "Goblintown" challenged people's aesthetics with its ugly and grotesque style of painting, and there was a wave of deliberately ugly NFT. Some people bluntly said, "This work of art is really bad, but people want to be degen. Then they can turn around and make a lot of money.”

"degen" is actually an abbreviation of the English word "degenate". The term has become a (with a bit of a self-deprecating) nickname for investors who spend hours online researching and trading cryptoassets every day, meaning that they often sacrifice their lives other things as the price of investment.

However, for those "degens" who hold Goblintown NFT, Goblintown has become a new vehicle for investors to follow meme culture and seek profit opportunities in the crypto bear market. In fact, Goblintown, which has become a hit, has attracted more than 10 imitations. Most of them have avant-garde artistic styles and fresh colors. In contrast, most blue-chip NFTs that meet the public’s aesthetics make people feel a little “ugly” .

Twitter user Dgen.eth currently owns 12 Goblintown NFTs, including a 1 of 1 Goblintown wizard NFT. For this slightly weird project, he described it like this:

“In Twitter Space, Goblintown members will use speech synthesizers to imitate the voice of Goblin, these interesting behaviors also add a bit of mystery to the project. I have to admit that through the combination of graphics, sound and interface, Goblintown makes Web 3 proponents go crazy."

secondary title

"Bad" is becoming a trend

After Goblintown became popular, another NFT project "We Are All Going to Die (WAGDIE)" has also sprung up, and its trading volume ranked second in OpenSea's ranking this week. It is worth mentioning that this project is also a free minted NFT series. It advertises itself on OpenSea as a "no development plan, only death" project. In other words, this project does not attract investors like other NFT projects. Provide a clear future development plan, which is very similar to the popular "lying family".

Just one week after its launch, WAGDIE generated over 9,000 ETH ($16.2 million) in sales. Soon, the WAGDIE NFT series became a social media sensation as the project team destroyed Mutant Ape Yacht Club # 20438 just an hour after the project team bought it for 21 ETH (approximately $37,800) .

Undoubtedly, this unconventional operation made the WAGDIE NFT project famous, and it also attracted a lot of attention in a short period of time—it is said that 1,500 fans paid attention to the topic of "Mutated Ape NFT Destruction". It is said that in the Twitter Space of Goblintown and Cereal Club NFT holders, crazy fans shouted in the group:

"Burn those high-priced NFTs TM!"

In the NFT market, these people seem to have formed an emerging force, and they are keen to chase NFTs with a nihilistic color. It is under this trend that, in addition to Goblintown and WAGDIE, a number of similar NFT projects have sprung up, such as ShitBeast, Ill poop it nft, mcgoblin.wtf, Goblin Grlz, Leave Me Alone NFT, troll-town.wtf, Begin as Nothing, ShitPlunger, etc.

“I wouldn’t be surprised if four, five, or even more dark or flat NFTs were run by the same person.”

In fact, the current mood and themes in the crypto community can be seen from the names of these NFT projects-nihilism and "body excrement" are in vogue. For example, "ill poop it nft" wrote in its description-your NFT is just a JPG picture, and the blue-chip NFTs you think are all "shit". But ironically, the floor price of "ill poop it nft" has risen instead of falling. The price of a single "poop" JPEG NFT exceeds 1.1 ETH (about 1,980 US dollars). According to NFTGo.io data, the current "ill poop "it nft" has a transaction volume close to US$8.5 million and a market value of more than US$4 million, but the floor price has dropped sharply.

Frankly speaking, many of these NFTs are "copy and paste" projects, and 90%, or even 95% will fail. Perhaps it will be two, three or five years before we can see the final trend and results of these NFT projects .

secondary title

light at the end of the tunnel

Although some people are not optimistic about the NFTs of "Lying Flat", "Dark" and "Bad" NFTs, the market prospects of these projects are not all bleak. According to a recent report released by the encryption analysis website Dapprader, the NFT market is clearly more resilient than the cryptocurrency market, and the NFT industry is more mature and may even be decoupled from the encryption market, which means that there are likely to be several oddities. The NFT project of China will kill a bloody road.